So Much for the Cyclical Year End Slow Down…

Filed under: Market Comentary

Going into the holidays, we typically see a cyclical slowdown in the real estate market during this time of year. Today I looked at November’s stats to see the current trends in the market, and it’s clear that this slowdown isn’t happening this year. Click here to download the full report if you’d like to see the year-over-year comparisons.

All these November comparisons are year-over-year, and we focused the data specifically in the local area (southwest Riverside). But a lot of other markets are seeing the same trends.

Southwest Riverside Real Estate Trends

A few notable trends that showed up in our report:

  • Average daily sales are up in every city – by 20% – 50% depending on the location
  • Inventory is at an all-time low. There aren’t enough homes to sell right now.
  • Median home prices are up, which makes sense since inventory is low. Some of the houses are as much as 12 – 15% higher compared to price points in November 2019.

Remember that the median price statistic is a little misleading since we’ve seen more activity in the higher end of the market, which pulls up the median number overall. That speaks to the affordability – rates are down, but it’s not enough to counteract the higher prices.

Buyers & Sellers: How to Take Advantage of the Market

The froth is still on this market. Last week I talked about whether it was a good idea to sell your house this month. Every mathematical metric you look at right now points to the fact that it’s a great time to sell. If you have any reason to sell in the future, then there is no reason to not take advantage of the current market.

Of course, selling during the holidays isn’t right for every family. But if you decide to wait until after Christmas, be ready to make your move early in January – the demand is there and rates continue to stay low. Buyers, you also have a great opportunity to take advantage of the low rates.

The Market Continues to Surprise Me

I cannot believe it as we continue seeing what is happening in the industry. I’m stunned and amazed at how much the real estate market is going haywire amidst the pandemic, election, and everything else that is going on. We can celebrate small victories!

Do you have questions about your options for buying, selling, or refinancing a home? I’m here to help. Call, text, or message me any time for personal financing recommendations.

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