Real estate has long been considered a relatively safe investment. Amidst our country’s worst economic crisis in decades, that’s more true than ever.
When California instituted stay-at-home orders in March, uncertainty ruled the day. A deluge of sellers pulled their active listings off the market. But unlike the Balboa Peninsula after Friday’s tidal surge
, local homeowners have managed to stay afloat.
In fact, real estate has emerged as one of the few resilient sectors of our distressed economy. Despite a steep decline in new listings and pending sales this March, the median sale price actually rose.
Since then, more buyers and sellers have come out of the woodwork to strike a deal. Pending home sales in SoCal steadily rose every week
in May and June. Nationally, pending home sales rose over 44% in May alone.
We are still not out of the woods. Sales volume is up, but it has a ways to go before reaching pre-pandemic levels.
With that in mind, and with the benefit of a few months of hindsight, here’s what we expect to come:
In short, it’s not a bad time to be in the market to buy or sell a home! We are proud to provide the same five-star service as ever to our clients while managing health and safety concerns. If you feel it’s time for a change, or if you just have questions about the market, please don’t hesitate to reach out.