Real Estate is local, and we are proud to introduce our hyper-local Coronavirus Real Estate Activity Tracker.
There are lots of rumors and anecdotes about what is happening in real estate right now.
Prices are going down! Prices are going up! The market will be strong or the market will collapse!
Rather than predict the unpredictable future, let’s look at the actual numbers in the MLS as they happen. in this video, I explain what I am tracking and what I hope to learn.
We are reporting numbers for Glendale, La Crescenta, La Canada, Pasadena, Sunland Tujunga, Altadena, and Northeast Los Angeles.
Here is a snapshot of today’s spreadsheet for Glendale:
Click on the chart below for a live link to my Google Sheet. You’ll be able to see data as I enter it (Saturdays).
The point of the Coronavirus Real Estate Activity Tracker is to gain insight on where we are right now – relative to the very recent past and in contrast to last year. Here are some of the questions I am looking to answer.
Are Prices Going Down?
Tracking real estate activity weekly will help us see how coronavirus impacts prices in our areas.
Take a look at the average price per square foot “$/sf sold” column to see how that changes each week. You also want to look at the months supply of inventory (MSI) to see how demand relates to supply. When demand is low compared to supply you might see a softening in prices
When Is It A Good Time To Sell?
Look at the Months Supply of Inventory column. This tells you how the supply of homes relates to the number of willing buyers. Anything under 4 months supply of inventory is considered a Seller’s Market and prices are probably not going down.
Look for the MSI number to start decreasing as we come out of the pandemic.
When Is It A Good Time To Buy?
It is natural to hope that Coronavirus is the catalyst to lower prices and greater affordability. The effects on our economy are widespread and I doubt if anyone really knows what will happen. I wrote about my perspective here (READ:Will Coronavirus Crash The Real Estate Market In 2020?) but I am cautious about saying I am “right”.
Pay attention to the number of new escrows that are opening and the MSI. If the inventory grows and demand does not return, there will be more opportunities for buyers.
Were You Planning To Buy Or Sell In 2020?
If you were planning to buy or sell this year give us a call. Everything has changed…. but with change comes opportunity.
Our listing and buying process is completely revamped from the ground up with a Safety First priority. Click each tile to find out more: