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We will update this post as information comes available so to be sure to check back often.
If you are a buyer or seller, one of the main question on everyone’s mind is, What’s going to happen to the Real Estate Market when we come out of this pandemic?” While we don’t have a crystal ball. We can look at the current numbers and trends to provide some idea of what we can expect.
We don’t need no stinking recession!
Laura Lake, Re/Max consultants
As of May 1st, the Coachella Valley is seeing a 52% reduction in pending sales of single family residences and a 63% reduction for condos from a year ago. We are seeing 22 units a day compared to 23 units a year ago. Since 70% of condo owners are remote owners, this could be the cause of the deeper reduction.
As of May 15th, we are seeing some evidence that pending sales may be stabilizing around 10 units a day. But let’s compare us to Los Angeles and Orange County.
Los Angles County is down 73% from a year ago and Orange County is down 79% so our valley currently is fairing way better.
UPDATE: As of June 30th
Our Valley continues to show strong numbers and improvement.
As of June 30th we are only down 5% from a year ago in pending sales for detached homes and attached sales are equal from a year ago.
Sales in the the Valley are very strong compared to many other regions and may be due to the desire of some to get out of highly populated areas.
UPDATE: As of May 31st
Coachella Valley pending sales in down 45%, showing improvement over May 1st.
Los Angeles County down 58%, and Orange county down 69%, both also seeing improvements from May 1st.
All three areas have seen improvement on pending sales since the shut down.
Average Weekly Pending Sales By City as of June 30, 2020
Average Price per SqFt by City as of June 30, 2020
Daily Inventory as of June 30, 2020
New and Cancelled Listings as of June 30, 2020
Average “Days on Market” as of June 30, 2020
Average Price Discounts as of June 30, 2020
Average Weekly Pending Sales By City as of June 15, 2020
Average Price per SqFt by City as of June 15, 2020
Daily Inventory as of June 15, 2020
New and Cancelled Listings as of June 15, 2020
Average “Days on Market” as of June 15, 2020
Average Price Discounts as of June 15, 2020
Average Weekly Pending Sales By City as of May 31, 2020
Average Price per SqFt by City as of May 31, 2020
Daily Inventory as of May 31, 2020
New and Cancelled Listings as of May 31, 2020
Average “Days on Market” as of May 31, 2020
Average Price Discounts as of May 31, 2020
Average Weekly Pending Sales By City as of May 15, 2020
Average Price per SqFt by City as of May 15, 2020
Daily Inventory as of May 15, 2020
New and Cancelled Listings as of May 15, 2020
Average “Days on Market” as of May 15, 2020
Average Price Discounts as of May 15, 2020
Average Weekly Pending Sales By City as of May 1, 2020
Average Price per SqFt by City as of May 1, 2020
Daily Inventory as of May 1, 2020
New and Cancelled Listings as of May 1, 2020
Average “Days on Market” as of May 1, 2020
Average Price Discounts as of May 1, 2020
Summary May 2020
Pending Sales in the Valley are down 55% and might be stabilizing. Condos sale are off more than SFR, but may be due to the fact that 70% of condo owners are out of area owners.
Inventory has not increased and prices have had a small downward trend which is normal for this time of year anyways. We currently are expecting a large pent up demand from buyers once the shelter in place is fully lifted in Riverside County. We have maintained a seller’s market for quite some time, with the pent up demand, even with a onslaught of potential listings on the market, we may still maintain a seller’s market or move into a balanced market. current statistics are not predicting a buyer’s market anytime soon for the Coachella Valley.
Real Estate in general should have a quick recovery – not like other business.
Some speculators are waiting on the sidelines for the potential REO’s to come on the market after the forbearance are over and the current moratorium on foreclosures is over. Well I will say this now. Based on the numbers right now and the amount of equity most homeowners have today, we won’t see another 2008 value decline. Homeowners aren’t going to give up their equity and now Fannie, Freddie and FHA have put in place options for borrowers to NOT have to pay their forbearance all at once, savings millions from foreclosure. While we may see a small cluster, the short of inventory and the current pent up demand, will keep values and will probability even increase values.
This will be a “man-made” recession! Will the consumer restart it? Time will tell!
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