It has been a wild year. And, the same can be said for South Bay real estate too. For this post, I am going to share some numbers and anecdotal thoughts on what is happening right now in the South Bay marketplace. The market seems to be shifting every month and we might experience more movement as we go from the third to fourth quarters. Present Demand and Inventory If you read my “South Bay August Home Market Update,” then you know inventory is down throughout the South Bay and Palos Verdes in a significant way. And, if you haven’t had the chance to read that past blog, then you can find that post here. Although
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Month: September 2020
This 2020 has been crazy, to say the least. You can point out numerous large factors affecting our marketplace in a long list, when usually in most years, there are just one or two factors. Look at this very simply, yet incredibly significant list: February all-time highs in real estate and the stock market. Generationally low unemployment. A 100-year pandemic. The fastest bear market in history. Real estate sales dropping by 75% in one month. Generationally high unemployment. Unprecedented Federal Reserve stimulus. No evictions, no foreclosures, no courts. 30-year mortgage rates below 3%. Rebound in housing well beyond yearly trends. Stock market almost back to all-time highs. Upcoming Presidential election, civil unrest, etc. Historic wildfires, masks,
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Back by popular demand… One. Last. Time. The August South Bay real estate numbers are here. Why only once more? Because year-over-year monthly data is getting less and less valuable. The market shock from the pandemic shut down and swift rebound has thrown off seasonal monthly trends. This year’s spring was the new winter, while summer might be the new spring. And well, if we’re being honest…fall might continue to feel like spring too. After this monthly data post, I am going to focus solely on quarterly data as the smallest aggregate and then try to come up with ways to tell a more accurate story with even bigger data. With market shock and seasonal trends
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If you are not an income property owner or a renter, then you might want to skip this week’s blog as I go through some of the new rules from the state’s newly enacted COVID-19 Tenant Relief Act of 2020. That said, I still believe it is a beneficial read for those interested in broadening their knowledge on California housing laws and new rules. First and foremost, this is a confusing time for all business owners and customers alike to comply with new laws surrounding the Coronavirus pandemic. It is no different for landlords, tenants, and even now, some casual property owners (and renters) that may not know they are affected. There are tenants struggling due
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