Episode Details

Speaker 1: (00:00)
Good day, everybody Conor MC Iver Connor with honor here, July 6th, 2022. This is going to be your sent to Clarita real estate update. We're gonna look at inventory currently, and we're also talk, we're going to also talk about some trends that have been happening here in the last couple months that have, uh, done a pretty good job. Just waiting sellers. Also slow the buyer drive a little bit. We do have extra inventory on the market, uh, and by x-ray means somewhat closer to normal inventory. If you look at a historical inventory amounts, typically it takes about six months. This is known as what's, uh, known as absorption rate six months to get from the current amount of listings to zero. If none were added to the market, that's a typical market right now. We're looking at half a month to a month to deplete that inventory, maybe embarking now on two months because we have the additional units.

Speaker 1: (00:52)
So now 474 residential properties are listed active for sale of those. There are some coming soon, that's 18. Uh, when you see those properties online, you're gonna have a tendency to want to jump on them. I'll tell you this don't panic because in 99.9% of the time, those real estate sellers out there, the people I list and sell homes for, they wanna wait. They wanna wait until they get complete market saturation with the advertising and marketing plan that I put together for them on a personal level. Also for the residents, actually we get that out there, put on the market, and then we want that complete exposure. Once that happens, then we're able to gauge better how the pricing strategy was. And usually before we have a great idea, what's gonna end up happening because there's plenty of comparables and market data to compare the residents with that I've listed for sale and put out there in the world, uh, to be sold, uh, if the best possible option for that particular seller.

Speaker 1: (01:52)
Now, right now, we're seeing these markets start to slow down where buyers are starting to be a little bolder than they were before, before as far as the offers go over the last several months. And I would say, uh, January throughout, maybe May-ish, uh, maybe beginning of June, we did see multiple offers scenarios on every listing that was put out there, really price range, wasn't super dependent. And once you got over 1.5 million in Santa greater valley, uh, there was a little bit of slow that was noticed. So those properties still weren't moving that fast. Now that number has resulted to be under that 999 or $1 million price range. We're watching those properties continue to move pretty quick, but again, that additional inventory or the inventory that we haven't seen for a very long time, bringing us up in the four seventies now, whereas three months ago, we were in the two thirties, two forties. We can see that that has slowed down the market quite a bit. The other factor that's changed the real estate market here in Santa Cita valley and elsewhere here in Southern California happens

Speaker 2: (02:59)
To be the interest rate changes. Now they went up, I guess there was a large rally in the bond market yesterday. 

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