Great Day to You and Happy April 27th!!!
Hope that You had a great weekend!
Activity surged in closed unit sales in many of the 12 cities I reviewed. Much of that was due to great interest rates and the lag that is felt in the market, from the time the shelter-in-place went into affect March 19, 2020.
There are little cracks possibly starting to make an appearance in price per square footage in Laguna Beach, Dana Point, San Dimas, and Ontario. Perhaps, there will be a price adjustment this month? (for April, 2020 - that remains to be seen) The projected lower price per square footage may very well be due to larger homes selling for the month of April. Generally, the larger the home, the lower the price per square foot.
In Rancho Cucamonga and Claremont, the price per square footage appears to be going up this month, in April, 2020. Or maybe it's because the smaller homes are closing this month? Generally, the smaller homes tend to bring a higher price per square footage.
If in April we see more inventory, it could be a tipping point for prices to begin moving downward. This could be good or bad. Depends on which side of the transaction You are on. It appears that some of the major local Inland Empire cities will see little fluctuation. No promises though! The vacation/resort type communities like Laguna Beach, Dana Point and Palm Springs have a great chance to see some changes in their marketplace. This could be an opportune time to get your second home?
If you're planning to buy or sell, I'm At Your Service!! I can also send you a report for your city if you don't see it attached, just let me know?
God Bless Your Week! We all need it!