Fewer homes sold last month across The Southland, but the Coronavirus pandemic didn’t bring Southern California’s prices down. According to an article just out in the L.A. Times, sales dropped 35% month-over-month in L.A. County—more than any other SoCal county—but closing prices rose 3.8% in April to a median price of $630,000.
As we’ve mentioned in recent updates, we continued to show homes—carefully—since the beginning of the pandemic. Realtors were designated as essential service providers to their clients. There were various change-ups to what we were allowed to do throughout March and April. The City of L.A. asked that we stop showing at one point—then reversed that decision—but Beverly Hills and other cities did not. We continued to do what made us and our clients feel safe while trying to accomplish their goals.
Sales volume most likely fell due to some buyers and sellers pulling out of deals (we lost two escrows). Some sellers who didn’t have offers on their homes withdrew from the marketplace (none of ours did). Some buyers reportedly took breaks from their home searches (we attracted new buyers to the process since they had more free time to see inventory). Some buyers may also have had trouble securing mortgages as lenders tightened their requirements (which I see as a good thing for the long-term health of the housing market).
Despite COVID’s impacts, some parts of The Southland saw a rash of deals during April: San Bernardino County saw a 41.5% year-over-year increase in home sales and San Diego County saw a 8.3% increase. Riverside County’s 5.8% increase in the median home price to $412,500 was more than any other county last month. Orange County’s 2.7% increase to $755,000 was the weakest percentage increase, but that dollar figure remained the highest in the region, said The Times.
Speaking of the L.A. Times, take a look at a “Hot Property” story memorializing one of our latest listings, former home to the classic rock star, Leon Russell.