29 May What’s going on in 818 Real Estate Market?
What’s going on in the 818 Real Estate Market?
Inventory still continues to be thin.
According to Tim Johnson. CEO of Southland Regional Association of Realtors,”Prices have been softening since last year’s race to record highs. Now some sellers are having to lower their expectations in the face of slowly growing inventories and rising buyer resistance to higher prices. It’s interesting that prices continue to rise even as the inventory slowly expands and some buyers balk at high price increases.”
For buyers it’s the boost in inventory that is the silver lining to high prices.
Matthew Fienup, Executive Director at Cal Lutheran commented,”There’s a hollowing out of the Valley’s middle class The challenge is to build communities that can employ and house individuals of various income levels.”
With the median price for a home in the valley at $600,000 it’s hard fro many people to buy a home.