I.E. Real estate in April - good signs
The market continues to recover, and L.A. even seems to be in a boom!
In April, the Inland Empire’s real estate market continued to show signs of improvement. In terms of inventory, while we were down to 6,787 active listings from 8,000 at the start of the year, that’s mainly because houses are being sold much faster: new listings were actually up to 4,672 from around 4,000 at the beginning of the year, meaning that the big news was the composition of active listings away from the “stale” and toward the “new”. Mirroring this trend was another decline in median days on market – to 53 in April 2023. While 53 is still quite a bit higher than this time last year (indeed, almost double), it’s an improvement over the last 9 months and suggests that there is a lot of inventory that’s finally moving from “for sale” to “sold”, and doing so much quicker.
Reflecting all this, median listing prices climbed back up again, to $569K. See the chart below, and see the chart below that, for median prices in Los Angeles. In short, this market recovery is occurring across Southern California.
The ratio of price reductions to increases on active listings also continued to trend downward in April, suggesting the full return of a seller’s market. Just as in previous months, this ratio declined both because there were fewer price reductions on active listings, and because there were more price increases on active listings. The ratio was 5.3 in the I.E. and 4.9 in L.A., and 2.2 in San Diego, which are all back to historical averages. See the chart below for the Inland Empire.