Are you considering a move in Southern California? Keeping an eye on the housing market is key, especially when it comes to the availability of homes. Understanding the dynamics of local listings is crucial for both buyers and sellers in Riverside and San Bernardino counties.
Typically, the real estate market experiences predictable seasonal trends. Spring is usually the most active time of the year, seeing the highest number of homes listed for sale. However, as we head into the latter part of the year, the market often cools down with fewer new listings.
Let’s look at some surprising trends in our sunny Southern California market:
- Pre-2020 Patterns: Between 2017 and 2019, the market followed expected seasonal trends. Spring brought a surge in listings, followed by a gradual decrease towards the year’s end.
- Pandemic Shifts: Come 2020, the pattern shifted dramatically. The initial plunge in new listings was a direct response to the pandemic’s onset. In 2021 and 2022, we saw a partial return to normalcy, but the patterns were still distinct from pre-pandemic years.
- 2023’s Unique Trajectory: The national market is carving its own path this year. We’re seeing a stabilization instead of the anticipated drop in new listings. Interestingly, there are even more new listings now in many areas of the country compared to the same period last year.
What This Means for You in Southern California:
- For Buyers: This stabilization in new listings nationwide is great news! Locally, we are also seeing more listings come in and due to lower demand due to the rise in rates, buyers have a wider range of choices for their dream home in the Inland Empire.
- For Sellers: Despite breaking from traditional seasonal patterns, the overall inventory remains lower than pre-pandemic levels. The current market scenario means less competition and a higher chance of your home standing out to potential buyers.
The Takeaway:
Whether you’re eyeing a new home or planning to sell in Riverside or San Bernardino counties, the timing might be just right. The Southern California market is presenting unique opportunities this year. Got questions about local listings? Let’s chat and navigate this vibrant market together!
