And because I'm in real estate 24/7, that's what I focus on when the day's activities are done, and how real estate is affected by these events. March 2020 was weird. The early part of month was okay, some fears setting in, watching Italy closely, but seemed like it wasnt a big problem yet here in the U.S., aside from toilet paper. Properties were hitting the market, selling steadily if they were nice and priced right. Then the city-mandated lockdowns hit, things started grinding to a halt, and then on April 1, 2020, the city deemed real estate a non-essential business.
April 2020 marks a full month of lockdown in L.A. For real estate, this was not good. On April 1, there were to be no open houses and in-person showings, no inspections and appraisals. Sellers pulled their listings, buyers backed out, escrows fell out, though some managed to push through and close. Then on April 13, 2020, real estate was considered essential, but with major restrictions on showings, etc. Amidst this roller coaster, the activity in April wasn't as terrible as you'd think. Even I was surprised. May 2020 should be interesting.
Quick stats for April 2020 - Single Family Homes
1. The number of listings to come on the market fell about 20% from the year before. This is significant in that April-May is the BUSIEST time for real estate. However, considering a pandemic, it's amazing inventory fell only 20%.
2. Average # of new listings on the market: 358
3. Average Days on the market: 63
4. Average sold Price/SF: $691/SF
5. Average price drop from original listing price to actual sold price: 9%
Quick stats for April 2020 - Condos
1. The number of listings to come on the market fell about 40% from the year before. This is significant in that April-May is the BUSIEST time for real estate.
2. Average # of new listings on the market: 21
3. Average Days on the market: 70
4. Average sold Price/SF: $645/SF
5. Average price drop from original listing price to actual sold price: 3%
