Southern California homeowners rush to sell as listings jump 18% in a year – Daily News

on Jun6
by | Comments Off on Southern California homeowners rush to sell as listings jump 18% in a year – Daily News |

Southern California homeowners increased the number of homes for sale in a year by 5,672 — or 18% — as selling times increased 12 days.

ReportsOnHousing has detailed the rush of sellers by tracking homebuying data within broker listing networks. As of May 30, the report found 36,335 homes, an 18% increase over 12 months, listed in the four counties (Orange, Los Angeles, San Bernardino and Riverside). The supply of residences for sale has averaged 31,979 at this time of year since 2012.

House hunters have not been as active. New escrows in past 30 days totaled 13,715 — up 0.9% in a year. Demand for local homes, measured by this metric, has averaged 14,671 in late May since ’12.

This supply-demand imbalance means that “market time” — ReportsOnHousing’s selling speed measurement — was 79 days — up 12 days in a year. (By this math, sellers still have the advantage when market time is under 90 days.) This metric has averaged 67 days since ’12.

Here are the selling stats for the four counties:

In Orange County …

Listings: 7,479 — up 27% in a year. Average: 6,129 since ’12.

Escrows: 2,646 — down 1% in a year. Average: 2,978 since ’12.

Market time: 85 — up 19 days in a year. Average: 63 days since ’12.

In Los Angeles County …

Listings: 13,650 — up 18% in a year. Average: 12,470 since ’12.

Escrows: 5,647 — down 1% in a year. Average: 6,298 since ’12.

Market time: 73 — up 12 days in a year. Average: 60 since ’12.

In Riverside County …

Listings: 9,103 — up 9% in a year. Average: 8,408 since ’12.

Escrows: 3,057 — up 1% in a year. Average: 3,217 since ’12.

Market time: 89 — up 6 days in a year. Average: 80 since ’12.

In San Bernardino County …

Listings: 6,103 — up 24% in a year. Average: 4,972 since ’12.

Escrows: 2,365 — up 8% in a year. Average: 2,178 since ’12.

Market time: 77 — up 10 days in a year. Average: 69 since ’12.



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