Covid 19 Lock-down Affect on Real Estate

Since March 16th California has been under the Social Distancing Lockdown to limit the effects of the Covid 19 pandemic. Due to the lockdown we have seen the Real Estate Market in the Los Angeles areas was immediate, and activated the brakes for both Buyers and Sellers. A 300% increase of listings got pulled off market in the last part of March compared to the begining of March. In April there was an increase of 30% of listings pulled Off Market year over year. Inventory and sales dropped from 30%-50%, depending on the submarket. In my estimation I expect that many listings that were deferred from being put on the market will hit after the lifting of the lockdown, shortening the selling season of Real Estate from early to late summer to early winter. Depending on how economic activity returns will determine if prices faulter dramatically with long term damage in values to just a short just a short period of correction with values popping back up. Housing shortage has not gone away and demand remains strong.

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