Every four years we have an extra day in February and Saturday, February 29th is Leap Day in 2020! What are you doing with your extra day this year?
How many times during a typical week do you say “I wish I had an extra hour or day or this week! I have so much to catch up on!”
It is true that a Leap Day doesn’t quite feel like an extra day, because let’s face it — it is still a Saturday and there are scheduled events, chores to do, and things to get done.
Southern California Real Estate: 2016 Compared to 2020
In honor of Leap Year, which happens every four years, I want to compare today’s housing market in February 2020 to the housing market four years ago in February 2016.
Four years makes a big difference. Were you an on-the-fence home buyer in 2016 who still hasn’t purchased? Make 2020 the year that you become a homeowner! Were you living in a different city in 2016? Were you renting and in between did you buy (hopefully with a KALEO Real Estate Company agent representing you)?
In Los Angeles county, the Median List Price in February 2016 was $609,900. The stats aren’t out yet for February 2020, but if January 2020 is any indicator, the first month of this year the Median List Price was almost $200,000 higher at $797,000.*
Interestingly, the inventory levels are approximately the same as they were in 2016 (and that level is low at only 4 months of inventory).
How quickly are properties selling? in February 2016, the Median Days to Sell was 51 days. Four years later, in January 2020, the Median Days to Sell in Los Angeles County was 26 days! Properties are selling twice as fast! San Bernardino County experiences a similar story of a dramatic shift in how quickly properties are selling from 54 days in February 2016 to 35 days in January 2020.
The average 30 year fixed-rate mortgage was 3.62 percent for the week ending Thursday February 25, 2016. Last week, the 30-year FRM was 3.49 percent. ** Who could have predicted that?
Jump Off The Fence: Purchase A Home in 2020
This leap day take the opportunity to jump off the fence of indecision and start a conversation about either purchasing or listing your home. It can seem scary. With student loans, car payments, and life expenses, it can be tough to imagine ever becoming a homeowner, but the first leap is just picking up the phone and calling me with your questions.
Our real estate brokerage, KALEO Real Estate Company, exists to help you in one of the biggest financial commitments of your life: buying a house. We are here for you to brainstorm how to achieve your real estate goals! Contact us today!
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Sources:
*CRMLS, Stats Residential, SFR Only, Los Angeles County 02-20-2020
