Cute dog with party glasses at home. St. Patrick s Day celebration

The housing market continues to show promising signs of a better spring homebuying season that we saw last year. Both closed and pending sales appear to have risen again in February and all signs point to a market that is heating up as days on market falls, the percentage of sellers discounting to attract buyers falls, and the percentage of homes closing above list price rises.

 

Market data still looks encouraging: Pending sales in February rose for the 3rd straight month in February, showing that even the modest decline in rates we have seen this year are helping to get buyers off of the sidelines. The number of homes entering escrow last month increased by 8.2% compared with February 2023. In addition, California has finally begun to see a slight increase in new inventory hitting the market. In fact, new listings added to MLSs across the state were up by double-digits in January and February—the first noticeable increase since rates first started to rise. However, pending and sales also both look to be up by or near double-digits meaning that overall active inventory levels remain almost unchanged. As demand seems to pick up much more quickly than new supply, small changes in rates have already caused the market to become more competitive. 

 

Home purchase sentiment climbs for the third straight month: Home Purchase Sentiment released by Fannie Mae rose again in February 2024, with the index inching up 2.1 points to 72.8 in the latest monthly read. More respondents to the sentiment survey felt better last month about home buying and home selling, with those who said it was a good time to buy rising 2 percentage points to 19% and those who said it was a good time to sell jumping 5 percentage points to 65%. Despite a small monthly dip of one percentage point, over a third of respondents (35%) continued to believe that mortgages will decline in the next 12 months, a sharp increase from the share of 15% recorded 12 months ago. Moreover, the share of consumers who said it would be easy to get a home mortgage today improved from 4 percentage points to 46% in February. Consumers were also slightly more optimistic last month about the economy, as an increasing number of them (31%) believed the economy was on the right track, a moderate improvement from January (25%).

 

Homeowner equity rises again in the fourth quarter: Homeowner equity increased solidly on an annual basis for the second consecutive quarter in Q4 2023, according to the latest CoreLogic Homeowner Equity Insights report. Homeowners with mortgages in the U.S. have seen an aggregated increase of $1.3 trillion in equity since Q4 2022, a jump of 8.6% year-over-year. Mortgaged residential properties with negative equity declined 1.1% from Q3 2023 and 15% from Q4 2023. Roughly 1.8%, or one million, of all mortgaged properties were underwater, which was significantly below the peak of 26% observed in Q4 2009. On average, U.S. homeowners with mortgages gained $24,000 in equity last quarter compared to a year ago. California had the fourth highest gain of all states, with an average homeowner equity increase of $49,000 year-over-year in Q4 2023. The Golden State had a share of homes with negative equity at 0.7% in Q4 2023 and was the state with the smallest share among all states reported by CoreLogic.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

Hope you have a great St. Patrick's Day!

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

Coming Soon

700 E Ocean Blvd #607

Long Beach 90802

1 Bed | 1.5 Bath | 880 SF | $625,000

 

Amazing ocean views from every room in this beautifully remodeled open floor plan condo at the International Tower! This beautifully updated modern high-rise condo features hardwood flooring, fresh interior paint, scraped ceilings, and is light and bright with expansive ocean views. 

For Sale

6544 Cerritos Ave.Long Beach 90805

2 Bed | 1 Bath | 1,198 SF | $735,000

 

Welcome to 6544 Cerritos Ave, a charming slice of Spanish-inspired architecture nestled in the heart of North Long Beach. This classic 2-bedroom, 1-bathroom home boasts timeless elegance coupled with modern upgrades, offering comfort and style.

837 Chestnut Ave. #12

Long Beach 90813

1 Bed | 1 Bath | 611 SF | $320,000

 

Step into this wonderful top-floor unit boasting an open floor plan in a mid-century style building. This property presents a unique opportunity to own a fantastic rental or a charming coastal condo just moments away from the beach.

For Rent

12661 Martha Ann Dr.

Rossmoor 90720

4 Bed | 3.5 Bath | 2,221 SF | $6,000 / mo

 

Welcome Home - Located in the highly sought-after prestigious community of Rossmoor, Orange County. All elements throughout this 4 bedroom, 3.5 bath turn-key home come together to create a space that radiates contemporary style with modernist amenities.

In Escrow

2892 Walker Lee Dr.

Rossmoor 90720

5 Bed | 8 Bath | 6,041 SF | For Rent $15,000 / mo

 

Welcome home to perfection in this one-of-a-kind home in the highly sought after community of Rossmoor. Breathtaking elegance is evident upon arrival & deepens with the discovery of each exquisitely unique space, feature & divine amenity.  

Recently Sold

14715 Bellflower Blvd.

Bellflower 90706

2 Bed | 1 Bath | 805 SF | $655,000

 

Welcome to your ideal starter home located in the heart of Bellflower! With its proximity to local amenities and welcoming neighborhood, this home is a must-see on your home-buying journey.

8738 Belmont St.

Bellflower 90706

3 Bed | 2 Bath | 1,276 SF | $720,000

 

An incredible opportunity awaits with this charming 3-bed, 2-bath single family home. Set on a spacious 7,004 sq ft lot, that beckons with endless possibilities for entertaining or even possibly adding an ADU. 

8230 Santa InezBuena Park 90602

4 Bed | 2 Bath | 1,194 SF | $625,000

 

Beautifully remodeled end unit townhouse in Buena Park! 4 bedrooms, 2 baths with open floor plan, modern kitchen, and private backyard.

3825 Linden Ave. 

Long Beach 90807

3 Bed | 2 Bath | 2,142 SF | $1,350,000

 

Charming 1933 Spanish Stucco with many original features. This single story home is situated on one of the prettiest streets, walking distance to to both Atlantic Avenue and Long Beach Blvd. 

2512 W Beachy Pl 

Anaheim 92804

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St.

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.

Facebook  Twitter  Instagram  Linkedin  Youtube  

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

 

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855