An Unpredictable First Three Months of 2020
It would be impossible to fully describe the first three months of 2020, and yet, if I had to choose one word it would most likely be “unprecedented”. From the loss of Kobe Bryant to Coronavirus, the first 90 days of the year has definitely walloped a big punch to us all. In spite of it all and to the surprise of many, the LA housing market has continued to chug along, although more slowly. With the spring buying season officially underway, let’s look at what the Inglewood Housing Market Data for Q1 2020 reveals. For the first 3 months of 2020, there were 33 homes that came onto the market and 44 that closed escrow. Here are the year over year numbers:
Year Over Year Data From 2019 to 2020
| Inglewood, CA | Q1 2019 | Q1 2020 | %Change | |
|
Average Sales Price |
$610,000 | $645,278 |
6% |
|
| # of Homes Sold | 41 | 44 | 7% | |
| LP Cost/Sq Ft | $459.59 | $499.58 | 9% | |
| SP Cost/Sq Ft | $454.18 | $496.63 | 10% | |
| Sold Price/List Price | 99.08% | 99.61% | .53% | |
| Avg Days on Market | 40 | 34 | -15% | |
Inglewood Housing Market Data for Q1 2020
Looking at the year over year data, you’ll see the numbers to be pretty consistent in the average sales price having risen 6% and # of homes sold having risen 7% from 2019 to 2020. In addition, list price per sq. ft. and sold price per sq. ft. were both about even having risen 9% & 10% respectively. To see the sold $/SqFt for the last 3 years in March, click here. Conversely, the Sold Price/List Price was basically unchanged in having increased a half a percent from 99.08% in 2019 to 99.61% in 2020. We saw the biggest change in days on market with year over year in going from 40 days in 2019 to 34 days in 2020, a 15% decrease. To see the average days on market in March over the last 3 years, click here.
What The Data Is Saying
If the Inglewood Housing Market Data for Q1 2020 is any indicator as to what the rest of 2020 will look like, it will be another year of low inventory with about 200 homes sales for the year and below-average turnover for Inglewood as a city. This along with the recent drop in interest rates, should keep prices stable and demand high for now. Having said that, given the current climate of Cocvid-19 and the looming uncertainty of the economy, jobs, and the pandemic itself, the housing market could be susceptible to change in the months ahead.
We’re Here to Help in The New Age of Covid-19
If you’re looking to sell your Inglewood home and yet, concerned about the potential risks, don’t worry, I have buyers and I’ll sell it safely too. In addition, we offer virtual consultations, 360° tours, and virtual showings – no person-to-person contact. Call or text me at 310-403-7381. I’m available to chat with you for an ideal asking price or to get you an instant offer now to skip the showings. Your safety is our #1 priority.
Wishing you health and safety.