The Unmasking & Reopening of the Country, the COVID Delta Variant, and a Return to 2020?
The biggest news of the second quarter would be the CDC, state, and local government’s lifting of the COVID restrictions which had been in place since April 2020. Doing so essentially reopened the state of CA and the country, bringing us back to the normal, pre-COVID way of life we were all used to. Reopening though comes with its challenges. The Delta variant, a more contagious strain of COVID-19, was first discovered in India in December 2020. It has since become the most dominant strain and is responsible for more infections than the original COVID strain. This recent spike in COVID infections has caused many states and the CDC to re-issue their indoor mask mandates in an effort to curb the spread.
Despite the ups and downs regarding COVID-19, the 2021 real market continues to move along at its record-breaking pace. Although we have seen a slower rate of appreciation in Q2 vs Q1 and a slight increase in days on market, neither have affected the local Inglewood market. The Inglewood Market Update Q2 2021 shows there were 49 homes that came onto the market and 46 that sold. Here is what the numbers look like year over year.
Inglewood Market Update Q2 2021
|Inglewood||Q2 2020||Q2 2021||% Change|
|Average Sales Price||$727,767||$749,352||2.97%|
|# of Homes Sold||25||46||84.00%|
|List Price $/SqFt||$462.34||$533.60||15.41%|
|Sold Price $/SqFt||$466.62||$569.91||22.14%|
|List Price/Sold Price||100.98%||103.04%||2.04%|
|Avg Days on Market||27||33||22.22%|
In comparing the year-over-year numbers, what stands out the most is the almost doubling in the Number of Homes Sold going from 25 to 46, an 84% increase. Next, we see that the Average Sold $/Sq Ft was up a whopping 22.14%, going from $466.62 in 2020 to $569.91 in 2021. Another strong year-over-year change was in List price $/Sq Ft. It was up 15.41%, going from $462.34 in 2020 to $533.60 in 2021. Average Sales Price, was up modestly going from $727,767 in 2020 to $749,352 in 2021, a 2.97% increase, while List Price to Sales Price was up slightly going from 100.98% in 2020 to 103.04 in 2021, a 2.04% increase. The most surprising indicator was in Days On Market, going from 27 in 2020 to 33 in 2021, a 22.22% increase. To see all of the data from 2020, click Inglewood Housing Market Data for Q2 2020.
The Road Ahead
Looking down the road into Q3, forecasters are predicting a 4% increase in inventory nationally in the months to come. This along with the surprise recent drop in interest rates should continue to fuel the current Inglewood market. As we are still averaging between 1-2 Months Supply of Inventory, buyer demand will continue to be strong, prices will continue upward (although not at the same pace as the last 12 months), and more sellers will be bringing properties to the market. This should help to satisfy, and yet, not quench the thirst for homes for sale in Inglewood.
Planning to Sell?
If selling is part of your plans in 2021, now would be the time to consider what that looks like. With home values in Inglewood being at record highs, the current market is still a great opportunity to maximize your equity proceeds. To see what your home could be worth in today’s market, visit Inglewood Home Values.
Are you interested in knowing what selling in this market would look like… or what your prospects are in the near future? Please call me at 310-403-7381 for a private consult where can discuss your needs and available options and create a custom strategy to achieve your real estate goals.