The Southern California Real Estate Market is in a state of uncertainty right now due to the COVID-19 pandemic. Although home prices have remained stable throughout the pandemic, economists predict that we are not out of the woods yet. It is predicted that the economy in the second quarter will take a 30% hit, and will be slow to recover in the short term.
With record unemployment throughout Southern California and the rest of the United States, seller sentiment is not strong. Only 29% of people feel it is a good time to sell their home in California, down from 62% only two months before. Contrary to this, buyer sentiment is still strong, at around 31% feeling it is a good time to buy a home in California. This lower seller sentiment, and steady buyer sentiment, has allowed Southern California home prices to remain stable, despite a large portion of the economy being shut down.
Check out the video below for a full analysis of the Southern California Real Estate Market.