Sales Are Hot, But the Pipeline Is Cooling
If you’ve been watching the California market, the latest numbers from the California Association of REALTORS® (C.A.R.) for the week ending November 22nd offer a helpful, if slightly mixed, picture. Think of it this way: our market is still very active, but the energy feels like it’s leveling out a bit.
The big takeaway from the daily averages is that 538 sales closed every day—that’s a fantastic rate! But notice that this volume of closings is still outpacing the new supply: we only saw 429 new listings per day. For you, the buyer, this means that competition for the best properties is still very much alive, as demand continues to soak up the inventory.
Now, let’s look at how agents felt last week. The data shows things slowed down in the contract phase. While 24.2% of us successfully closed a sale (a small win!), only 16.9% of agents entered new escrows. That’s a notable drop from the previous quarter, suggesting the pipeline for new deals has thinned out. The good news? It tells me buyers might have a slightly better window for negotiation right now.
Looking ahead, we agents are feeling cautiously optimistic. We’re excited about inventory: 28.8% of us predict more listings will hit the market soon—the highest optimistic forecast we’ve seen! While confidence in price and sales increases has cooled slightly, we still expect the market to move.
The Bottom Line for You: This is a functioning market, but one that demands strategy. If you’re a buyer, now is a great time to prepare, because new listings might bring more options. If you’re a seller, having a well-priced, strategically marketed home is key to cutting through the caution.
Source: California Association of REALTORS®