January 2021 Local Market Update
Surprising to many, 2020 was a very strong year for the housing market, and experts predict the same for 2021. The Washington Post stated in a January 11th article, “Many experts are forecasting increased demand from buyers who delayed purchasing homes because of the pandemic; from existing homeowners who need larger spaces to accommodate parents working from home and children attending school virtually; and from condo owners who are seeking to escape multifamily buildings for single-family houses to mitigate exposure to the virus.”¹
When we look at January’s statistics in the chart below, we see that most cities in our area experienced an almost extreme rise in home values over last January. This is great news for homeowners, especially those considering selling this year.
These prices coupled with extremely low inventory – 2 months or less in all except Arcadia – makes it a tougher go for home buyers. I recommend that home buyers this year do more diligent homework in selecting their Realtors. A strong negotiator will be needed, and one who understands the strategies required to place a winning offer.
Home sellers, do not slouch on your preparation even though selling may seem like a slam-dunk. The better your home is prepared and marketed, along with strategic pricing, can make a significant difference in your bottom line.
Need help deciphering these numbers? Just reach out for a conversation, I’m always available to you.
|CITY||January 2020 Median Sales Price||January 2021Median Sales Price||Year over Year Appreciation||Jan. Ave. Days on Market||Total Homes Sold January||Total Homes Sold Y-T-D||Current Active Listings||Months of Supply|
For those of you who may have friends or relatives outside our area who need a Realtor, I’m happy to do some behind the scenes screening and recommend a good agent or two to them. No cost to you or your friends, of course. Learn more here.
As always, find me at 626-290-1250 or MaryAnglin.Realtor@gmail.com
- The Washington Post –