August 2021 – Local Market Update
I begin this month’s market statistics report by repeating the opening lines to the article I wrote on August 1st. 5 Factors That Reveal Where the Real Estate Market Is Really Headed
It’s the old supply-and-demand predicament: Home sales in the U.S. continue at a torrid pace, but the availability of listings remains limited. Buoyed by historically low mortgage rates, buyers keep shopping for homes, reducing the available inventory and sparking a rise in home prices across the country.
News website The Atlantic summarized the sizzling home market this way:
“Pick a housing statistic at random, and it’s probably setting an all-time record. Home prices: record high. Inventory: record low. Percentage of homes selling above asking price: record high. Average time on market: record low.”
Looking at the chart below, we can see that for the most part, we saw a strong year-over-year appreciation for the August time period, as well as a strong increase in the year-to-date sales compared to 2020. Of course, 2020 was the year of pandemic and lockdowns and thus a very slow market. The increase we see this year is an indication that the market is returning to pre-pandemic rates. The months supply of homes is a cause for concern. But it’s not a “bubble” as some fear, it’s simply a lack of available inventory. Review some of the additional articles on my site for greater detail or explanation.
If you have any questions about your city, your home, or plans you might be contemplating, don’t hesitate to reach out to me.
| CITY | August 2020 Median Sales Price | August 2021Median Sales Price | Year over Year Appreciation | August Ave. Days on Market | Total Homes Sold August | Total Homes Sold Y-T-D | Increase Over 2020 YTD Sales | Current Active Listings | Months of Supply |
| Alhambra | $675,000 | $660,250 | -2.2% | 14 | 38 | 275 | 71.9% | 67 | 2.0 |
| Arcadia | $1,166,593 | $1,320,000 | 13.2% | 13 | 71 | 513 | 81.3% | 158 | 2.7 |
| Azusa | $525,000 | $618,000 | 17.7% | 8 | 43 | 308 | 26.7% | 57 | 1.5 |
| Brea | $800,000 | $891,000 | 11.4% | 9 | 40 | 313 | 11.8% | 51 | 1.3 |
| Covina | $571,500 | $725,000 | 26.9% | 14 | 61 | 423 | 24.4% | 88 | 1.8 |
| Diamond Bar | $759,500 | $810,000 | 6.6% | 21 | 59 | 473 | 56.6% | 100 | 1.7 |
| Glendora | $685,000 | $767,450 | 12.0% | 18 | 50 | 376 | 25.3% | 70 | 1.5 |
| Hacienda Heights | $721,000 | $815,000 | 13.0% | 15 | 43 | 283 | 23.0% | 57 | 1.7 |
| La Verne | $790,000 | $830,000 | 5.1% | 15 | 29 | 232 | 24.1% | 48 | 1.7 |
| Monrovia | $730,500 | $895,000 | 22.5% | 21 | 40 | 251 | 28.1% | 56 | 1.8 |
| Montebello | $570,000 | $625,000 | 9.6% | 19 | 25 | 159 | 2.6% | 24 | 1.2 |
| Monterey Park | $711,000 | $881,000 | 23.9% | 12 | 48 | 247 | 48.8% | 49 | 1.7 |
| Pasadena | $975,000 | $1,095,000 | 12.3% | 25 | 126 | 1112 | 46.3% | 252 | 1.8 |
| Rowland Heights | $657,500 | $790,000 | 20.2% | 14 | 25 | 198 | 52.3% | 35 | 1.5 |
| San Dimas | $630,000 | $795,000 | 26.2% | 15 | 25 | 244 | 23.9% | 41 | 1.3 |
| San Gabriel | $817,500 | $1,005,000 | 22.9% | 33 | 41 | 246 | 68.5% | 62 | 2.1 |
| South Pasadena | $1,405,000 | $1,620,000 | 15.3% | 19 | 23 | 152 | 76.7% | 25 | 2.0 |
| Walnut | $907,000 | $1,000,000 | 10.3% | 20 | 29 | 222 | 42.3% | 48 | 1.8 |
| West Covina | $590,000 | $760,000 | 28.8% | 14 | 70 | 487 | 36.8% | 70 | 1.2 |
| Whittier | $646,000 | $700,000 | 8.4% | 12 | 123 | 939 | 24.2% | 138 | 1.2 |
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.
