2021 In Review with Local Market Statistics
As I noted in my January blog post, 2021 was a year for the real estate history books. The pandemic helped usher in a buying frenzy that caused home prices to soar nationwide by a record 19.9% between August 2020 and August 2021.
By the 4th quarter, things were beginning to simmer down a bit. Even though the majority of home sales involved a bidding war, the number of offers per listing declined. Many buyers just got burned out and decided to put their home searches on hold “until the market cools down”.
As we can see from the year-to-year comparative chart for individual local cities below, we note:
- year over year appreciation averaged over 15% with several cities at or approaching 18%
- average days on market decreased substantially, averaging only 18 days
- total homes sold compared to the previous year increased over 21% – though we do recognize that 2020 was the first year of the pandemic and the market stalled somewhat. But this 21% does show that things began coming back to life in the housing market.
Perhaps the most important data in this chart is found in the last column: current months supply of homes. I have never seen so many cities with less than a month’s worth of homes available. Nationally there’s an uptick in new construction which would ease the availability crunch in some areas. However, this uptick does not benefit the locales where there is little room for new construction.
What might the answer be? Many homeowners have been hesitant to put their homes on the market for fear of not securing their new homes. A possible solution for that was addressed in my most recent video, How to Buy and Sell a House at the Same Time | EASY HOME SWAP. If you or someone you know is in this situation, please contact me for more information.
What is predicted for 2022? The market will become more balanced; mortgage rates will creep up; appreciation will continue, but at a slower rate; rents will continue to rise.
As a local market expert, I can guide you through the ins and outs of our market and the local issues that are likely to drive home values in our particular neighborhoods.
| CITY | 2020 Median Sales Price | 2021 Median Sales Price | Year over Year Appreciation | 2020 Ave. Days on Market | 2021 Ave. Days on Market | Year Over Year Change | Total Homes Sold 2020 | Total Homes Sold 2021 | Year Over Year Change | Current Active Listings | Months of Supply |
| Alhambra | $700,000 | $735,500 | 5.1% | 14 | 12 | -14.3% | 311 | 434 | 39.5% | 35 | 1.0 |
| Arcadia | $1,099,000 | $1,258,000 | 14.5% | 20 | 15 | -25.0% | 476 | 755 | 58.6% | 108 | 1.8 |
| Azusa | $516,500 | $611,000 | 18.3% | 12 | 8 | -33.3% | 404 | 461 | 14.1% | 34 | 0.9 |
| Brea | $770,000 | $890,000 | 15.6% | 10 | 8 | -20.0% | 443 | 468 | 5.6% | 31 | 0.8 |
| Covina | $596,000 | $700,000 | 17.4% | 25 | 17 | -32.0% | 569 | 648 | 13.9% | 41 | 0.8 |
| Diamond Bar | $700,000 | $825,000 | 17.9% | 30 | 24 | -20.0% | 527 | 739 | 40.2% | 62 | 1.0 |
| Glendora | $698,000 | $785,000 | 12.5% | 27 | 19 | -29.6% | 522 | 588 | 12.6% | 49 | 1.0 |
| Hacienda Heights | $696,000 | $783,115 | 12.5% | 26 | 19 | -26.9% | 362 | 404 | 11.6% | 47 | 1.4 |
| La Puente | $539,000 | $630,000 | 16.9% | 22 | 16 | -27.3% | 422 | 479 | 13.5% | 41 | 1.0 |
| La Verne | $750,000 | $850,000 | 13.3% | 26 | 20 | -23.1% | 346 | 331 | -4.3% | 24 | 0.9 |
| Monrovia | $751,000 | $880,000 | 17.2% | 32 | 23 | -28.1% | 327 | 356 | 8.9% | 33 | 1.1 |
| Montebello | $585,000 | $645,000 | 10.3% | 24 | 17 | -29.2% | 237 | 241 | 1.7% | 18 | 0.9 |
| Monterey Park | $719,000 | $840,000 | 16.8% | 28 | 21 | -25.0% | 270 | 383 | 41.9% | 32 | 1.0 |
| Pasadena | $900,000 | $1,035,000 | 15.0% | 37 | 31 | -16.2% | 1348 | 1677 | 24.4% | 177 | 1.3 |
| Rowland Heights | $714,000 | $830,000 | 16.2% | 40 | 22 | -45.0% | 235 | 269 | 14.5% | 17 | 0.8 |
| San Dimas | $675,000 | $799,000 | 18.4% | 24 | 14 | -41.7% | 335 | 365 | 9.0% | 35 | 1.1 |
| San Gabriel | $836,500 | $950,000 | 13.6% | 29 | 22 | -24.1% | 264 | 395 | 49.6% | 29 | 0.9 |
| South Pasadena | $1,292,500 | $1,527,500 | 18.2% | 37 | 21 | -43.2% | 154 | 223 | 44.8% | 15 | 0.9 |
| Walnut | $850,000 | $1,000,000 | 17.6% | 46 | 26 | -43.5% | 276 | 350 | 26.8% | 31 | 1.1 |
| West Covina | $620,000 | $730,500 | 17.8% | 24 | 16 | -33.3% | 616 | 732 | 18.8% | 43 | 0.7 |
| Whittier | $610,000 | $710,000 | 16.4% | 20 | 16 | -20.0% | 1299 | 1365 | 5.1% | 85 | 0.8 |
As always, contact me for more information on your particular city, or on your home’s Market Value. I’m available at 626-290-1250 or MaryAnglin.Realtor@gmail.com
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.
