April 2021 Local Market Update
Nationally, homes are selling at historical speed, with the time on market for a typical listing dropping down to a low of 43 days. Locally, we’re averaging half that, with some of our cities having average days on market (time between listing the home publicly and accepting an offer & opening escrow) at less than two weeks.
The national median sales price was up 17.2% from last year; locally some of our cities saw a mid-20s% increase, though some were lower (see chart below). Arcadia and Walnut both saw decreases.
On the national scale, there was a 53% decline in available listings. Locally we saw a 30% drop, but we were already in a drastic shortage last year.
Homes are selling lightening fast, in spite of the drastic price increases we’re experiencing. This is due partially to continued low interest rates partnered with the lack of inventory.
However, we are seeing an increase in new construction which will ease the inventory burden a bit. Many home owners were hesitant to make any changes while the pandemic was in full swing this past year, though with things on that front easing up a bit we’re seeing more homes coming to market.
If you’re thinking of selling but are worried about being able to purchase a new home, contact me about Knock Home Swap, which enables you to buy your new home first, then sell your current home. I became certified with this great program recently and am happy to share the possibilities with you.
|CITY||April 2020 Median Sales Price||April 2021Median Sales Price||Year over Year Appreciation||April Ave. Days on Market||Total Homes Sold April||Total Homes Sold Y-T-D||Current Active Listings||Months of Supply|
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.