June 2021 – Local Market Update
Dumbfounded. Astounded. Mind-boggled.
I’m not sure what better words to describe what’s going on in the real estate market. When you look at the year-over-year statistics in the chart below, you’ll know what I mean.
Current Market Situation
Why is the market like this, and is it expected to stay this way? Let’s take a look.
First of all, like everything, market prices are dictated by supply and demand. Demand for housing is up while the supply of homes for sale hovers at historic lows, causing appreciation to continue to accelerate.
Appreciation
Statewide, California’s appreciation for the first quarter of 2021 compared to the first quarter of last year is up 14.3%. The chart below shows our local cities’ appreciation rates for the month of June. The average is around 20%, with Hacienda Heights, Monrovia, and Diamond Bar far exceeding that.
Inventory
Inventory levels for that same time frame are down 42% statewide. Locally we’re seeing a decrease of 24%. As far as months of inventory available – how long this inventory would last if no other homes came on the market – is less than 2 months.
What do the experts predict?
Mortgage rates will likely increase, but remain relatively low.
Home price appreciation will continue, but price growth will likely slow.
Inventory will remain a challenge but new home construction will ease that a bit. In addition, more homeowners are beginning to put their homes on the market, with many noting the fear of the pandemic has subsided.
- It’s more important than ever now to consult with a real estate professional if you’re considering a move. They can share insights about the local market and help you weigh your choices.
Local Cities’ Detail – June 2021
| CITY | June 2020 Median Sales Price | June 2021Median Sales Price | Year over Year Appreciation | June Ave. Days on Market | Total Homes Sold June | Total Homes Sold Y-T-D | Increase Over 2020 YTD Sales | Current Active Listings | Months of Supply |
| Alhambra | $699,500 | $685,000 | -2.1% | 21 | 32 | 197 | 74.3% | 66 | 2.1 |
| Arcadia | $1,070,000 | $1,295,000 | 21.0% | 23 | 67 | 348 | 77.6% | 209 | 4.0 |
| Azusa | $502,500 | $569,500 | 13.3% | 16 | 38 | 218 | 31.3% | 62 | 1.8 |
| Brea | $713,488 | $867,500 | 21.6% | 8 | 54 | 227 | 20.7% | 49 | 1.2 |
| Covina | $590,000 | $725,000 | 22.9% | 14 | 58 | 299 | 30.0% | 93 | 1.9 |
| Diamond Bar | $585,000 | $840,000 | 43.6% | 21 | 73 | 346 | 64.8% | 111 | 2.0 |
| Glendora | $665,000 | $830,000 | 24.8% | 14 | 65 | 266 | 32.3% | 65 | 1.4 |
| Hacienda Heights | $622,900 | $845,000 | 35.7% | 14 | 30 | 208 | 26.1% | 59 | 1.8 |
| La Verne | $697,000 | $807,500 | 15.9% | 12 | 34 | 165 | 32.0% | 48 | 1.6 |
| Monrovia | $615,000 | $840,000 | 36.6% | 17 | 39 | 185 | 37.0% | 42 | 1.4 |
| Montebello | $610,000 | $610,000 | 0.0% | 10 | 19 | 107 | -8.5% | 27 | 1.3 |
| Monterey Park | $725,000 | $827,500 | 14.1% | 15 | 29 | 168 | 43.6% | 50 | 1.8 |
| Pasadena | $825,000 | $953,750 | 15.6% | 27 | 178 | 839 | 63.2% | 294 | 2.2 |
| Rowland Heights | $753,500 | $828,500 | 10.0% | 28 | 26 | 146 | 64.0% | 49 | 2.2 |
| San Dimas | $720,000 | $805,000 | 11.8% | 9 | 41 | 183 | 51.2% | 43 | 1.4 |
| San Gabriel | $757,500 | $910,000 | 20.1% | 18 | 29 | 170 | 82.8% | 45 | 1.6 |
| South Pasadena | $1,215,000 | $1,407,000 | 15.8% | 18 | 29 | 115 | 105.4% | 21 | 1.2 |
| Walnut | $763,888 | $953,500 | 24.8% | 16 | 29 | 159 | 45.9% | 53 | 1.9 |
| West Covina | $585,000 | $712,500 | 21.8% | 12 | 60 | 365 | 42.6% | 62 | 1.1 |
| Whittier | $595,000 | $710,000 | 19.3% | 17 | 133 | 684 | 29.5% | 132 | 1.2 |
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.
