Local Market Report – June 2020
This month I’ve decided to share an article with you from Keeping Current Matters, a real estate watchdog.
“Last week, a very well-respected real estate analytics firm surprised many with their home price projection for the next twelve months. CoreLogic, in their latest Home Price Index said:
“The economic downturn that started in March 2020 is predicted to cause a 6.6% drop in the HPI by May 2021, which would be the first decrease in annual home prices in over 9 years.”
“The forecast was surprising as it was strikingly different than any other projection by major analysts. Six of the other eight forecasts call for appreciation, and the two who project depreciation indicate it will be one percent or less.
“Here is a graph showing all of the projections:
“There’s a simple formula to determine the future price of any item: calculate the supply of that item in ratio to the demand for that item. In housing right now, demand far exceeds supply. Last week mortgage applications to buy a home were 33% higher than they were at the same time last year. The available inventory of homes for sale is 31% lower than it was last year. Normally, these numbers should call for homes to continue to appreciate.
Bottom Line
Because of the uncertainty with the pandemic, any economic prediction is extremely difficult. However, looking at the limited supply of homes for sale and the tremendous demand for housing, it is difficult to disagree with the majority of analysts who are calling for price appreciation.”
And now, for our June data by city:
| A “balanced market” is a 6 month supply of homes. A “sellers’ market” is anything less than that, while a “buyers’ market” is any that has more than 6 month supply. | ||||||||||
| CITY | June 2019 Median Sales Price | June 2020 Median Sales Price | Year over Year Appreciation | June 2020 Ave. DOM | Total # of Sales – June 2019 | Total # of Sales – June 2020 | Total # of Sales – YTD | Change from previous year | Active Listings | Months of Supply |
| Arcadia | $850,000 | $1,070,000 | 25.9% | 15 | 50 | 31 | 197 | -17.9% | 188 | 4.3 |
| Azusa | $470,000 | $495,000 | 5.3% | 16 | 35 | 32 | 167 | -18.1% | 63 | 1.9 |
| Baldwin Park | $470,000 | $463,000 | -1.5% | 27 | 29 | 21 | 123 | -19.6% | 50 | 2.1 |
| Claremont | $705,000 | $634,000 | -10.1% | 11 | 29 | 29 | 152 | 1.3% | 61 | 2.1 |
| Covina | $539,000 | $590,000 | 9.5% | 15 | 45 | 45 | 230 | -13.9% | 77 | 1.7 |
| Diamond Bar | $644,500 | $600,000 | -6.9% | 9 | 64 | 24 | 211 | -22.4% | 136 | 3.4 |
| Fontana | $425,000 | $446,000 | 4.9% | 16 | 165 | 154 | 800 | -11.4% | 219 | 1.4 |
| Glendora | $647,750 | $665,000 | 2.7% | 8 | 54 | 40 | 202 | -13.7% | 94 | 2.5 |
| Hacienda Heights | $619,500 | $622,900 | 0.5% | 25 | 39 | 26 | 165 | -18.7% | 61 | 2.1 |
| La Puente | $499,000 | $508,500 | 1.9% | 21 | 34 | 42 | 180 | -18.6% | 66 | 1.9 |
| La Verne | $700,000 | $697,000 | -0.4% | 9 | 29 | 16 | 125 | -7.4% | 59 | 2.6 |
| Monrovia | $695,250 | $632,500 | -9.0% | 22 | 32 | 20 | 134 | -16.8% | 56 | 2.3 |
| Montclair | $410,000 | $440,000 | 7.3% | 19 | 17 | 14 | 86 | -16.5% | 25 | 1.9 |
| Montebello | $505,000 | $610,000 | 20.8% | 10 | 33 | 17 | 117 | 0.0% | 32 | 1.6 |
| Ontario | $437,000 | $466,995 | 6.9% | 21 | 117 | 102 | 585 | -11.0% | 216 | 1.6 |
| Pomona | $422,500 | $446,000 | 5.6% | 23 | 94 | 59 | 313 | -20.4% | 130 | 1.6 |
| Rancho Cucamonga | $515,000 | $527,500 | 2.4% | 20 | 165 | 137 | 713 | -11.9% | 319 | 2.3 |
| Rowland Heights | $678,250 | $752,500 | 11.1% | 17 | 20 | 12 | 89 | -19.1% | 54 | 3.0 |
| San Dimas | $541,250 | $720,000 | 33.0% | 15 | 34 | 25 | 121 | -25.8% | 62 | 2.5 |
| Upland | $572,500 | $562,500 | -1.7% | 16 | 70 | 74 | 357 | -6.3% | 149 | 2.3 |
| Walnut | $820,000 | $763,888 | -6.8% | 27 | 25 | 17 | 109 | -16.2% | 95 | 4.9 |
| West Covina | $585,000 | $585,000 | 0.0% | 13 | 61 | 47 | 255 | -15.3% | 91 | 1.9 |
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
