Local Market Report – March 2020
I think it’s a safe bet to say that March was a month unlike any most of us have ever experienced. Most of our lives have been put on pause in many areas, especially the economy. Many experts are warning that the American economy is heading toward a recession, if it’s not in one already. What does that mean to the residential real estate market? Past evidence shows us that most recessions don’t adversely impact home values. Most experts agree that f we’re not in a recession yet, we’re about to be in one. This time, however, housing will be the sector that leads the economic recovery. For more detailed info on these predictions, watch my recent video on the topic, Housing Market & the Coronavirus – Short & Long-term Effects .
In reviewing the market statistics for the month of March, the market looked strong. Home appreciation was up across the board, days on market was pretty standard for this time of year, and the total number of sales year-to-date was up. The biggest change is the decrease in the active listings at the end of the month and the months supply of homes. These changes are clearly due to many homeowners holding off on putting their homes on the market until the Safer at Home order is lifted. However, there are still homes coming to market daily, buyers making offers, and homes closing – just not in the volume we’re used to.
Real Estate was re-classified as an essential service. This is because there are people who NEED to move now for various personal reasons. Of course, Realtors are taking precautions seriously, as outlined by the CDC. If you’ve been wondering how to move forward with your real estate needs at this time, just reach out and we’ll review your situation and together determine the best course of action to take.
Let’s take a look at last month’s numbers here:
| 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 | March 2019 Average Sales Price | March 2020 Average Sales Price | Year over Year Appreciation | March Ave. Days on Market | Total # of Sales – March | Total # of Sales – YTD | Active Listings | Months of Supply | Previous Yr Supply Change |
| Arcadia | $1,514,116 | $1,711,322 | 13.0% | 60 | 47 | 113 | 157 | 3.5 | -42.6% |
| Azusa | $462,652 | $554,830 | 19.9% | 46 | 33 | 86 | 58 | 1.7 | -29.2% |
| Baldwin Park | $479,779 | $511,937 | 6.7% | 47 | 19 | 65 | 56 | 2.4 | -33.3% |
| Claremont | $649,578 | $773,912 | 19.1% | 48 | 26 | 77 | 52 | 1.7 | -50.0% |
| Covina | $498,941 | $555,599 | 11.4% | 31 | 58 | 120 | 63 | 1.3 | -43.5% |
| Diamond Bar | $673,402 | $708,188 | 5.2% | 46 | 46 | 136 | 122 | 2.5 | -49.0% |
| Fontana | $407,163 | $444,349 | 9.1% | 32 | 154 | 436 | 290 | 1.8 | -41.9% |
| Glendora | $614,455 | $809,232 | 31.7% | 39 | 41 | 107 | 69 | 1.7 | -37.0% |
| Hacienda Heights | $588,358 | $662,505 | 12.6% | 31 | 31 | 93 | 63 | 1.9 | -36.7% |
| La Puente | $462,578 | $528,500 | 14.3% | 20 | 38 | 99 | 63 | 1.7 | -19.0% |
| La Verne | $672,554 | $724,597 | 7.7% | 46 | 29 | 59 | 52 | 2.1 | -34.4% |
| Monrovia | $697,690 | $778,852 | 11.6% | 33 | 26 | 76 | 31 | 1.2 | -55.6% |
| Montclair | $387,886 | $420,339 | 8.4% | 29 | 18 | 44 | 24 | 1.4 | -36.4% |
| Montebello | $560,611 | $570,862 | 1.8% | 23 | 29 | 75 | 29 | 1.4 | 46.2% |
| Ontario | $446,029 | $452,675 | 1.5% | 35 | 136 | 321 | 185 | 1.5 | -42.3% |
| Pomona | $418,092 | $443,801 | 6.1% | 43 | 56 | 169 | 120 | 1.7 | -43.3% |
| Rancho Cucamonga | $511,530 | $574,310 | 12.3% | 36 | 150 | 378 | 284 | 2.0 | -39.4% |
| Rowland Heights | $641,762 | $653,238 | 1.8% | 69 | 16 | 53 | 39 | 1.9 | -54.8% |
| San Dimas | $663,067 | $712,345 | 7.4% | 20 | 20 | 61 | 43 | 1.6 | -42.9% |
| Upland | $569,210 | $712,345 | 7.4% | 37 | 68 | 173 | 137 | 2.0 | -25.9% |
| Walnut | $818,743 | $855,170 | 4.4% | 43 | 20 | 58 | 57 | 2.6 | -60.6% |
| West Covina | $544,079 | $621,666 | 14.3% | 33 | 70 | 158 | 83 | 1.4 | -60.0% |
Certainly, some potential home-buyers may be affected adversely by recent events, though it isn’t expected that it will affect the market that significantly. It is expected that the market will pick up again soon, and that the usual ‘selling season’ may just be delayed this year. I’ll continue to keep you abreast of developments.
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
