Local Market Report – May 2020
We’re living in unprecedented times, aren’t we?! Let’s see where real estate was last month, and where we might be headed.
We were experiencing a strong inventory shortage prior to the current pandemic. The quarantine restrictions have resulted in fewer homeowners putting their homes on the market than expected. However, this isn’t expected to be a long-term issue, as many people still need or want to sell. The experts are forecasting that we’ll experience a delayed selling season, with more homes coming on the market through July, August, and September.
Will prices go down? Not likely. As Lawrence Yun, Chief Economist at National Association of Realtors, explains:
“The housing market faced an inventory shortage before the pandemic. Given that there are even fewer new listings during the pandemic, home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy.”
People still need to move. They need to sell and they need to buy. Many things can be, and are being done, remotely and digitally. This short video, Safer in Place Home Buying and Selling, outlines some of those things for you.
Let’s take a look at some of our local cities’ data. As you can see, real estate is still happening.
| 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 | May 2019 Median Sales Price | May 2020 Median Sales Price | Year over Year Appreciation | May 2019 Ave. DOM | May 2020 Ave. DOM | Total # of Sales – May 2019 | Total # of Sales – May 2020 | Total # of Sales – YTD | Change from previous year | Active Listings | Months of Supply | Previous Yr Supply Change |
| Arcadia | $938,000 | $835,000 | -11.0% | 27 | 27 | 59 | 17 | 166 | -12.6% | 187 | 4.7 | -8.2% |
| Azusa | $491,000 | $472,000 | -3.9% | 13 | 14 | 46 | 20 | 135 | -20.1% | 75 | 2.5 | -15.4% |
| Baldwin Park | $480,000 | $464,250 | -3.3% | 15 | 19 | 28 | 22 | 102 | -17.7% | 40 | 1.8 | -34.2% |
| Claremont | $706,000 | $665,000 | -5.8% | 22 | 25 | 32 | 21 | 123 | 1.7% | 79 | 2.9 | -15.2% |
| Covina | $519,500 | $510,000 | -1.8% | 27 | 8 | 50 | 17 | 185 | -16.7% | 91 | 1.9 | -31.0% |
| Diamond Bar | $614,000 | $647,444 | 5.4% | 27 | 20 | 70 | 22 | 187 | -10.1% | 129 | 3.1 | -25.0% |
| Fontana | $430,000 | $445,000 | 3.5% | 20 | 15 | 180 | 97 | 647 | -12.3% | 259 | 1.7 | -26.7% |
| Glendora | $598,850 | $728,000 | 21.6% | 19 | 27 | 38 | 27 | 162 | -10.0% | 83 | 2.2 | -26.5% |
| Hacienda Heights | $630,000 | $589,000 | -6.5% | 18 | 14 | 40 | 20 | 139 | -15.2% | 61 | 2.0 | -29.4% |
| La Puente | $485,000 | $480,000 | -1.0% | 11 | 14 | 35 | 16 | 138 | -26.2% | 63 | 1.8 | -12.5% |
| La Verne | $699,000 | $630,000 | -9.9% | 32 | 25 | 29 | 19 | 109 | 2.8% | 60 | 2.7 | -20.0% |
| Monrovia | $769,000 | $775,000 | 0.8% | 18 | 16 | 36 | 23 | 114 | -11.6% | 58 | 2.4 | -27.6% |
| Montclair | $439,999 | $469,500 | 6.7% | 22 | 13 | 29 | 14 | 72 | -16.3% | 24 | 1.5 | -27.3% |
| Montebello | $542,250 | $525,000 | -3.2% | 14 | 16 | 20 | 10 | 100 | -19.0% | 33 | 1.7 | -17.9% |
| Ontario | $435,000 | $445,500 | 2.4% | 20 | 17 | 130 | 82 | 483 | -10.6% | 229 | 2.0 | -27.6% |
| Pomona | $425,000 | $455,000 | 7.1% | 26 | 11 | 79 | 39 | 254 | -15.0% | 122 | 2.0 | -17.2% |
| Rancho Cucamonga | $500,000 | $530,000 | 6.0% | 22 | 17 | 163 | 86 | 576 | -10.6% | 338 | 2.6 | -18.2% |
| Rowland Heights | $688,000 | $880,000 | 27.9% | 22 | 9 | 23 | 5 | 77 | -14.4% | 56 | 3.2 | -15.6% |
| San Dimas | $592,000 | $639,950 | 8.1% | 32 | 35 | 31 | 14 | 96 | -25.6% | 66 | 2.8 | -20.0% |
| Upland | $545,000 | $578,000 | 6.1% | 15 | 14 | 77 | 63 | 283 | -9.0% | 166 | 2.6 | -12.9% |
| Walnut | $717,944 | $765,000 | 6.6% | 35 | 27 | 36 | 10 | 92 | -12.4% | 79 | 4.0 | -37.5% |
| West Covina | $558,500 | $615,500 | 10.2% | 22 | 14 | 66 | 18 | 208 | -13.3% | 100 | 2.0 | -41.2% |
Certainly, some potential home-buyers and sellers may be affected adversely by recent events. But be encouraged that the market is expected to pick up again soon. Our 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
