Reviewing April’s market activity, we see an upward swing in the homes that have become available over previous months. The prices have risen, and in some of our cities, days on market has been nearly cut in half.  The chart below shows what happened in April in the various cities in our area. What it also reveals are the listings active on the last day of the month, and the months’ supply available. Six months supply is considered a balanced market, and anything under that is considered a sellers’ market, in which we remain. The average month supply in our area is 2.64. The cities of Walnut, Diamond Bar, and Arcadia have a larger supply, and as you can see, some cities are in very short supply.

What does this mean for buyers & sellers? Sellers, you must still make sure that your home is priced right and presented well. If so, you’ll likely experience a bidding war. If you don’t have buyers competing for your home, find out from your agent why that isn’t happening.

Buyers, be completely ready with all your paperwork, and be ready for the fact you might end up making several offers before one gets accepted. Make sure that your agent has strong negotiating skills, and is an agent who is organized and on top of things. In this market, with sellers having more than one offer to choose from, it’s not only the offer that must look good, but a well-qualified buyer’s agent will make a positive impact as well.

If you have any questions on a specific city, or would like more info on the market, or your particular home or home search, don’t hesitate to reach out. Mary Anglin: (626) 290-1250.