Local Market Stats – December Update
Average days on the market rose to 39 in December, up slightly from 35 in November. This is remarkable for this time of year, a reflection of the fact that buyers remain very active in our area. (If your neighbor’s home is on the market and hit the 50-day mark or above, it is highly likely that their home is overpriced, or their agent is not actively marketing their property.)
Below are the December statistics, city-by-city, for our area. Don’t hesitate to contact me if you’d like any additional info.
|CITY||December Average Sales Price||Dec. Ave. Days on Market||Total # of Sales – December||Total # of Sales – YTD||Year over Year Appreciation|
|Baldwin Park||$ 433,123||30||32||344||6.80%|
|Diamond Bar||$ 694,592||43||44||663||3.50%|
|Hacienda Heights||$ 564,957||44||38||431||6.50%|
|La Puente||$ 460,732||34||41||557||7.20%|
|La Verne||$ 654,180||40||24||214||-0.50%|
|Rancho Cucamonga||$ 542,769||39||127||1821||6.80%|
|Rowland Heights||$ 641,952||59||16||281||6.40%|
|San Dimas||$ 637,241||51||27||359||9.20%|
|West Covina||$ 554,250||36||52||862||7.30%|
A balanced market is considered to have a 4.5 month supply of homes on the market. We closed December with just below a two month supply. If you want to sell for the most money quickly with a lot less hassle, now is the time. More and more houses typically come on the market in April, May, and June, meaning you’ll have more competition from your neighbors who are waiting until spring. And more inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect three things. Number one: a great price on their home as buyers outbid each other for it. Number two: a quick sale, as buyers have so little to choose from. And number three: fewer hassles, as buyers are more willing to negotiate on specifics of the transaction.
Buyers are in a good position now as interest rates remain relatively low, though there is expectation of increases in the new year. Buyers, now’s a good time to find your home!
Whatever is happening in the market, both buyers and sellers can be satisfied as long as an educated and qualified market expert is the agent you choose. Contact me with any questions. I’m always happy to help! 626-290-1250