Local Market Stats – February’s Figures
As we approach spring, we traditionally expect the housing market to “spring forward”, just as our clocks are about to do. Many sellers wait until spring to list their homes, when buyers are expected to come out in force.
This year, things are a bit different. The typical seasonal cycle didn’t quite hit when autumn came. Buyer demand generally falls off during the winter months, but this year we found that those buyers who weren’t able to find their home during the summer months continued to look – and buy – throughout the winter.
Mortgage rates have remained at near historic lows, and the demand for housing has remained strong. Many guess that one reason home owners have hesitated to sell was the uncertainty of the anticipated new tax laws, which when finally unveiled seem to have little effect on the average homeowner.
In our area, active listings are currently down 12.6% from this time last year, while average days on market has decreased by 25%. We only have a 2.2-month supply of homes on the market, which is down 15.4% from last year. Translated: this is a strong seller’s market. Priced right and marketed well, your home can sell quickly and for top dollar. Below are the city-by-city figures for the month of February.
|CITY||February Average Sales Price||Feb. Ave. Days on Market||Total # of Sales – February||Total # of Sales – YTD||Year over Year Appreciation|
|Baldwin Park||$ 442,617||43||21||49||15.40%|
|Diamond Bar||$ 660,971||51||29||55||4.30%|
|Hacienda Heights||$ 662,403||20||31||59||23.40%|
|La Puente||$ 443,935||27||38||71||11.00%|
|La Verne||$ 621,778||55||18||33||-4.40%|
|Rancho Cucamonga||$ 519,743||36||122||249||7.50%|
|Rowland Heights||$ 837,867||35||15||23||21.30%|
|San Dimas||$ 594,410||36||29||50||-7.80%|
|West Covina||$ 575,876||47||35||86||-2.30%|
Home Owners – now is a fantastic time to sell, as buyer demand is strong.
Future Home Owners – if you’re looking to buy now, just make sure you come in strong. Have everything ready before you start looking (read my monthly blog, The Home Buyer’s Guide to Getting Mortgage Ready, for helpful info).
Buyers & Sellers, one crucial factor is to make certain you have a strong and capable Realtor on your side. Whatever is happening in the market, you 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