Local Market Stats – January’s Figures
Average days on market increased for most of the cities in our area in January, but most remained under the two month mark. The biggest obstacle we’re facing in today’s market is lack of inventory. The number of homes for sale nationwide has declined on an annual basis for the past 35 straight months, while the pool of interested buyers continues to outweigh what’s available for sale. With spring around the corner, and the economy looking strong, we expect to see more activity.
See the chart below for January’s sales figures. If your city is not listed, let me know and I’ll take care of that!
|CITY||January Average Sales Price||Jan. Ave. Days on Market||Total # of Sales – January||Total # of Sales – YTD||Year over Year Appreciation|
|Baldwin Park||$ 455,985||43||28||28||22.30%|
|Diamond Bar||$ 701,846||63||26||26||1.50%|
|Hacienda Heights||$ 740,886||40||28||28||28.80%|
|La Puente||$ 461,415||35||33||33||12.30%|
|La Verne||$ 662,013||30||15||15||8.40%|
|Rancho Cucamonga||$ 566,239||45||127||127||11.20%|
|Rowland Heights||$ 669,063||27||8||8||12.20%|
|San Dimas||$ 692,424||49||21||21||4.70%|
|West Covina||$ 569,502||29||51||51||13.10%|
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 rates are forecasted to rise. Buyers, now’s the time to be looking, before rates rise and all those “summer buyers” bring competition.
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