Local Market Stats – May’s Figures
When we review May’s market activity, we see very similar numbers to April. We remain in a “Seller’s Market” (less than a 6 month supply of homes) throughout most of our area, though Arcadia is beginning to level out at 5.5 months supply.
Covina, La Puente, Ontario, Rancho Cucamonga, San Dimas, and West Covina all have less than a two month supply. If you live in one of these cities and have been on the fence about selling, now would be a great time! Days on market for those cities is less than a month and with the exception of Rancho (99.6%) and San Dimas (99.7%), the final sales price is higher than the original list price, though those two cities are also very close.
|CITY||May Average Sales Price||May Ave. Days on Market||Total # of Sales – May||Total # of Sales – YTD||Year over Year Appreciation||Active Listings||Months of Supply|
|Baldwin Park||$ 429,133||15||19||132||11.00%||56||2.9|
|Diamond Bar||$ 640,000||31||53||213||4.80%||214||4.0|
|Hacienda Heights||$ 616,682||23||45||165||9.10%||98||2.2|
|La Puente||$ 468,627||30||60||226||9.20%||88||1.5|
|La Verne||$ 661,641||18||22||105||1.90%||77||3.5|
|Rancho Cucamonga||$ 570,247||25||196||726||8.00%||294||1.5|
|Rowland Heights||$ 685,211||21||19||89||6.90%||88||4.6|
|San Dimas||$ 582,303||32||37||150||6.40%||58||1.6|
|West Covina||$ 578,401||22||78||282||5.40%||130||1.7|
What does being in such a strong sellers’ market 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. Are you priced correctly? Is your agent providing top-notch marketing? Those are honestly the only reason for a non-sale in this market.
- 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.
Homeowners, here’s a very positive note: throughout the area, the appreciation over the past 12 months is 8%. This is exceptional. Will it stay this high? Experts have differing opinions; stay tuned.
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.