Local Market Stats – October 2018 Figures
The chart at the bottom of this page provides detail on the market for last month. For the most part, we remain in a strong seller’s market with the exception of Arcadia, Claremont, Rowland Heights, and Walnut, which are showing a fairly balanced market. The remaining cities have slightly fluctuating numbers, though inventory is rising a bit from previous months.
The market tends to slow down in winter months, November through February. Many homeowners (perhaps ill-advised) decide to wait to list their home until spring “when the market heats up”. The reality? The market’s “Sweet Spot” is November through February, when there is much less competition. People buy homes year-round, winter being no different. The difference is that winter buyers tend to be more serious buyers. A possible difference to keep in mind for the upcoming spring-summer season is the projected rise in interest rates, which may keep some potential buyers at home.
There has also been a worry about a decline in property values in the near future. No one has a crystal ball, but I do agree with many experts’ predictions that properties will continue to appreciate, but not at the phenomenal rate they have been. Meaning we may see an appreciation of 4% instead of 7%, for instance. Recent years’ huge appreciation amounts have been in large part a recovery of the crash a decade ago.
In summary, now is an excellent time to buy or sell a home. It will be easier than during the summer rush. If you’ve been on the fence regarding timing, now may be the time to pull the trigger. Talk with your Lender and your Realtor, and seek their guidance on your particular situation.
|CITY||October Average Sales Price||Oct. Ave. Days on Market||Total # of Sales – October||Total # of Sales – YTD||Year over Year Appreciation||Active Listings||Months of Supply|
|Baldwin Park||$ 451,327||29||26||258||13.7%||88||3.4|
|Diamond Bar||$ 630,209||42||51||470||5.0%||251||4.9|
|Hacienda Heights||$ 582,722||26||27||342||7.6%||96||3.6|
|La Puente||$ 473,369||15||33||470||9.7%||103||3.1|
|La Verne||$ 664,327||44||18||243||6.5%||57||3.2|
|Rancho Cucamonga||$ 565,887||32||132||1486||8.1%||365||2.8|
|Rowland Heights||$ 568,613||56||16||192||0.5%||82||5.1|
|San Dimas||$ 629,731||43||27||281||3.9%||85||3.1|
|West Covina||$ 614,919||30||56||597||6.3%||163||2.9|
Let me know if you need more detailed information on your city or your home. I’m always happy to help. And remember, when hiring an agent it’s always important to look for someone who understands the market and can answer your questions.
Feel free to share this report as well as my contact information to others who may benefit.