Local Market Report – 2019 Year in Review
2019 vs 2018 – What Were The Differences?
This month we’re reviewing what happened in our local markets in 2019, compared to the previous year of 2018.
The appreciation rates showed an actual decrease in 4 cities, with a wild swing upward in Azusa, and a wide variety of percentages throughout the remaining cities (see chart below). Your home is still going up in value, but at a slower pace.
Average days on market decreased in most cities, though in most cases not by much. Arcadia had the longest days-on-market period of 53 days, showing that the average home is selling in under two months. You’ve certainly noticed that some homes in your neighborhood have sat on the market for months and months, but that is generally due to lack of proper exposure by their agent. There are definitely many homes selling in a week to 10 days, which accounts for the averages.
Numbers of homes sold decreased in every city except Arcadia, Glendora, and Montebello. The reason is not lack of interested buyers, on the contrary, not enough homes are going on the market.
The average months supply of homes increased in all but three cities. However, these numbers reflect that the market remains very favorable to sellers, with the exception of Arcadia and Walnut, which are fairly balanced.
What is predicted for 2020?
Even though mortgage interest rates remain at historic lows, there is a severe housing shortage affecting buyers who are able and ready to buy but not able to find a home. And from C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young: “California’s housing market will be challenged by changing migration patterns as buyers search for more affordable housing markets, particularly by first-time buyers, who are the hardest hit, moving out of state.”
Only time will tell, but I’ll keep you posted on a monthly basis.
City by City Review
| CITY | 2018 Average Sales Price | 2019 Average Sales Price | Year over Year Appreciation | 2018 Ave. Days on Market | 2019 Ave. Days on Market | Year over Year Increase/ Decrease | Total # of Sales – 2018 | Total # of Sales – 2019 | Year over Year Increase/ Decrease | 2018 Average Months of Supply | 2019 Average Months of Supply | Previous Yr Supply Change |
| Arcadia | $1,194,961 | $1,307,068 | -8.6% | 48 | 53 | 10.4% | 622 | 551 | 11.4% | 4.9 | 5.7 | 16.3% |
| Azusa | $439,288 | $557,893 | 27.0% | 37 | 51 | 37.8% | 481 | 480 | -0.2% | 2.4 | 2.4 | 0.0% |
| Baldwin Park | $461,670 | $450,882 | -2.3% | 45 | 45 | 0.0% | 350 | 281 | -19.7% | 2.8 | 3.3 | 17.9% |
| Claremont | $645,830 | $674,942 | 4.5% | 52 | 29 | -44.2% | 408 | 309 | -24.3% | 2.4 | 2.9 | 20.8% |
| Covina | $519,344 | $552,488 | 6.4% | 36 | 30 | -16.7% | 721 | 609 | -15.5% | 2.6 | 2.8 | 7.7% |
| Diamond Bar | $661,220 | $688,466 | 4.1% | 43 | 44 | 2.3% | 653 | 548 | -16.1% | 3.5 | 4.9 | 40.0% |
| Fontana | $380,027 | $408,092 | 7.4% | 33 | 31 | -6.1% | 2076 | 1,882 | -9.3% | 2.5 | 2.9 | 16.0% |
| Glendora | $660,775 | $692,131 | 4.7% | 45 | 38 | -15.6% | 505 | 530 | 5.0% | 2.8 | 3.4 | 21.4% |
| Hacienda Heights | $604,052 | $642,843 | 6.4% | 42 | 37 | -11.9% | 419 | 406 | -3.1% | 3.1 | 3.2 | 3.2% |
| La Puente | $436,752 | $475,681 | 8.9% | 32 | 27 | -15.6% | 553 | 572 | 3.4% | 2.4 | 2.5 | 4.2% |
| La Verne | $637,437 | $662,739 | 4.0% | 37 | 36 | -2.7% | 312 | 284 | -9.0% | 2.4 | 2.7 | 12.5% |
| Monrovia | $685,651 | $770,012 | 12.3% | 35 | 35 | 0.0% | 343 | 303 | -11.7% | 2.4 | 2.5 | 4.2% |
| Montclair | $392,575 | $418,244 | 6.5% | 34 | 29 | -14.7% | 259 | 225 | -13.1% | 2.3 | 2.1 | -8.7% |
| Montebello | $499,857 | $525,668 | 5.2% | 39 | 35 | -10.3% | 248 | 256 | 3.2% | 3.2 | 2.8 | -12.5% |
| Ontario | $379,137 | $416,448 | 9.8% | 33 | 30 | -9.1% | 1381 | 1,308 | -5.3% | 2.3 | 2.6 | 13.0% |
| Pomona | $390,586 | $420,625 | 7.7% | 35 | 32 | -8.6% | 943 | 902 | -4.3% | 2.7 | 2.8 | 3.7% |
| Rancho Cucamonga | $522,105 | $563,118 | 7.9% | 37 | 33 | -10.8% | 1846 | 1,659 | -10.1% | 2.7 | 3.0 | 11.1% |
| Rowland Heights | $699,365 | $690,531 | -1.3% | 42 | 39 | -7.1% | 270 | 222 | -17.8% | 3.6 | 4.3 | 19.4% |
| San Dimas | $619,735 | $624,587 | 0.8% | 38 | 34 | -10.5% | 365 | 316 | -13.4% | 2.5 | 2.8 | 12.0% |
| Upland | $537,068 | $573,381 | 6.8% | 43 | 38 | -11.6% | 851 | 823 | -3.3% | 3.0 | 2.9 | -3.3% |
| Walnut | $918,669 | $865,142 | -5.8% | 42 | 45 | 7.1% | 329 | 248 | -24.6% | 3.7 | 5.1 | 37.8% |
| West Covina | $558,229 | $586,879 | 5.1% | 34 | 32 | -5.9% | 856 | 658 | -23.1% | 2.3 | 3.1 | 34.8% |
For those of you who may have friends or relatives outside our area who need a Realtor, I’m happy to do some behind the scenes screening and recommend a good agent or two to them. No cost to you or your friends, of course. Learn more here.
As always, find me at 626-290-1250 or MaryAnglin.Realtor@gmail.com
