Local Market Report – July 2019
The economy is healthy (GDP = 3.1%), and unemployment was at 3.7% in June – the lowest in 55 years. Job growth nationally is at 1.5%. Interest rates are at an all time low, with speculation that they may drop even further. So why does the housing market seem to be slowing down?
As we’ve been saying for the last several months, the market is re-balancing itself. This is evident by the slower rates of appreciation as well as the longer days on market and increase of months’ supply of available homes. The inventory of available homes remains low in each of the cities we report on, with the exception of Arcadia, Diamond Bar, and Walnut.
♦ What do we need to do now if we’re buying or selling a home? Be aware that the market is very different than it was two years ago, or even just last year.
- For sellers, pricing your home correctly is crucial. Over-pricing will not work today – not that it was ever a good idea – but the results of doing so in today’s market will most likely cause a non-sale.
- Buyers, have all your paperwork prepared and have your pre-approval letter from your lender on hand. When you find the house you love, get that offer in quickly, with all paperwork and your earnest money deposit ready to go.
While the market’s changing and things might look a little uncertain to you, don’t allow that to impede your dreams. Are you ready to move on with your life? Do it!
If you’re considering buying or selling and wondering what your best options are, give me a call. We can review your situation and see what the best course might be.
For a video giving a bit more detail on the markets in Covina, West Covina, and San Dimas, click here.
| A “balanced market” is a 6 month supply of homes. A “sellers’ market” is anything less than that, while a “buyers’ market” is any that has more than 6 month supply. | ||||||||
| CITY | July Average Sales Price | Year over Year Appreciation | July Ave. Days on Market | Total # of Sales – July | Total # of Sales – YTD | Active Listings | Months of Supply | Previous Yr Supply Change |
| Arcadia | $1,375,740 | -6.2% | 75 | 45 | 285 | 320 | 8.0 | 21.60% |
| Azusa | $519,245 | 3.4% | 29 | 42 | 245 | 88 | 2.5 | 13.60% |
| Baldwin Park | $455,800 | 7.0% | 34 | 25 | 178 | 76 | 3.1 | 38.50% |
| Claremont | $751,835 | 0.8% | 38 | 33 | 183 | 113 | 4.7 | 45.80% |
| Covina | $554,356 | 0.9% | 34 | 58 | 325 | 93 | 2.0 | 13.00% |
| Diamond Bar | $676,397 | 1.1% | 58 | 46 | 318 | 260 | 6.1 | 36.80% |
| Fontana | $423,485 | 4.5% | 35 | 169 | 1079 | 385 | 2.6 | 12.00% |
| Glendora | $641,048 | -1.2% | 38 | 42 | 275 | 158 | 3.9 | 13.30% |
| Hacienda Heights | $646,867 | -0.3% | 43 | 43 | 246 | 117 | 3.5 | 13.80% |
| La Puente | $476,811 | 4.6% | 29 | 39 | 260 | 82 | 2.1 | -4.20% |
| La Verne | $746,379 | 0.6% | 39 | 29 | 164 | 77 | 3.4 | 25.00% |
| Montclair | $426,375 | 4.7% | 29 | 24 | 127 | 30 | 1.8 | 0.00% |
| Montebello | $571,109 | 3.2% | 18 | 23 | 140 | 54 | 2.7 | -21.20% |
| Ontario | $423,019 | 7.8% | 31 | 127 | 784 | 310 | 2.7 | 33.30% |
| Pomona | $457,220 | 5.3% | 33 | 80 | 473 | 197 | 3.0 | 3.70% |
| Rancho Cucamonga | $552,249 | 1.6% | 43 | 124 | 962 | 480 | 3.7 | 32.00% |
| Rowland Heights | $692,160 | 0.2% | 30 | 23 | 133 | 84 | 4.7 | 16.20% |
| San Dimas | $724,788 | 2.9% | 35 | 20 | 182 | 93 | 4.0 | 29.20% |
| Upland | $613,652 | 2.4% | 41 | 69 | 450 | 230 | 3.7 | 14.80% |
| Walnut | $906,246 | -5.2% | 55 | 23 | 153 | 141 | 6.9 | 63.00% |
| West Covina | $630,811 | 5.2% | 41 | 69 | 370 | 166 | 3.2 | 3.20% |
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
