Local Market Report – July 2020
Home prices increased throughout Southern California in July as many people began dipping their feet into the water again. Still, we’re seeing in our area a severe inventory crunch as many potential home sellers continue to hold off.
As you can see from the chart below, there was a pretty wide variance in median prices between July of 2019 & July 2020. Claremont topped us with a 13.8% increase, while San Dimas had an 11% decrease. The average change throughout our area for median home prices was 3.47%
Interest rates hit an all time low, dipping below 3%! This has re-energized many homebuyers, but the inventory remains very tight. Only the Arcadia and Walnut markets can be considered somewhat balanced, while the remainder of our cities average about a 2-month supply.
My article of August 1st “Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers” explores the benefits to both buyers and sellers. And my most recent video, “How Do Historically Low Mortgage Rates Help Homeowners?” delves into the possible potential savings homeowners can realize through refinancing.
One thing we’re seeing is that many people have realized that working from home may become a permanent lifestyle change and have decided to look for relatively better-priced homes farther from the city, since commuting may no longer be an issue.
If you have been considering selling, now is a great time because many buyers are writing offers with very few contingencies in order to get into a home. Negotiations will be strongly on your side.
While experts are making positive predictions, no one can say for certain what to expect throughout the next year. Personally, I’m finding many people who are interested in moving far from Los Angeles. Time will tell.
| 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 2019 Median Sales Price | July 2020 Median Sales Price | Year over Year Appreciation | July 2020 Ave. DOM | Total # of Sales – July 2019 | Total # of Sales – July 2020 | Total # of Sales – YTD | Change from previous year | Active Listings | Months of Supply |
| Arcadia | $1,099,500 | $1,084,500 | -1.4% | 54 | 46 | 47 | 244 | -14.7% | 206 | 5.2 |
| Azusa | $482,500 | $487,500 | 1.0% | 41 | 44 | 36 | 203 | -18.1% | 75 | 2.4 |
| Baldwin Park | $465,000 | $490,000 | 5.4% | 39 | 25 | 13 | 136 | -23.6% | 43 | 2.1 |
| Claremont | $635,000 | $722,500 | 13.8% | 32 | 36 | 36 | 188 | 1.1% | 63 | 2.1 |
| Covina | $558,940 | $581,500 | 4.0% | 32 | 60 | 52 | 282 | -13.8% | 67 | 1.4 |
| Diamond Bar | $684,000 | $693,500 | 1.4% | 33 | 50 | 46 | 256 | -20.5% | 135 | 3.3 |
| Fontana | $420,051 | $474,950 | 13.1% | 32 | 182 | 176 | 977 | -10.0% | 209 | 1.4 |
| Glendora | $585,500 | $635,000 | 8.5% | 22 | 42 | 47 | 249 | -9.8% | 82 | 2.1 |
| Hacienda Heights | $705,000 | $665,000 | -5.7% | 33 | 48 | 31 | 196 | -21.9% | 63 | 2.2 |
| La Puente | $479,000 | $525,000 | 9.6% | 33 | 39 | 37 | 216 | -16.9% | 57 | 1.6 |
| La Verne | $655,000 | $697,500 | 6.5% | 20 | 29 | 34 | 159 | -3.0% | 48 | 2.1 |
| Monrovia | $730,000 | $800,000 | 9.6% | 45 | 37 | 31 | 167 | -15.7% | 50 | 2.0 |
| Montclair | $423,346 | $427,125 | 0.9% | 19 | 26 | 16 | 102 | -20.9% | 25 | 1.7 |
| Montebello | $567,500 | $611,361 | 7.7% | 16 | 25 | 18 | 135 | -4.9% | 34 | 2.0 |
| Ontario | $421,851 | $470,382 | 11.5% | 33 | 136 | 148 | 734 | -7.4% | 210 | 1.5 |
| Pomona | $458,873 | $446,736 | -2.6% | 27 | 82 | 76 | 389 | -18.1% | 132 | 1.7 |
| Rancho Cucamonga | $523,000 | $527,500 | 0.9% | 42 | 157 | 204 | 921 | -4.7% | 264 | 1.9 |
| Rowland Heights | $660,000 | $670,000 | 1.5% | 30 | 23 | 23 | 112 | -15.8% | 60 | 3.4 |
| San Dimas | $691,000 | $615,000 | -11.0% | 20 | 19 | 39 | 160 | -12.1% | 37 | 1.4 |
| Upland | $578,000 | $570,000 | -1.4% | 34 | 69 | 83 | 440 | 2.2% | 138 | 2.1 |
| Walnut | $775,000 | $820,000 | 5.8% | 45 | 23 | 19 | 128 | -16.3% | 99 | 5.2 |
| West Covina | $580,000 | $620,000 | 6.9% | 27 | 73 | 59 | 314 | -16.0% | 92 | 1.9 |
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
