Local Market Stats – February 2019 Figures
As we approach spring, we traditionally expect the housing market to “spring forward”, just as our clocks are about to do. Many sellers wait until spring to list their homes, when buyers are expected to come out in force. This year, Realtor.com®’s February data shows the national housing market will likely be heading into a cooler spring market than last year.
Looking at the chart below, we can see that some of the cities in our area have tipped to a balanced market, while those with generally higher price points have moved into a market that favors buyers. Compared to February of last year, we’ve sold fewer homes, and those that sold stayed on the market longer.
The average months-supply for the cities in our market has moved to 4.9 percent We still have low supply in most cities, which continues to heavily favor sellers. However, the emergence from recent tight conditions translates to a more buyer friendly market than we’ve seen in the past couple of years. Housing inventory in increasing, and we’re seeing year-over-year gains in the median listing price.
What do these changes mean for buyers & sellers?
Buyers, you have more homes to choose from and less competing offers. Last month, the Fed strongly suggested it won’t raise rates for a while and that more hikes might be history. While this is not yet written in stone, it can prove to be a benefit to home buyers. It’s a good time to buy.
Sellers, as the market is correcting itself to a balanced market, we can’t expect the same quick sales with over-the-top competing offers that we saw last spring. Will your home still sell? Yes. Will you get competing offers? Yes, with several caveats: it must be priced correctly, and it needs to have superior marketing, especially online. If you’re considering selling this year, given the changes in the market, it’s probably better to get your home on the market sooner rather than later.
NOTE: Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.
|CITY||February Average Sales Price||Feb. Ave. Days on Market||Total # of Sales – February||Total # of Sales – YTD||Year over Year Appreciation||Active Listings||Months of Supply|
|Baldwin Park||$ 481,923||24||13||30||8.5%||90||6.9|
|Diamond Bar||$ 619,938||58||31||62||3.2%||208||6.7|
|Hacienda Heights||$ 580,656||32||16||43||4.1%||116||7.3|
|La Puente||$ 486,760||54||23||58||8.4%||96||4.2|
|La Verne||$ 726,578||46||18||32||5.2%||71||3.9|
|Rancho Cucamonga||$ 540,283||53||90||188||7.7%||419||4.7|
|Rowland Heights||$ 647,600||59||10||23||-3.9%||74||7.4|
|San Dimas||$ 697,811||61||23||41||2.7%||76||3.3|
|West Covina||$ 648,685||59||34||67||6.1%||176||5.2|
By all means, contact me if you have any questions or would like further information on your city, or your neighborhood or home specifically.
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.
As always, find me at 626-290-1250 or MaryAnglin.Realtor@gmail.com