Local Market Stats – March 2019 Figures
I’ve recently spoken with a few people who’ve expressed concern because they’ve heard chatter about a negative “affordability factor” in real estate. These potential buyers are concerned because they think maybe there’s nothing on the market they’ll be able to afford, and sellers are concerned that there won’t be buyers for their homes.
To shed light on this topic, where the concerning affordability factor comes in is in home rental prices. And what is happening along this line is that the Millennial Generation is understanding these numbers. They are coming on strong as the largest demographic of home buyers currently because they grasp the benefits of home ownership over remaining as renters.
Home appreciation continues to rise, and the first week of April saw mortgage rates at the lowest point of the past 14 months. What this means is that the housing market is good for both buyers and sellers.
As you can see in the chart below, I’ve added a column which shows the change in the months-supply of homes on the market. I’ve done this because in the last two years, there was a huge shortage of home inventory, and homes were flying off the market nearly as soon as they were listed. While most of the cities in our area remain in what’s known as a seller’s market, we can see that it’s slowly balancing out. There is more inventory and it’s staying on the market a little bit longer.
What does this mean?
Buyers – while you may still have competition from other buyers, there are more homes to choose from. Make sure you have all your paperwork in order before even looking at homes so that you’ll be ready to get an offer in quickly.
Sellers – you need to think about the competition more seriously than you had to in the past couple of years. Make sure your home is in tiptop shape and make sure your agent is pricing correctly, using professional photography and marketing strongly, especially online.
|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||March Average Sales Price||Mar. Ave. Days on Market||Total # of Sales – March||Total # of Sales – YTD||Year over Year Appreciation||Active Listings||Months of Supply||Previous Yr Supply Change|
|Arcadia||$ 1,514,116||64||36||93||6.0%||246||6.8||+ 16.3%|
|Azusa||$ 462,652||35||33||86||1.6%||97||2.9||+ 13.6%|
|Baldwin Park||$ 479,779||41||29||61||8.6%||67||2.3||+ 25.9%|
|Claremont||$ 649,578||54||29||63||2.8%||81||2.8||+ 30.4%|
|Covina||$ 496,591||37||47||124||3.8%||116||2.5||+ 12.5%|
|Diamond Bar||$ 673,591||57||35||98||3.0%||210||6.0||+ 38.9%|
|Fontana||$ 406,427||44||153||382||6.1%||400||2.6||+ 12.5%|
|Glendora||$ 614,455||46||36||94||2.4%||129||3.6||+ 13.8%|
|Hacienda Heights||$ 581,454||55||35||78||3.6%||111||3.2||+ 6.7%|
|La Puente||$ 463,918||42||54||112||7.8%||91||1.7||0|
|La Verne||$ 672,554||54||26||58||3.4%||74||2.8||+ 17.4%|
|Montclair||$ 391,675||49||10||38||4.9%||34||3.4||– 4.8%|
|Montebello||$ 560,250||38||16||44||2.9%||42||2.6||– 21.9%|
|Ontario||$ 443,889||46||118||280||10.3%||274||2.3||+ 23.8%|
|Pomona||$ 414,897||36||55||147||6.8%||196||3.6||+ 3.8%|
|Rancho Cucamonga||$ 512,676||43||127||314||6.6%||441||3.5||+ 20%|
|Rowland Heights||$ 641,762||65||21||44||-3.5%||73||3.5||+ 25.7%|
|San Dimas||$ 663,067||52||34||75||0.6%||68||2.0||+ 20.8%|
|Walnut||$ 818,743||56||23||53||-9.0%||120||5.2||+ 45.9%|
|West Covina||$ 544,079||48||53||120||5.8%||176||3.3||+ 45.5%|
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