One of my favorite parts about real estate is the numbers. There are so many stats readily available, that when used correctly, they can really help us wrap our brain around what is going on in the market today. By using these stats we can speculate trends and help educate home buyers and sellers on their best possible strategy. Can we tell the future? No. And if anyone boasts they can predict with 100% accuracy what a house is going to sell for next month or what the market will do in 6 months – they’re lying. And watch out, they may just try to sell you oceanfront property in Arizona next.
So, what CAN we tell you that is 100% accurate? The stats.** And like my title: The numbers don’t lie. So lets look at home sales in Glendora, California (91740 and 91741) for January & February in both 2011 and 2012. What has happened at the exact same time of year in two different years?
Well the number of homes sold in 2011 was just over 8% more than this year. That is a pretty close gap, and for our slowest time of the year I am glad to see the numbers hold strong. The most promising number of this chart is the drastic difference of the Days on Market. This means on average it took these listings 113 days to sell last year vs. only 77 days this year. For sellers, this means properties (if priced correctly – and that’s a whole other blog!) have seen their properties sell over 5 weeks faster than last year. This also has to do with agents and banks becoming more efficient with their short sales, inventory being less than last year, meaning buyers have less to choose from and need to act faster, and of course the STELLAR interest rates we saw these two months in 2012 (3.75% – wow!). These are just a few things that can affect how fast a home sells. Lastly, we see that the average price was lower this year than last year. This number isn’t too disheartening because you have to keep in mind that this number averages ALL the sales. That means $200k condos and million dollar homes are all averaged together. I know that during this period in 2011 there were a couple 7 figure homes sold that brought that average up. I can tell you that while prices have dropped some, Glendora is still holding their current property values and will continue to be a smart city to hold a real estate investment in.
More questions? Please call Jeff Brang, Broker Associate with Podley Properties 626.664.9998
**Based on data provided by the IMRMLS. Data is deemed reliable but not guaranteed.