I am William Lim, a real estate broker, I’ve been loving to help home buyers and sellers here in the beautiful city of Rancho Cucamonga for the past 20 years.
Today is June 2, 2021, and let’s take a look at some of the vital numbers from our Rancho Cucamonga real estate market in the last 30 days.
The Real Estate market is still an extreme SELLER’S MARKET, driven by continued low mortgage rates and high housing demand. Freddie Mac’s mortgage rate is at 2.95% today, which is about the same as last month’s low rate of 2.96%. We currently have 96 Active listings in the MLS. BUT! The current number of available homes for sale in our area is a mere fraction of what the demand needs from the buyers. We only have 10 days of supply, when we need 5 to 6 months of supply. It means we need 18 times more listings than what we have in the MLS system.
As of today, we have 290 homes pending in escrow. With this much demand for housing, we need to see 1450 ‘ACTIVE’ listings to maintain a well-balanced market between buyers and sellers. BUT again, we only have 96 ACTIVE listings today. 162 homes were SOLD within the last 30 days period. Which is 1.7 times more than 96 Active homes, I don’t think I’ve ever seen the Sold home counts EXCEEDING the Active home counts in my 20 years of selling homes.
How fast are homes selling? It takes about 13 Days to find that perfect buyer. Homes with attractive prices and great marketing will sell super-fast like this.
How much home prices have appreciated? The Average Price per Sqft marked at $373 which translates to a 24.3% increase year over year. The Average Sales Price today is at $675,000, which’s an increase of $140,000 from last year today.
How much more money are buyers willing to pay? The real estate market is more competitive than ever. The average buyer will pay an extra 5.8% on the price of a home, which equals about $40,000! What does this mean for home sellers? Selling when the fewest number of houses are available will put you in a great position. You have high buyer traffic and low inventory on your side right now, which is absolutely optimal condition to make top dollar on your home. What does it mean to buyers? In this real estate market, buyers have a huge opportunity to take advantage of historically low mortgage rates to purchase homes. However, It may seem like it’s challenging with high competition from other bidders but don’t give up! Making well-planned, aggressive offers will get you the property at a lower price, if you were to compare to home prices that will continue to RISE in today’s market.
I hope you find this video informative, and if you want more insights about Rancho Cucamonga real estate, please call William Lim Group today at 909-239-2006 Thanks for watching!