I am William Lim, a real estate broker helping home buyers and sellers in the beautiful city of Rancho Cucamonga.
Today is May 17, 2021; let’s look at actual numbers of the Rancho Cucamonga real estate market within the last 30 days.
The Real Estate market is still an extreme seller’s market driven by a low mortgage rate and record low inventory. As I checked today’s Freddie Mac mortgage rate, it’s at 2.94%, which is lower than April’s highest point of 3.18%.
Today we only have 100 active listings in the MLS system. On the contrary, we have as many as 307 homes Pending in escrow. With this much demand, we can have 1500 Active listings to fulfill buyer’s demand today.
170 homes were closed (SOLD) within the last 30 days period.
How fast are homes selling? It takes about 11 Days to find that perfect buyer for well-priced and well-marketed homes, which is a super-fast turnaround time.
How short are we in inventory? Months of Supply marked at 0.33 Month which converts to 10 days of supply, when we need 5 to 6 months of supply to be in a well-balanced market between buyers and sellers.
How much home prices have appreciated? The Average Price per Sqft marked at $359 translates to a 16.2% increase YOY. The Average Sales Price is $705,421. That’s an increase of 23.8% higher than a year ago today. That’s some severe price hike.
How much more money are buyers willing to pay? Buyers pay an average of $17,000 more than the asking price to win the competition that’s102.3% of seller asked prices.
What do all these mean to sellers, Selling your home when the fewest number of houses are available like now will put you in the driver’s seat. You have a powerful combination of 1) High buyer traffic 2) Low inventory. A situation like now makes the optimal times to sell for the top dollar.
What does it mean to buyers? Mortgage rates are still at ranges of an all-time low which is a huge opportunity for buyers to capitalize on their financial wealth. I understand it’s challenging to win the bidding due to high competition, but please don’t give up on making aggressive and assertive offers. If you don’t do this, the prices of homes will continue to appreciate, and more likely, you will be continuing to chase the increasing home prices.
I hope you liked this video, and if you want more insights about Rancho Cucamonga real estate, please call us, William Lim Group, today at 909-239-2006
Thanks for watching!
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