Hey Rancho Cucamonga, this is William Lim, Berkshire Hathaway Home Services. Today is March 4, 2021, time for another update for Rancho Cucamonga for the month of February 2021.
So, we had a total of 176 new listings come on the marketplace, but we still do need a lot more listings. And, we had 135 sellers finding that perfect buyer, and they shook their hands and went into escrow. 139 total closed transactions. This could be a lot more than this, but remaining at 139 because we are lacking inventory. There are many, many buyers waiting for more listings to come on the marketplace so they could also purchase a home.
Days on Market! This is an amazing number!! It only took 8 days to find a buyer, that is an amazing number. A year ago, we still considered a good market, we were at 25 days on the market. Now 8 days on the market. So, homes are selling 3 times faster than last year.
Months of Supply. We are still remaining at 1 month. In January, we were at 0.9 months, so about 1 month. Anything below 5 months, we are a seller’s market. So, we do need a whole lot more listings in the marketplace.
Another great number for the market for the sellers to look at. In February, just one month ago, we marked $338.00 per square foot in the median. So that means a 19% price increase year over year. It is not great news for the buyers, but they are still eager and motivated to buy houses and take advantage of this historic low-interest rate going on right now. We are seeing a little increase in the mortgage rate, but still a good rate at 3%. That’s a really good number too.
So, what does it all mean to you? We are definitely in a seller’s market. Not in the whole market. I would like to group in two markets, luxury, and non-luxury market. For anything above $800,000. and above, especially one million dollars and up, the luxury market is a bit different. We don’t have much inventory there either, but we also don’t have as many buyers either. It is not as strong as the standard market is, so it is taking a longer time, marked at about 200 days on market for the luxury homes. Of course, if it is very nice, turn-key, nicely upgraded, view and pool, etc. I have seen homes sell as quickly as 29 days. That market is a little bit different. I will have a different market update for the luxury markets, so we will talk about that. I don’t want you, luxury homeowners, to misunderstand what I just told you with these numbers, it’s a little bit different.
It’s good to consult with your realtor and know the market, which is very important. Whether it’s a luxury market or a standard market, and plan your game of making the move, whether it’s a straight sale or making the exchange of moving.
I hope this information has been good for you, and if you need further insight into the market, please feel free to give us a call. Or if you need a free evaluation report of your home, it’s not a Zillow guesstimate or anything like that. It’s very hands-on, nailed down, what appraisers use method that we use to get the evaluation of your home. So if you need that free evaluation, give us a call at 909-239-2006. If you need any other insights about Real Estate, please give us a call at 909-239-2006. Hope you have a wonderful day and talk to you soon. Bye