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New listing 187 Active listing 157 yoy -56.3% Pending sales 151 yoy +19.8% Closed sales 198 yoy 19.3% Days On Market (Median) 7 Days -41.7% faster Months Supply 0.9 Month yoy -60.9% Price per Sqft (Average) $352 yoy 15% % of last listed price 102.5% Average Sales Price $669,592
Hello everyone, I am William Lim, a real estate broker helping home buyers and sellers in the beautiful city of Rancho Cucamonga.
Today is April 1, 2021. Time for a monthly market update.
The Real Estate market is still an extremely strong seller’s market driven by a low mortgage rate; as I checked today’s rate, it’s averaging at 3.18%, even with a slight increase, so many buyers recognize the rate is still within the lowest range ever and do want to take advantage of this still amazing mortgage rate.
Now let’s look at important numbers of how Rancho Cucamonga real estate did in March of 2021. We had 187 new listings entered the market but still not enough.
Today we have 157 Active listings. This is not enough because we will need about 750 active listings to fulfill all buyer demands today. Pending in escrow, we had 151 homes entering into a contract. This is proof showing just about all homes that come on the market are being sold.
How many homes were SOLD? 198 homes were closed in March 2021. Now that’s surpassing the counts of new listings became available in March, which was 187. How fast are homes selling? Days On Market (Median) took about 7 Days to sell a well-priced and well-marketed home, which is a rocket fast speed.
How short are we in inventory? Months of Supply marked at 0.9 Months, when we need 5 to 6 months of supply to be in a well-balanced market between buyers and sellers. Yoy -60.9%
How much home prices have appreciated? The Average Price Per Square Foot marked at $352 translates to a 15% increase YoY. The Average Sales Price is $669,592. That’s an increase of 14.6% higher than a year ago today. So it matched the increase in price per square foot.
How much are buyers paying? % of last listed price – buyers pay an average of $17,000 more than the asking price to win the competition.
What do all these mean to Sellers? Selling your home when the fewest number of homes 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 an optimal time to sell for top dollar.
What does it mean to Buyers? Mortgage rates are still at ranges of an all-time low. This is a huge opportunity for buyers to capitalize on their financial wealth. I understand it’s difficult to win the bidding war due to high competition, but please don’t give up on making aggressive and strong offers; if you do this, you will soon get to own your home. If you don’t do this, the prices of homes will continue to appreciate, and more likely, you will be chasing the increasing prices.
I hope you liked this video. If you like more insight about Rancho Cucamonga real estate, please call us today, William Lim Group at 909-239-2006
William Lim DRE 01434061 Berkshire Hathaway Home Services California Properties