Hey guys, William Lim here at Berkshire Hathaway Home Services, so good to see you again. Today I’m going to be talking about the market update in Rancho Etiwanda. I’m going to be comparing year over year as of December 2020 over December of 2019 and what has happened in Rancho Etiwanda, which is North of 210 Fwy, Day Creek to Etiwanda Ave, and all the way to the top!
So, let’s take a look at the active counts of the listings. As of December 2020, we had a total of 18 properties on the marketplace vs December of 2019, a year ago, with 23 listings active in the marketplace. So that has decreased by 20.7% in the count of active listings in the marketplace. We do need a lot of listings at this time.
Let’s take a look at the pending sales. Take a look at the closed sales how many homes actually closed in December of 2020, 14 homes versus 2019 a year ago, 12 homes. So, that’s actually increased by 16.7% which is really nice numbers to look at.
Days on Market.
Let’s take a look at days on the market, which are very important numbers to look at. How hot the market is! So, as of December of 2020, it took only 18 days to find a buyer, isn’t that a fabulous number to look at? Now let’s take a look at December of 2019, 64 days so it’s about three times faster compared to a year ago. Homes are selling three times faster than a year ago.
Months of Supply.
Now let’s take a look at months of supply. Back in December of 2020, we had 1.9 months of supply, a year ago 2.7 months of supply we needed more inventory a year ago. Now we’re even less, 1.9 months, we need a lot more inventory. We need to be at five months but we only have 1.9 months of supply that’s the problem.
Price Per Square Foot.
The median price per square foot. Let’s see how much of prices have increased by December of 2020, we were at the median price per square foot of $283 dollars vs a year ago $250 dollars, so that’s 13.2% of increase which is a really good number price has gone up by 13.2% in Rancho Etiwanda neighborhoods.
Okay now let’s take a look at the percent of the last list price. So, if we take a look at this number, December of 2020, 99.5% which converts to sellers were accepting offers at about five thousand dollars less than what they were asking for vs a year ago December of 2019, 98.7%, it converts to like $10,000 less than asking price. So sellers were accepting offers at about $10,000 less than what they were asking for. So that has shrunken down to half so that’s another good sign. Now, let’s take a look at the median sales price. December of 2020, $940,000 dollars vs December of 19, a year ago, $769,500 dollars. So, you might think oh my gosh, the price of the home has probably increased by $180,000 dollars!! No, no, no I wouldn’t want to take a look at it this way, you know sometimes larger homes can get sold more, sometimes you know smaller homes can get sold a lot more, so I really wouldn’t want to take a look at this to compare as actual increased price. But, I would want to put more emphasis on price per square foot. So, the average of 13.2% has increased in the pricing.
So to conclude this market update, we do have such a shortage of inventory right now we’re looking at 1.9 months of supply. I think at this time in January, I think we’re even lower than this compared to May of 2019, oh my gosh, we were almost at 7 months of supply so we need to be at 5 months supply to be well balanced between the buyer and seller, please remember that this is a really great number to look at to determine how sizzling the market is and these on the market also shows only 18 days on the market vs 64. So we’re selling three times faster. So, the market is amazingly strong right now and sizzling hot! So if you’re needing more insight about the market please give us a call at 909-239-2006, will be always happy to talk to you all the time, thank you so much and I hope to talk to you soon again and have a wonderful day, bye.