Real Estate HIGHS AND LOWS - La Verne, CA - February 4, 2014
Okay, so here is today's report for the La Verne, CA Real Estate Market.
SINGLE FAMILY RESIDENCE
Lowest Priced Home $ 275,000
Highest Priced Home $ 1,698,000
Average $ 550,000
Active Listings 27
Sold This Week 6
New Listings This Week 5
WHAT THIS MEANS TO YOU: You now have more information about what's happening with the LA VERNE REAL ESTATE MARKET so you can make an informed decision on whether this city is right for you and if the prices fit into your budget. The average price in LA VERNE this week is $550,000 which is higher than before. Prices have risen considerably in this city over the past year and are expected to rise a bit further during this coming year. If you are thinking of LA VERNE as your new hometown, now is the time to buy!
The other thing you can learn from this information is the saturation rate of the existing active real estate listings. The saturation rate is determined by the amount of sales in a week and the number of listings available for sale. So in this case, there are 27 homes being actively marketed by Realtors for sale. If you divide those 27 by the number of homes sold this week, in this case 6, you have your saturation rate. This means that if you placed your home on the market to sell you can expect it to take approximately 6 weeks to sell your home. That is if no other listings come into the real estate marketplace during that time. This past week there were 5 new listings.
HOW THIS AFFECTS YOU: If your price is competitive and your home is in relatively decent shape you can have it sold in as little as one day or as much or more than the 6 weeks. It also depends on the agent you are using. The more aggressive your agent's marketing plan is for your home, the more exposure your home gets and you can see that would have a great impact. It truly helps to have an agent that has an existing web presence since most people start their home search online. On the other hand, if you use someone who merely puts your home on the MLS and does nothing more, it will most likely take a little more time to sell.
If you are a buyer, this means you have a smaller selection to choose from. The prices have risen and the interest rate is in flux, so you may have a good chance to get your offer accepted due to the lower amount of qualified buyers. And with the new tighter guidelines for lending, this knocks out quite a few people who could buy before, giving you a much better chance of getting your dream home.
CONDOS AND TOWNHOMES
Lowest $ 188,000
Highest $ 349,000
Average $ 300,000
Active Listings 5
Condos Sold This Week 0
New Listings This Week 1
So if the same holds true for CONDOS, then it would take approximately 5+ weeks to sell your condo or townhome. I added the plus because no condos or townhomes sold in the past week making it a bit toughh to tell exactly how long it would take to sell. And a buyer has a mere 5 to choose from right now. It seems that during these trying economic times, people are really not doing much in the way of buying or selling condos.
Since I am local to the area, I work hard to be a local expert in LA VERNE Real Estate. The prices, the inventory and the trends so I can be a better agent for you.
So if you are interested in buying or selling or simply have questions about real estate, please feel free to contact me. I will be more than happy to assist you. Call me for your free home market analysis in the month of February!
Serving the 210 Corridor - the cities of Monrovia, Duarte, Azusa, Glendora, San Dimas, La Verne, Claremont, Upland, Pomona, Chino, Chino Hills, Rancho Cucamonga and Fontana - wherever the need arises.
Linda K. Mayer, Realtor, SRES
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell