Your May Market Update

Here’s why ours is still a strong seller’s market with multiple offers.

Are we headed for a housing market crash? Today I’ll share the latest market data from April to draw contrasts between the calamity of 2008 and our current crisis. Believe it or not, we’re still currently experiencing a strong seller’s market, and prices are stable. Though total sales were down significantly year over year for April (1,087 compared to 1,683), the average sale price this year was much higher, and inventory remains low.

To clarify, the data that I’ve compiled describes communities that fall within this perimeter: the western limit is along the 710 freeway (Pasadena down toward Montebello and Monterey Park); the northern limit would be the 210 freeway; the southern limit is the 60; and the eastern limit is along the 15 (Rancho Cucamonga, Ontario, and a small portion of Eastvale).

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety, or use these timestamps to browse specific points at your leisure:

0:46 - Total sales, average sale price, and average price per square foot for April

1:41 - Comparing April 2020 to April 2019

2:26 - How the strong market of early 2020 (January through March) outpaced early 2019

3:40 - Using our low inventory to explain how the current crisis differs from the 2008 crash

4:53 - Offers subject to inspection in our marketplace

6:08 - Low rates are keeping employed buyers motivated

7:00 - My final thoughts on whether or not we’ll experience another housing crash

As always, I welcome your comments. If you have any questions about what was discussed in this message, or if you’re interested in buying or selling a home soon but aren’t sure how to proceed in these times, please reach out to me. I’m here to help, and I look forward to hearing from you!