Last Month In Upland, CA

Last Month In Upland, CA

Into the second month of the year, things are starting well. Lookers seem to have a new attitude and I have more serious searchers than there have been in years. Mostly Millennial looking for entry level properties, but it's active.

This is my first attempt at including comprehensive market statistics in a post. Hopefully, the numbers are straight forward and won't leave too many questions. Sometimes there is just too much for a buyer to absorb or interpret.

Just a couple of things to add:

1. Compared to last month, the number of listings are up almost 7%, this not seen in neighboring communities that I alsoi track.
2. Closings are still low, but an increase over last year.
3. While a Month-Over-Month increase of 17.1% in the average selling price would appear to be amazing, here is a case where averages can mislead. It should make more sense when it is learned that the average sold property had almost 14% more square footage than last month. tracking the price per square foot sometimes puts things back into perspective. That average per S.F. increased just $5... nowhere near the 17% reflected by the average selling price.

Of major interest is the 6.4 months of inventory. This has been marching upwards steadily and increased 0.9 months from January. Upland had one of the larger months of inventory of the surrounding communities with the lowest being 4.5 months.

With interest rates on 30 year fixed being again under 5% and the affordability index remaining high, o wonder things were perking up Last Month In Upland, CA.