HIGHS AND LOWS - Claremont, CA - November 15, 2011
Okay, so here is today's report for the Claremont, CA real estate market.
SINGLE FAMILY RESIDENCE
Lowest Priced Home $ 170,000
Highest Priced Home $ 4,000,000
Average $ 499,000
Active Listings 128
Sold This Week 6
New Listings This Week 8
WHAT THIS MEANS TO YOU: You now have more information about what's happening with the CLAREMONT 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 last blog had the average price in CLAREMONT at $499,000 and this week that average has maintained the same amount, $499,000.
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 128 homes being actively marketed by Realtors for sale. If you divide those 128 by the number of homes sold this week, in this case two, you have your saturation rate. This means that if you placed your home on the market to sell you can expect it to take a little over 21 weeks to complete the sale of your home. That is if no other listings come into the real estate marketplace during that time. And we all know how likely that is, now don't we... In fact this past week there were eight 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 21 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. 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 large selection to choose from and you have a better chance right now of getting an offer accepted.
CONDOS AND TOWNHOMES
Lowest $ 199,900
Highest $ 702,688
Average $ 309,000
Active Listings 14
Condos Sold This Week 0
New Listings This Week 0
So if the same holds true for CONDOS, then it would take approximately 14 weeks to sell your condo or townhome. And a buyer has only 14 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.
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