Mid-Month Market Report on Homes for Sale in Whittier, CA – June 14, 2012

This Housing Market Report is for Whittier, California.

This Market Report on Whittier Homes for Sale will focus on Single Family Residences
in Whittier, California. It does not include condominiums or Multifamily Residences.

As of today, there are exactly 282 homes for sale in the Whittier area, which is down from 311 at the end of last month.  There are now only 249 Single Family Residences on the market.  The current number of houses for sale is the lowest since October 2009.

120 homes were sold in the City of Whittier during the month of May.
Over the past three months, 372 single family homes were sold in Whittier.

The average Whittier home sale price in May was $312,149, at an average cost per square foot of $222.96.

422 Whittier homes are currently in Backup or Pending status, indicating that the next couple of months will see a higher number of closed sales than in the previous 2 months.

Based on the last 3 months of sales, homes are taking an average of 84 days to sell in this market, down considerably from April’s 107 days on market.

It would take only 2.1 months, at the current rate of sales, for all the current Whittier homes
on the market to sell. Technically a Sellers’ Market is when there is less than 5 months
of supply. At 2.1 months absorption rate, Whittier is clearly in a Strong Sellers’ Market. However, low home prices, and the historically low interest rates have put today’s home buyers into a very good position to be able to afford a home.  The National Association of Realtors® announced on May 15 that the “Housing Affordability Index* rose to a record high of 205.9 in first quarter, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. This is the first time the quarterly index broke the 200 mark; recordkeeping began in 1970.”

In other words, home affordability is very high right now for anyone looking to buy a home, and it is one reason why so many buyers are finding it difficult not only to find the home they want to buy, but when they do, they also find that they end up in a bidding war with other home buyers who want what they want. 

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Thank you for reading the above Market Report on Whittier Homes for Sale.

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I help home owners in the following towns in the greater Whittier area: La Habra, La Habra Heights, La Mirada, Norwalk, Santa Fe Springs, Covina and West Covina.