Highs and Lows - Claremont - October 10, 2011

HIGHS AND LOWS - CLAREMONT, CA - OCTOBER 10, 2011

SINGLE FAMILY RESIDENCE

Lowest Priced Home$     159,500

Highest Priced Home$  4,000,000

Average$     499,000

Active Listings141

Sold This Week  6

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 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 141 homes being actively marketed by Realtors for sale.  If you divide those 141 by the number of homes sold this week, in this case eight, 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  23 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...

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 23 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 bigger selection to choose from and you have a better chance right now of getting an offer accepted.  And in the past month or so, the inventory is increasing in size, so the statement that you have more choices is getting bigger by the week. 

CONDOS AND TOWNHOMES   

Lowest$ 158,000

Highest$ 702,688

Average$ 309,000

Active Listings17

Condos Sold This Week 1

So if the same holds true for CONDOS, then it would take approximately 17 weeks to sell your condo or townhome.  And a buyer only has 17 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.

And, as always, if you have real estate questions or need to buy or sell a home, please feel free to call me, a local expert.  I will be honored to assist you.

**All information is taken from the IMRMLS.

CLAREMONT LIVING!