Real Estate HIGHS AND LOWS - Claremont, CA - July 30, 2014
This week in Claremont 14 new listings came on the market. It looks like homeowners in Claremont have started to put their trust back into the housing market. Fourteen is more new listings than we've seen for quite a while!
So here are the statistics for the week in the Claremont housing market.
Lowest Priced Home $ 250,000
Highest Priced Home $ 4,000,000
Average $ 598,000
Active Listings 122
Sold This Week 11
New Listings This Week 14
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. It also gives you a good picture of whether now is the right time for you to buy or sell. The average price in CLAREMONT this week is $598,000 which is higher than before. Prices have risen considerably in this city over the past year and are expected to rise a bit further during this coming year.
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 122 homes being actively marketed by Realtors for sale. If you divide those 122 by the number of homes sold this week, in this case 14, you have your saturation rate. This means that if you placed your home on the market to sell you can expect it to take approximately 8.5 weeks to sell your home. That is if no other listings come into the real estate marketplace during that time. This past week there were 11 new listings.
HOW THIS AFFECTS YOU: If your price is competitive and you can have it sold in as little as one day or as much or more than the 8 1/2 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. It truly helps to have an agent that has an existing web presence since most people start their home search online. 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 greater selection to choose from than in past months. For instance, in February there were only 36 homes for sale the week of February 4th. The prices have risen and the interest rate is in flux but still low, so you may have a good chance to get your offer accepted due to the enlarged inventory. And with the new tighter guidelines for lending, this knocks out quite a few people who could buy before, giving you a much better chance of getting your dream home. If you are thinking of CLAREMONT as your new hometown, now is the time to buy!
Since I am local to the area, I work hard to be a local expert in CLAREMONT Real Estate. The prices, the inventory and the trends so I can be a better agent for you.
So if you are interested in buying or selling or simply have questions about real estate, please feel free to contact me. I will be more than happy to assist you. Call me for your free home market analysis in the month of July or August!
**All information taken from the CRMLS.