What does Whittier's Real Estate numbers look like?

Whittier, CA 

 

Real Estate is Southern California has had it's shares of ups and downs over the past couple years. Sellers are recognizing huge gains and because of low rates at the beginning of last year, many homeowners remodeled or added living space. On the flip side of that coin, inventory continues to remain at an all time low. Because inventory was and has been so low, buyers are getting overbid multiple times and it's leading to them walking away from the market discouraged. Now, with interest rates up over 2 POINTS since last year, it's forced some buyers out of the market permanently or to look at a significantly lower priced home. Whittier is no different. The latest numbers show that there are currently 107 properties for sale in the city. That's down 17% from this time last year when there was 129 homes for sale. That brings our monthly supply of inventory down to 1.2 which is also down 7% from this time last year. However, as I started this writing you noticed that I said "Ups and Downs", so now it's time for the upside! For homeowners and sellers the median home price is $827,000 which is up 14.9% from this time last year. In addition, the average sales price is also up...BIG TIME! The average sales price in Whittier is currently $920,000 which is up 18.9% from last year.

So what does this all mean??? It means that the market is healthy. It means that there's a balance that is happening. The market is clearly not dropping or going to, but with the rise of interest rates the buyer pool shrinks and shrinks...and shrinks!! That means sellers will be receiving offers in line with a normal market and not the overinflated offers they are seeing now and with buyers priced out or on the sides, it will provide for more equality in the deal. Let's face it, sellers are in full control right now but that will change in the upcoming year. Does that mean "I should wait to buy"?? NO!!! That will only cause you to pay more down the road. Again, I didn't say prices will drop, just level out to the market norm. It's always a good time to buy because housing is always needed here and it will pay for it's self (and then some) down the road!!