Whittier's Real Estate Stats for June 2022

Is it just me or has this year been flying by??? Can you believe that we are over half way through the year??? For some it might come as a relief, but to others it might send a chill of panic down your spine. With that said, we've seen a past 6 months that has brought forth new real estate trends different than what was happening this time last year...or even at the beginning of this year. Last year at this time we were watching buyers scrambling to please sellers with offers that all but guaranteed them profits they couldn't imagine just months before. This has changed a bit.....

Currently, we are still seeing seller's in control but due to rising interest rates and inflation we are now seeing the direction the market will be taking very soon... I'm not at all saying that prices will drop. What I'm saying is that prices will level off, but don't expect a drop what-so-ever. Even with current stats reflecting some leaving the Golden State, there is still a giant population that NEED a place to live. Whether it's renting, leasing or buying the need has not and will not be satisfied anytime soon. 

Hyper-locally, Whittier is reflecting what is happening all around.... Whenever someone says to me, "I have good news and bad news. Which do you want first?" I always as for the bad first so I can determine "How bad" it really is and begin formulating a solution. So on that note, I have some good news and some not-so-great news regarding the market situation in Whittier....I'll start with the not-so-great news first!

Right now there are 109 newly listed homes for sale. That number is down 4.4% from this time last year when we had 114 homes listed for sale. In addition, homes which are currently "In escrow" are at a very low 42 from 97 homes last year. That's over half!! YIKES!! Lastly, overall closings are down 17.3%. Last year we saw 117 closings in June as compared to 97 this year....Now the good news!!

On the ultra positive side for sellers, prices are up and they are selling quickly!! At this time last year we were looking at and average of 18 days on the market. This year we are at 15 days on the market. This means deals are happening even faster. 3 days may not seem like much, but imagine how much can happen over a weekend..?? Next, prices are up!! They are up 5%. That may not seem like much but when we put it into actual numbers it's surprising. Last year the median sales price was $726,000 (still high) compared to this year where were at $763,000, that's a $37,000 increase! Naturally that adjusts the average sales price as well. How much you ask?? 9%! Doesn't sound like much?? Let me also put it into actual figures...in 2021 Whittier's average sales price was $780,523...now, it's $851,056. That's an increase of over $70,000!!!!

Does this mean it's a bad time to buy?? NOT AT ALL!! It's times like these when most investors build wealth. With so much going on, sometimes folks find themselves in a position where they need liquid (cash) but it's tied to the equity of their homes. Depending on the situation, time may be of the essence and that can translate with a lower sales price to accommodate.