The Number Of Homes Sold in November is 416.
The Average Sales Price Of The Homes Sold in November is $291,659.69.
Year to Date Sold Homes are UP 3.30% over 2016.
Year to Date Sold Avg Days on Market are DOWN -8.28% over 2016.
The Number Of New Homes For Sale is DOWN -17.66% from last month.
The Number of New Homes in Escrow is DOWN -12.68% from last month.
The Number of Homes Sold is DOWN -19.07% from last month.
The Average Sales Price is UP 0.32% from last month.
The total number of homes that were for sale in November was 1,100. That is the lowest has been for 5 months now, and is significantly lower than years past (almost 200 homes less than 2016, 366 less than 2015, and HALF of what it was in 2014 at 2204).
The number of new homes to come on the market was the lowest it has been all year, which is typical of the market in the past, at 471 homes and also the lowest it has been in the last few years. The number of pending homes for November was 427, and followed the same pattern of the new homes on the market.
The number of homes sold for November was 416, which is pretty much the same as last year (417), however our absorption rate (# of months worth of supply of homes) was at 2.24 this year, which is 0.52 (roughly half of a month) lower than last year, which means the market is even more of a seller’s market than it was last year. Our absorption rate is also the lowest it has been since June of this year, which is interesting when comparing 4th quarter to the hottest marketing time of year.
Overall the market is doing very well. We have a strong demand for homes, and our inventory level is allowing our home values to maintain their values.
The prices of homes that are on the market continue to increase, and have done so over the last two years. An interesting point to note is the growing gap between the average list price and the average pending price (list price of homes that have accepted offers) – there is almost a 14% difference in those prices.
The average sold price remained pretty steady of the second half of the year. So far this year we have seen almost an almost 10% increase in the average sold price, and less than 0.5% has been in the last 4 months. In June we hit a decade record high average sale price of $299,200.12, and in November we were back down to $291,659.69. We started the year at roughly $262,600.00.
One contributing factor is Interest Rates. In December of 2016 the interest rate average was 4.2% which is the highest we had seen since May of 2014. The rates hovered around there until March,and gradually fell, which is when we started to see the average sold price being to increase. In June when we had the sold price, is also the first time we fell below 4% again. Rates had since fallen to 3.81% and are back at 3.92% for Novembers average. The Fed did just announce that they plan on raising rates another 1.25% – 1.50% in the coming months. They did the same thing last year, and did see a roughly 0.8% increase, however we are back to only being up roughly 0.5%.
So Is Now Still A Good Time To Buy?
The short answer is Yes.
Prices are still far below where the market last peaked, interest rates are still low, and now may be the time to capitalize on the interest rates before the proposed rate hike. Also, we are expecting to start seeing the influx of buyers coming into the market for the Northrop B21 Bomber project this year. So the increased demand may make it more difficult to purchase homes that you may want to buy due to increased competition, and the increased demand can also push prices up if the inventory level doesn’t increase with it.
You can take a look at all of the homes for sale in the Antelope Valley (and pretty much all of Southern California) by Clicking Here.
Is Now A Good Time To Sell?
This question is a little more tricky, depending on what your plans and goals are, but in general Yes.
The first step to answering this question is to find out what your home is worth. You can get a quick evaluation here: https://www.talbotandwatson.com/home-valuation/
Then we can setup a time to discuss what your plans are moving forward, and help you weigh out whether now is the time for you to sell or not.
Thanks for reading this post!
If you have any questions or would like additional information, please reach out to us 661-402-1250.