There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize,
WHITTIER MARKET REPORT
APRIL 2023
As we review the Whittier real estate market for the month of April 2023, we see a market that continues to be shaped by a variety of factors such as changes in the economy, shifts in buyer behavior, and the ongoing impact of the pandemic. The data reveals both challenges and opportunities for buyers and sellers, with trends such as a decrease in active listings, a drop in new listings, and an increase in days on market. However, despite the challenges, the market remains active, and sellers who are willing to be flexible and creative may still find success, while buyers who stay informed and act quickly may be able to secure a property that meets their needs. In this report, we will explore the latest market trends and provide insights and commentary to help buyers and sellers navigate this dynamic and evolving market.
MEDIAN SALES PRICE
Median Sales Price decreased -1.3% year over year. How much is my house worth is probably the question I get asked most. That’s why I start with the median sales price. You can get a quick overview if your market is up our down for the year. It does not mean your house is worth less necessarily, it just shows you what’s happening in your area.
MARCH 2023 / APRIL 2023 -$750,000
MONTH OVER MONTH/COMING SOON
ACTIVE LISTINGS
The active listing were down -17% year over year.
The decrease in active listings in the Whittier real estate market could be an indication of a tightening housing supply, which may lead to increased competition among buyers. With fewer homes available on the market, buyers may have to act more quickly and make competitive offers to secure a property that meets their needs. This trend may also benefit sellers who can take advantage of a reduced inventory by potentially receiving more offers and having more negotiating power. Overall, a decrease in active listings can be a double-edged sword, with potential benefits for both buyers and sellers, but it’s important to closely monitor the market and adjust strategies accordingly.
MARCH 2023 / APRIL 2023 - (112)
MONTH OVER MONTH / COMING SOON
NEW LISTINGS
New Listings decreased -47.1% year over year.
Ouch. This is why prices are not falling despite rising interest rates and fewer buyers.The significant drop in new listings in the Whittier real estate market may indicate that potential sellers are holding off on listing their homes due to various factors, such as uncertainty in the economy or concerns about the pandemic. This trend could exacerbate the existing supply shortage, making it more difficult for buyers to find suitable homes. Buyers may have to expand their search criteria or be prepared to act quickly when a desirable property becomes available. For sellers who are willing to list their homes, the reduced competition could work in their favor, potentially leading to higher demand and a better chance of securing a sale. In any case, it’s important for both buyers and sellers to stay informed and be flexible in their strategies to navigate the current market conditions.
MARCH 2023 / APRIL 2023 - (63)
MONTH OVER MONTH / COMING SOON
DAYS ON MARKET
Days on market are up +71.4% year over year.
We have a very different market than last year folks.The significant increase in days on market in the Whittier real estate market could be a reflection of several factors, such as changes in buyer behavior, increased competition, and shifts in market dynamics. With homes taking longer to sell, sellers may need to be patient and flexible with their pricing and marketing strategies. It’s crucial to work with an experienced real estate agent who can help guide sellers through this process and ensure that their homes are priced competitively and presented effectively. For buyers, the longer days on market may provide more opportunities to negotiate on price and other terms of the sale. However, it’s important to keep in mind that every market is different, and some homes may still sell quickly depending on the location, condition, and other factors. Ultimately, buyers and sellers should stay informed about the latest market trends and work with professionals who can help them make informed decisions.
MARCH 2023 / APRIL 2023 -(12)
MONTH OVER MONTH / COMING SOON
CLOSED SALES
The closed sales are down – 47% year over year.
The sharp decrease in closed sales in the Whittier real estate market could be due to a combination of factors such as reduced inventory, changes in buyer demand, and economic uncertainty. With fewer closed sales, it may be more challenging for buyers and sellers to determine a fair market value for a property. Sellers may have to be more flexible with their pricing and marketing strategies, while buyers may need to be more patient and persistent in their search. Working with a knowledgeable real estate agent who understands the market conditions and can provide guidance on pricing and negotiation strategies can be beneficial in this type of environment. It’s also important to stay up-to-date with the latest market trends and be prepared to adjust strategies accordingly. Despite the challenging market conditions, opportunities may still exist for both buyers and sellers who are willing to be creative and adaptable.
MARCH 2023 / APRIL 2023 - (62)
MONTH OVER MONTH / COMING SOON
My Bottom Line
The Whittier real estate market experienced a decline in key indicators in the past year. The median sales price decreased by 1.3% compared to the previous year. The active listings decreased by 17%, and new listings dropped by a significant 47.1% year over year. Additionally, the days on market increased by 71.4% compared to the previous year, indicating that homes are taking longer to sell. The closed sales also decreased by a considerable 47% year over year. These trends suggest that the Whittier real estate market may be slowing down, and sellers may need to adjust their expectations accordingly.
The decrease in Whittier’s median sales price may be attributed to a variety of factors, such as changes in the economy, the local job market, and housing supply and demand dynamics. While a slight drop of 1.3% may not seem significant, it could still have an impact on homeowners who were hoping to sell their properties at a higher price point. However, for prospective buyers, this could be an opportunity to purchase a home at a more affordable price. It’s important to keep in mind that real estate markets are cyclical, and prices may fluctuate over time. Ultimately, buyers and sellers should stay up-to-date with the latest market trends to make informed decisions.
If you have any questions please leave them in the comments below or feel free to reach out to me with a phone call text or use the contact below. see you next months my friends
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