November 2012 Supply Vs Demand - San Gabriel Valley,Los Angeles County & Inland Empire
Ending November 30, 2012 we are down to 1.6 months of inventory. This means that if another house was not listed, we would run out of inventory in 1.6 months. We had 1,715 houses close escrow in the month of November for the cities listed below. As you can see our inventory has been steadily decreasing for at least a year, while closed sales/demand has stayed consistent even during the holidays. We are noticing multiple offers on properties that are listed at market value, especially if they're are priced under $500,000. This is putting some upward pressure on prices. We are noticing more and more appraisal issues as buyers are willing to offer over the comparable closed sales in the area in order to get their offers accepted. If a house is listed in today's market there is over an 80% chance that it will sell. In November 2012 it appears that Rancho Cucamonga, Fontana & Chino Hills take the top 3 spots for the highest percentage of homes closed vs active available properties for sale.
Our Supply Vs. Demand data is pulled from the Multiple Listing Service and covers the following cities: Azusa, Baldwin Park, Chino, Chino Hills, Claremont, Corona, Covina, Diamond Bar, Fontana, Glendora, Hacienda Heights, Industry, La Puente, Valinda, La Verne, Montclair, Ontario, Pomona, Phillips Ranch, Rancho Cucamonga, Rowland Heights, San Dimas, Upland, Walnut, West Covina and Whittier. ***Data now pulled from Carets***