Patch Blog: How's the Market?

In the entire time I've been in real estate, that question is the one I'm most often asked.  And while the past few years have been challenging, when you actually look at the facts, you see that the market is better than most people believe. 

According to the Wall Street Journal, 70% of Americans view owning a home as part of the American dream,  and 62% of consumers feel that buying a home in today's market is a good investment over the next ten years. With prices stabilized and interest rates still low, I have to agree.

That being said, I decided to look at Monrovia to see how the market really is here at home.  Using data I compiled from the Multiple Listing Service, here's how things stacked up at the end of 2011: 

• Last year, 291 properties closed escrow.  Of those, 229 were single family residences.
• The lowest priced single-family home that sold in Monrovia last year was a two-bedroom, 1-bath house built in 1950 that sold for $195,000.  It was a short sale that took 172 days to close. 
• The highest priced home was new construction located in Hidden Valley that measures a whopping 5,400 square feet and consists of six bedrooms and seven bathrooms on an acre of land, which sold for $1,625,000.  Originally listed for $2,495,000, it took 203 days to close escrow.
• The average sales price for a house in Monrovia last year was $515,906, with an average size of 1,610 square feet consisting of three bedrooms and two bathrooms, with an average time on market of 88 days.
• Of the 229 houses that sold in 2011, 174 were standard sales, while 31 were short sales, 22 were bank-owned properties, and two were probates. Of those homes, 102 of them were priced between $400,000 and $599,000.
• As of April 9th, today's average list price is $563,078, with an average size of 1,552 square feet and an average of 118 days on the market. 

Monrovia continues to be a place where people want to live. Most of the time, if a house is priced right and is in a good location, it sells within the average timeframe.   To keep up on the market trends, you can go to http://4salebydonna.com/seller-services/how-is-the-market-in-your-area and answer that all-important question of "How's the Market" at any time!