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Whittier Real Estate Market Steams Ahead

by The Domis Team

Whittier home buyers remain under pressure from rising home prices and diminishing inventory. The story is much the same throughout California, as the improved economy has unleashed pent-up demand with nowhere to go. Here is a quick look at our local market conditions!

If you are a Whittier homeowner, this is all good news. Median home prices in the first quarter of 2013 are 15.1% higher than they were a year ago. The median home price in Whittier was $344,586 during the first quarter. "Median" means that half of the homes sold for more, and half of them sold for less.

Home prices haven't stopped there; the average listing price for a Whittier home climbed over $430,000 last week. Meanwhile, the scant supply of homes for sale has led to fewer transactions; sales volumes are down by about 30% compared to last year.

La Habra is echoing this trend. Median home prices in La Habra hit $370,000 during the first quarter of 2013, an increase of 23.7% from a year ago. Tight inventory has led to fewer sales transactions, which are down by about 34% from a year ago.

Similar stories are unfolding around California, where the intensity of buyer competition is leading to multiple offers, sale prices above list price, and time on market counted in hours rather than days. Can it last?

Home prices, while rising, are still a good distance from the peaks of the housing boom. But once home prices rise to a degree where the economics become too difficult for buyers, demand could ebb. If home inventory expands due to new construction, or some other influx of homes for sale, it will affect home prices.

Please remember that all real estate is local, and what is happening on the average may not be the same as what's going on in your neighborhood. For this reason, you should always work with experienced real estate professionals who know the local markets in Whittier and La Habra - like us!

Whenever you are thinking of buying or selling a home, get the local expertise you can trust! Let the Domis Team show you the opportunities in our markets today! Whether you need information about your current home value, or you just have a few questions, you can always expect the best in courteous, professional service!

The Domis Team
Prudential California Realty
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Contact Information

Photo of Linda & Ryan Domis - The Domis Team Real Estate
Linda & Ryan Domis - The Domis Team
Keller Williams Realty
16310 E. Whittier Blvd. Suite F
Whittier CA 90603
Cell: 562-884-5373
Fax: 562.902.5158
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Linda Domis - DRE #00571375 | Ryan Domis - DRE #01969771
Whittier Homes for Sale | La Habra Homes for Sale
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