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Antelope Valley Real Estate Market Report- November
A Look at the Housing Numbers
For the month of November, the average home sales price for the Antelope Valley hit an over 10 year high! The average sales price for the month of November was $291,879. Let’s compare this to November of 2016. In November of last year, the average sales price was $263,396. In 12 short months, the average sales price has risen almost $30,000 That is an increase of 10.81%!! We continue to see this growth month over month.
According to GAVAR (Greater Antelope Valley Association of Realtors), the A.V. had 409 sales for the month. November is slightly lower in sales volume year over year. Last November, we had 432 homes sold. We continue to see less and less homes sell at the entry level price point and more and more at the $200,000 plus range.
The Absorption Rate, in months chart, shows how long the current inventory of properties would last at the current rate of sales. If no new properties were added to the market, and sales continued at a steady pace, the Absorption rate indicates the number of months required to sell all the properties on the market. The Antelope Valley currently has an absorption rate at 2.2. We have a low supply and high demand in our real estate market. The absorption rate has stayed between 2 and 3 months supply all year.
Curious to see what your home may sell for? Click HERE to get your free home valuation in 15 seconds!
What Does this Data Mean?
The real estate market continues to have a low supply of homes. As different job opportunities continue to flow into the Antelope Valley, more people are starting to move into the area. This is keeping our demand for housing at an all time high. This demand has continued to drive up the average sales price. As long as the market continues to lack inventory, we will continue to see prices climb and homes selling quickly.
Recently, congress released their plan for tax cuts. It may cause some people to be hesitant to entering the market with some uncertainty in the future. We are also entering into the traditionally slower time of year for real estate so we would expect to see some slow down in the housing market in the next few months.
Even with the slight cooling in the market, we will continue to sell almost as many homes that come onto the market. The housing market’s lack of ability to keep up with the demand has led to the current average sales prices of homes rising, and people getting almost exactly what they are asking for their homes.
What Does this Mean if you want to Buy a House in the Antelope Valley?
Buying a home in this market is absolutely doable. Even though Interest rates have gone up a bit over the past few months they still are at an all time low and may never be this low again. If you are considering buying a home, talk to me right away. You do not want to delay and let interest rates climb anymore. Get preapproved now to start looking for your dream home!
The market is competitive, but with the right agent, you can get the home of your dreams! Be ready to go view them, and write an offer as soon as you find the one you love. Click here to start looking for your dream home. You can set up daily alerts for when your next home hits the market, and browse all the homes currently for sale in the A.V. Don’t miss your opportunity to lock in a low 30-year mortgage interest rate!
It is a seller’s market. The easiest indication of what type of market it is is the absorption rate. A six month supply will indicate an even market. Anything over will indicate a buyer’s market, and anything lower will indicate a seller’s market. We are currently at a 2.20 months supply of homes which shows that it is a strong seller’s market. Thinking of selling a home but not sure what to expect? Click HERE for a comprehensive guide to selling a home.
If you are curious to see what your home may sell for, click HERE for a 15 second home valuation. If you ever considered moving to a larger home, smaller home or relocating, then now is the time to pull the trigger. Homes that are properly priced and marketed are selling fast for the full asking price. Don’t miss this hot market. Call me today and let’s get your home SOLD!