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Antelope Valley Real Estate Market Report- March
A Look at the Housing Numbers
After a small dip in average sales price in February, the average sales price has started to climb back close to the $300,000 range. The average sales price for the Antelope Valley $298,615! Last year, our average sale price was $259,729. The housing market is up almost 13% YOY. This boost to home prices is an unprecedented amount. More and more people are taking advantage of their equity to either move up, down or out of town! If you are curious to see what your home may sell for, please click HERE to see the value of your home in 15 seconds!
According to GAVAR (Greater Antelope Valley Association of Realtors), the A.V. had 430 sales for March. March was lower in sales volume year over year. Last March, we had 510 homes sold. We continue to see fewer homes on the market at the entry level price point and more and more at the $300,000 to $400,000 plus range. 48 houses sold at the 400-500 price range. This is up from 14 last year.
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 2.18. 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. The low demand is one of the leading contributing forces that are pushing the market prices up.
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?
Home prices have been steadily increasing for the past ten years. We are starting to see prices jump at a more rapid pace the last few months. A significant contributor to this is insufficient supply. A home hitting the market that is priced correctly will see multiple offers in the first few days. As long as the market continues to lack inventory, we will continue to see prices climb and homes selling quickly.
There has been some chatter amongst the Feds about raising interest rates. They have already increased the interest rates a few times over the past few months. The current Fed fund rate is 1.75 percent. It is still at a historic low, but it will continue to go up as the economy continue to recover.
If the Feds decide to hike the rate quickly, we could see a quick shift in the market. Higher interest rates make buying power go down and puts fewer people in the market. We will see a shift in the market. How long until it happens? It is impossible to say but what comes up must come down.
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 2.18 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!