Whether you are a seller or a buyer, it’s important to be aware of what’s going on in the local real estate market.
Knowing the most important data such as the average days on market, the number of homes sold, and the number of homes currently listed will better prepare you to sell your home or make an offer. It gives you an insight into what kind of market we are in today, so that you can plan and strategize accordingly.
Our first market report of 2023 showcases everything you need to know about the local real estate trends and their significance.
Average Days on Market
The average days on market shows you how fast the real estate market is moving. In December 2022, the average for Chino was 43 days, and the average for Chino Hills was 29 days. To put this number into perspective, when the market was at its peak during the pandemic, Chino saw an average of 9 days, and Chino Hills saw an average of 10 days (meaning that homes were going under contract within just over a week).
When compared to the stats from 2021, the current average days on market may seem very high. However, keep in mind that 2021 was an outlier, not a benchmark. Starting May 2022, we saw the market temperatures begin to cool, and the days of the buyer frenzy slowly come to an end. Now, we are starting to approach the pre-pandemic “norm” of 45-55 days on the market.
Total Number of Homes Sold
While the days on market have climbed up, we are still seeing a major housing shortage. With low inventory, there are fewer homes being sold in our local area. Last month, 56 homes were sold in Chino and 43 were sold in Chino Hills. Let’s see how that compares to the results for the last few years.
Just looking at the city of Chino, there were 56 homes that sold in December 2022. In the same month the year prior, there were 87. The year before that in 2020, that number was at its highest of 104. In 2019, it was 78, and in 2018, 61. So now we’re seeing that the market is stabilizing and returning back to the pre-pandemic “norm”.
Number of Homes Currently Listed
Currently, there are 107 homes active on the market in Chino, and 71 homes in Chino Hills. As mentioned in the section above, it’s a relatively low number, indicating a shortage of inventory.
Because there aren’t enough homes available, more laws are being passed to be able to increase the number of livable units in the shortest amount of time. This includes giving homeowners more opportunities to build Accessory Dwelling Units (or ADUs) and Junior ADUs on their property. Regulations have also been changed so that people can now subdivide their parcels of land to build more properties.
Number of Buyers in Our Database
Based on the national headlines, it may seem like no one is buying a house right now. But if that’s the reason you’re hesitant to sell your home, don’t let the news fool you. Just within our database alone, we have over 10,000 buyers who are in the market for a new home. While we don’t see a buyer frenzy like we did during the pandemic, there is still a large crowd of homebuyers.
With the market softening, we have entered into a buyer’s market, but because of this shortage of inventory, buyers aren’t able to find what they’re looking for. As a result, less homes are being sold.
While everyone’s situation is different, in most cases, the best time to buy and sell was 15 months ago. The next best time is today. As a seller, the lack of inventory offers you the advantage of being one of the few homes available to buyers. As a buyer, since it’s now a buyer’s market, you are able to dictate more of the terms and are faced with less competition.
There’s a lot of speculation about what’s going to happen to the market and the economy in 2023. But the truth is, no one can predict the future. What we do know for certain, though, is this: whichever direction the market goes in, you need an agent who’s good at what they do. That’s why here at Park Group Real Estate, no matter the circumstance, you can always count on us to be hard at work for our clients.
Still have questions? Let's chat!
Whether you want a market report for a different city, or you’re curious about how all of this information affects your unique situation, our team is here for you. We’d love to talk to you so don’t hesitate to reach out.
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