It’s that time of year when we review the 2016 real estate market in Upland California, specifically the 91784 zip code.
We look at all factors. From average sold price, average days on market to the number of homes listed and as a result, we’re looking at a good 2017.
Home prices are up and inventory is down consequently we’ll likely see an increase in home prices.
Real estate sales for zip code 91784, Upland California were solid for 2016. The biggest change is the number of homes listed for 2016. That number dropped 15% from 547 homes in 2015 to 473 homes in 2016. This could be various factors. Most likely is many families are climbing out of negative equity from the downturn of 2007. This will likely ease during 2017. Why? Upland 91784 inventory is low, therefore, will continue to push prices up slightly, resulting in a projected 1% to 2% increase for the 91784 zip code.
And that leads us to the active listings which dropped 21% from one year ago. That’s considerable and is probably why 91784 realized a 3.2% increase in home prices for 2016. Real estate is good, long term investment for homeowners in Upland 91784.
This takes us to the number of homes that didn’t sell. 473 homes were listed in 2016 and 339 sold, resulting in 86 homes that didn’t sell! The reason? To generalize…Price. To be more specific, it’s likely that these homes we’re priced too high. The main contributing factor is likely available equity in homes. What does this mean? If you want to sell your home, you’ll likely want to buy a replacement home, right? Consequently, you’ll need a down payment (ranging from 3% to 20% of the purchase price for a new home loan). While most families don’t have this money stashed in their savings accounts, they need to use the “equity” from the sale of their home. If there isn’t enough money from the sale, they are less likely to price the home right to sell.
Not all doom and gloom…rather, Southern California weather makes us one of the most desirable places to live in the US. We’ll continue to see this desirability and with that, home prices are likely to increase slightly.
In conclusion, the economy is being spurred by recent elections resulting in Wall Street realizing all time highs. Companies are spending money and with hat driving up new hires. This is resulting in new jobs in the Inland Empire. Especially relevant is that it will result in driving up financial confidence and that means more homes sold.
Here’s to a Happy New Year!
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