Market Update: Cerritos California Real Estate Market March 2017

How’s the real estate market in Cerritos, California? If you’re curious how the current real estate market is doing, here are some quick points:

  • Active inventory was down 41% for the month of February 2017 compared to last year February 2016, from 39 available homes to 23 .
  • Active inventory is down 4% for February 2017 compared to the previous month of January 2017, from 24 available homes to 23.
  • Median Listing Price of homes for the month of February 2017 is currently at $779,000.
  • The Average Number of Days that units spent on the Market before being sold was up 4% from the previous year from 55 days in February 2016 to 57 days in March 2017.
  • The Median Sales Price of homes is currently around $680,000.

So what does this all mean? The Real Estate market is alive and well. Definitely a market that is favoring home sellers as inventory remains low.  For homebuyers, you can expect lots of competition for homes as average days on market are lower compared to this time last year. The median price of a home is currently around $779,000, with the Median Sales Price of homes currently around $680,000, indicating that some homes are slightly overpriced and contributing to a slight uptick in the Average Number of Days units are spending on the market.

Feel free to reach out to Dan Barcelon if you’re thinking about buying, selling, or investing in Real Estate in Cerritos, California.