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Tracy King's Blog

Real Estate Market Update First Quarter 2021

Let's take a look at the numbers comparing the real estate activity in the first quarter of 2021 to the same time period in 2019 and 2020.

 First Quarter
Year Over Year

 Eagle Rock 90041  Highland Park 90042 Glassell Park/
Mt Washington 90065 
El Sereno. 90032 Altadena 91001  South Pasadena 91030

2019

#Sold/

Av List $/

Av Sold $

 

52

973K

1,003K

 
 

81

859K

880K

 

90

901K

921K

 

66

641K

636K

 

102

989K

1000K

 
 

38

1333K

1362K

2020

#Sold/

Av List $/

Av Sold $

 

52

984K

1010K

 

 

84

890K

916K

 
 

56

871K

893K

 

43

671K

682K

 

 

89

949K

962K

 

 

29

1546K

1612K

 
 
2021

#Sold/

Av List $/

Av Sold $

 

103

1150K

1233K

 

 

189

995K

1036K

 

 

169

1026K

1061K

 

 

124

774K

777K

 

 

189

1197K

1202K

 

 

78

1,810K

1,737K

 

What does all this mean?  You can interpret these numbers different ways, but the basic truth would seem to be across the board that prices are going up!  That’s surprising as all you read about the economy says that we can’t sustain these prices.  Many of us wonder where these people are getting the money to pay these prices.  Prices went up in 2020, too, even though Altadena’s average sales price didn’t.  I’m going to go out on a limb here and say that the ones who made offers on some of the houses in Altadena, and found that they were competing with as many as 50 offers didn’t think that the market was slowing down.  In other words, well-priced, well prepared houses did well.  Those owners who over-priced their homes or didn’t see why they should make their home attractive to a buyer didn’t do as well. And that’s in every market. There is a lot of thought and experience that goes into pricing and marketing for higher sales prices even though it looks like you can put any price you want on a house and you’ll get it.  

Low interest rates were credited with much of the activity.  Interest rates have increased lately, but mostly to 2019 levels, still under 4%.  Still low by historic levels. And the numbers of houses sold has doubled since 2019 levels, so current interest rates are not affecting number of sales or average sales prices in the first third of 2021. Will it continue?  I wish I knew because I could make much more money if I did, and you could, too. But as they say, my crystal ball is in the shop now.

Our Local Market Continues to Heat Up Through the ...

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