Thursday, January 7, 2010
La Habra, CA has seen a run on entry-level condo sales lately as many buyers are looking to take advantage of the still low interest rates and the tail end of the federal housing stimulus package. We are seeing a big demand for condos with at least 2 bedrooms under the $200,000 mark. Here is a quick snapshot of the current market.
What's on the market?
There is a total of only 10 La Habra Condos under $200,000 with at least 2 Bedrooms currently for sale on the market. These 10 condos are in communities such as Mar Vista, Woodlake Village, Woodlake Villa, Stone Harbor, La Venezia, and Fashion Knolls.
Of these La Habra homes for sale there are 9 short sales and 1 REO. There are 0 standard sales in this price range. The average days on the market is 75 in this range of active listings.
What has been selling?
Currently there are 25 condos in escrow that match the above description. This sounds like an awful lot but remember the majority of these are short sales and it is anybody's guess when they will actually close.
What we can say is that there are 5 closed sales in the last 30 days that have closed that match this description and the average days on the market is right around 45 days.
What does it all mean?
Basically, La Habra CA home sales are keeping pace in the entry level range with the rest of the county. Buyers are seeing heavy bidding on these properties and sellers are seeing lots of interest and quick offers. The catch is that this only applies to homes priced very competitively, and often at price points homeowners are uncomfortable with. This is the reason why we see the majority of the inventory as distress sales in the form of short or REO listings. Sellers who have bought at the peak of the market may have a difficult time selling if they are unwilling to do a short sale and if they have little equity.
If you live in La Habra CA and are curious as to whether you will be able to sell your home in the current market, please contact us or visit our La Habra homes for sale page.