How’s The Market?

A Look At Covina’s March 2024 Real Estate Market
Known for its well-established neighbourhoods, good public and private school options, and easy commute into downtown Los Angeles, Covina is one of the most sought-after areas in the San Gabriel Valley. It has a true sense of community and is a wonderful place to call home.
In recent years, Covina’s home values have significantly increased as many remote workers have chosen the quiet suburban life that Covina offers. As housing demand has increased, so has economic growth in the city of Covina which is home to over 500 businesses, with even more on the horizon.
If you’re curious about the Covina real estate market, I’ve put together a brief real estate market update along with a couple of predictions. Let’s take a look!
We’re in a seller’s market
Like most areas nationwide, housing inventory is very low in Covina. In February, inventory dropped 5% from the previous month, and so far in March, it doesn’t seem to be picking up. This is great news if you are planning to sell your home since you should be able to sell quickly. Typically, home sales tend to pick up in late spring and summer, so hopefully, we will see an uptick in homes on the market in the next few months.
More good news for home sellers – homes in Covina are selling in about 38 days. That means you won’t be waiting around for offers and worrying about what your next move will be. Instead, you can expect the entire process to move very quickly. The only downside for sellers is that home values are not quite as high as they were last year at this time. We’ve seen them take a tiny 2% dip year over year with a median sale price of $743,500. If you have a home to sell in Covina, let’s get in touch to talk about some strategies to make sure you get the most out of your investment.
Should you buy now or wait?
With home values and interest rates still higher than we’re used to seeing, many people are deciding to hold off on purchasing a home. However, if you are financially and logistically able to buy a home in Covina now, you should. If you see a home you like, you’ll want to move quickly and make a strong offer so that you don’t miss out on your opportunity. Multiple offers on homes are still common in Covina, so be prepared to put your best foot forward.
Waiting out the market for prices or interest rates to come down means you’ll miss out on equity and growth. The equity you gain from your home can lead you to a more financially secure future and is not something you want to miss out on. At the end of the day, nobody knows exactly what the future holds for the Covina real estate market, but buying when you’re able to and holding onto the home until the selling conditions are ideal is one of the best financial decisions someone can make.
Want to learn more about the Covina real estate market?
If you ever have any questions about anything related to real estate or Covina, please don’t hesitate to call. Covina is my home, and I’m happy to share everything I know and love about it with you. Give me a call!