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Market Update for May 2023 Upland

Christopher Cervantez
May 30 3 minutes read

If you’re thinking about selling your home, it's important to have a good understanding of what’s going on in the local market.

Knowing the most important data such as the average sales price, number of homes sold, and days on market will better prepare you to sell your home.

My monthly market  updates showcases everything you need to know about local real estate trends.

Similar to what I shared last month, limited inventory is still the hot topic of our current market. Not only is it the hot topic, but also the life preserver for homeowners who are actually jumping out there and choosing to sell when so many others aren't. Due to such limited options, buyers have decided to once again start bidding wars to compete over the few options that are available. 

May is considered the busiest time of the year in the real estate industry. Year of year the amount of homes for sale is lower than what Upland had last year and closed sales are down almost 30%. 

Rates are back up past 7% for the 3rd time within the last 12 months. I think this time around the momentum that we are observing is strong and buyers will be affected by the rising rates, but the buyers will also brush them off and find alternative solutions to deal with them. 

Buyers, please be warned that homes are in fact selling above the asking price again. Out of the 50 homes that sold in the last 30 days, the average sales price was 2.17% higher than the list price. Thankfully this is much lower than the 10-20% than we were experiencing in 2020-2021.

Here are the stats: 

Total # of Homes Currently Available on the Market- 50
Pending in Escrow- 66
Closed in the last 30 days- 50
Average Days on Market- 33
Absorption Rate- 1.09 (1.81 in Feb)
May 2022 to May 2023- Prices went Down 3.4%
List Price to Sales Price Ratio- UP 2.17% on average
YTD LP/SP Ratio vs Same time last year LP/SP- 2022- Up 2.8%, This year Down 0.2%

Median price in Upland is $766,250 according to our local MLS data. Down 3.4% compared to last year.

Mortgage News Daily has the conventional loan, 30 year fixed at 7.08%.

If I can answer any of your real estate related questions, or you are curious what all of this info means for your situation, please reach out.
You may call me at 626-347-5987 or shoot me an email at [email protected]  

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