Real Estate Market Strongly Favors Sellers in Cerritos, CA
May 29, 2019 (PRLEAP.COM) Business NewsMay 29, 2019 - This week's real estate market update indicates that the median list price of houses for sale in Cerritos, CA 90703 is around $788,000 with the market action index hovering around 48. This is an increase over last month's market action index of 45.
As of May 27, 2019, the inventory of houses for sale has held steady at or around 43 and the inventory of condos for sale in Cerritos is 8. Sales of single family homes continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller's market so watch for upward pricing pressure in the near future if the trend continues.
The median list price for Cerritos condos is around $407,000. It reflects a price of $394 per square foot.
More sales demand and fewer condos listed have contributed to a relatively long run of increasing prices. Current supply of condos and demand levels show no sign of prices changing from their current trend.
What is a Market Action Index?
The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.
To get more details and real-time housing data for the Cerritos real estate market, please visit https://altos.re/r/15c33e0