Market Analysis for Communities in the San Gabriel Valley
The San Gabriel Valley in California ended its 2019 house market with a continued positive momentum, which includes about 102,900 square feet of land sold.
For 62 straight months, home prices for Southern California, which San Gabriel Valley is a part of, have steadily increased. San Gabriel Valley homes’ media value is currently at$761,941, which is 3.6% higher than the previous year. Experts have predicted a lower increase of 2.8% for San Gabriel properties within this year.
With the growing assessed home values, future real estate properties in San Gabriel are expected to be 75%more than the rates five years ago. Economists attribute the steady, incredibly rapid, and constant change to the rising incomes of families and falling mortgage rates that have made the housing grants more affordable.
Buying a home in the current market is perfect for families who want to settle in right away, provided that the homeowners do not overexert themselves and plan to live there for an extended period.
Located at the foot of the San Gabriel Mountains, Azusa passes through the city of Foothill Boulevard and Alosta Avenue. Azusa’s median home value has gone up to 0.5% over the past year, amounting to about $477,541. This 2020, Azusa’s house market is predicted to rise to 1.7% versus the previous year. Properties listed in Azusa are priced to about $339 per square foot. The appreciation rates of homes in Azusa also steadily increase in the last ten years, to about 5.37% per annum. Some of the properties on higher appreciating Azusa neighborhood’s are East Sierra Madre Ave/North Nobhill Dive, North San Gabriel Canyon Road/West Sierra Madre Ave, and Arrow Highway.
San Dimas, California
Nestled along the foothills of the San Gabriel Mountains is the suburb of San Dimas. The median home value in the city of San Dimas is roughly $626,514, which has gone up to 0.3% over the last year. Its 2020 predicted median home value is estimated to increase to 0.8%. San Dimas’ price per square foot for its median list of properties is calculated to be at $361, which is lower than the $443 average of the Los Angeles-Long Beach-Anaheim Metro. Like its neighboring cities, San Dimas has maintained a steady appreciation rate for its growing number of properties which averages to 4.66% increase a year. A couple of its highest appreciating neighborhoods include Viva Verde and Puente Avenue addresses.
West Covina, California
Situated on the east side of San Gabriel Valley, West Covina is one of the more prominently featured neighborhoods in some US television series. While housing costs in West Covina West are among some of the highest in the nation, their real estate prices don’t compare to those of the most expensive communities in California. Covina’s median home value is at $568,836, which has a -0.3% reportedly decline over the past year. In 2020, West Covina’s median home value is forecasted to rise to 1.5%. The properties in West Covina hold a median list price per square foot of $365, which is lower than the average of most Los Angeles neighborhood. The appreciation rates for this neighborhood have continued to rise in the last ten years, averaging an annual rate of 5.09%.
Glendora is considered a larger medium-sized city with 13 constituent neighborhoods located in the eastern end of the San Gabriel Valley between the San Gabriel Mountains range and the South Hills. The median home value for this city is calculated to be $609,837. Their current median home value shows a -0.6% decline from last year but is estimated to increase to 1.1% this 2020. Glendora properties are valued at $386 per square foot, slightly lower than the average $443 of nearby cities. Homes and real estate properties in Glendora have an outstanding 4.72 % average for its annual appreciation rates.
In the eastern part of Los Angeles County is one of San Gabriel’s cities, Walnut. One of California’s highest-ranking cities, Walnut’s median home value, is priced at $756,606. Over the past year, Walnut city’s home values have declined to -2.2% and are predicted to decrease up to -1.3% this year. At $419, the median list price per square foot of Walnut properties is still lower than its nearby cities’ average. Walnut residents have enjoyed a 4.98% annual appreciation rate for their homes since the early 2000s, resulting in a whopping 161.37% total appreciation in 20 years.
Centered in the middle of interstates in the San Gabriel Valley, Covina is beautifully blanketed by orange and grapefruit groves. Covina’s median home value is estimated to be around $544,577, which is shown to have gone up to 0.3% over the past year. Additionally, the city’s median home value is expected to increase to 1.8% this 2020. Covina properties’ median list price per square foot is just $348. Aspiring Covina homeowners can purchase homes that can enjoy an annual appreciation rate of 4.98%. Total appreciation for Covina properties has risen to 161.05% in the past 20 years.
With the rising home prices, especially with the current appreciation rate, Los Angeles real estate market is considered as one of the premiere markets for both investors and homeowners. As Los Angeles County’s home prices remain at an all-time high, experts predict that the housing market will continue to rise this 2020 as well. Los Angeles County, including San Gabriel Valley’s real estate appreciation rate, is expected to remain modest throughout 2020, a bonus for investors. The market for real estate in Los Angeles holds the record for being one of the best long term investments within the United States.
But with how expensive and competitive the Los Angeles real estate market is, not every real estate investor or buyer will want to purchase here. Currently, the San Gabriel Valley house market proves to be still affordable, and with the increasing appreciation for these properties, they remain to be excellent investment prospects. This is why it’s best to invest in San Gabriel Valley properties while it’s early, and house values are still at fair prices and are yet to rise.