Is West Covina, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
Since last year, West Covina has remained a Seller's Market.
Key Takeaway
West Covina is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices
How much do homes in West Covina, CA cost?
Median Sold Price
$750,000
$468/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in West Covina have sold for 4.6% less than they did a year ago.
Summary: The median home sold price in West Covina was $750,000 in August 2023, down 4.6% from last year, and the median price per square foot was $468.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $429K | $433.5K | +1.0% |
| 2 Bedrooms | $526K | $529K | +0.6% |
| 3 Bedrooms | $760K | $730K | -3.9% |
| 4 Bedrooms | $865K | $842.5K | -2.6% |
| 5+ Bedrooms | $1.0M | $970K | -10.3% |
Summary: West Covina housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 1%, 2 bedroom homes increased by 0.6%, 3 bedroom homes decreased by 3.9%, 4 bedroom homes decreased by 2.6%, and 5+ bedroom homes decreased by 10.3%.
Median Sold Price Compared To Nearby Cities
| La Puente | $665K | $670K | +0.8% |
| East San Gabriel Valley | $754.8K | $742.6K | -1.6% |
| Walnut | $1.1M | $1.0M | -2.6% |
| West Covina | $786.1K | $750K | -4.6% |
Housing Supply
How many homes are available in West Covina, CA?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 139 | 140 | +0.7% |
Summary: The West Covina real estate market had 140 homes for sale in August 2023, a 0.7% increase compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 11 | 11 | 0.0% |
| 3 Bedrooms | 69 | 69 | 0.0% |
| 4 Bedrooms | 39 | 40 | +2.6% |
| 5+ Bedrooms | 18 | 19 | +5.6% |
Summary: The West Covina housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes increased by 5.6%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 37 | 49 | +32.4% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
33 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West Covina, you could pay more than the asking price. 67.3% of homes here sold above asking price last month.
Summary: A total of 49 homes were sold or pending in West Covina in August 2023, up by 32.4% month-over-month. Of the 49 sold homes, 24% were sold under asking, 8% were sold at asking, and 67% were sold over asking.
Days on Market
How long does it take to sell a home in West Covina, CA?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 32 Days | 20 Days | -37.1% |
Summary: Homes in West Covina had an average of 20 days on market in Aug 2023, down by 37.1% compared to last year.
Breakdown of Home Sale Times
39 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in West Covina are selling fast, if you're buying plan to act quickly.
Summary: During August 2023, 49 homes were sold in West Covina; 80% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.