Happy Thursday! I feel like I just wrote the January market update for Palmdale and Lancaster. Time moves so quickly.

If you don’t feel like reading… Median prices are up slightly in both cities. Homes in Lancaster are selling faster, while Palmdale’s market is slower.

Let’s dive into this update and start with prices.

Median Sale prices have held pretty steady with slight increases.

In February, Palmdale’s median sale price was $529,000. While it is only a $4,000 increase from January, it is the highest it’s been since July. Last February the median sale price was $29,000 less at $500,000.

In Lancaster, the median sale price hit $460,000, which was a $12,500 increase compared to January. While it’s been a while since we saw a higher median sale price in Palmdale, the last time we saw a higher median price in Lancaster was in November, when it was $470,000.

How Long Does It Take to Sell a Home in the Antelope Valley?

In January, both Palmdale and Lancaster had a market time of 70 days. As you can see from my graph above, that changed in February.

In February, Palmdale shot up to 87 days on market, while Lancaster dropped to 59 days on market.

In February, Lancaster had less active inventory but more closed sales. This drop in inventory gives sellers a bit more of an advantage, likely contributing to the shorter days on market we saw in that part of the valley.

On the other hand, Palmdale had more homes sitting on the market and fewer sales closed in February compared to January. When more homes are sitting without selling, it makes sense that days on market increased. Sellers need to be sure they are pricing their homes competitively.

Your Strategy Matters

It’s important to zoom in and understand what is happening in the market if you are planning to buy or sell soon. This should influence your approach.

Advice for buyers and sellers in Palmdale might be different than the advice given to those in Lancaster because the markets are behaving differently.

If you are curious how this info applies to you, or have any other questions I would love to schedule a mini consultation! We can do it over coffee (my treat!) or Zoom. Click Here to set that up.