The 5th largest city in Los Angeles County is on the wire. Should real estate prices go up or down? Pomona can't decide, so the home prices are absolutely not moving. The Pomona homes are at a stand-still. According to the Los Angeles MLS database (MRMLS), single family residence home data shows that median prices in December 2009 are identical to that of December 2008. This coming year will be an interesting year for Pomona house prices.

Data released for the month of December show that the home recovery has not yet occurred in this Los Angeles city. The median price paid for these homes was $215,000 in December 2008 and again $215,000 December of 2009. This appears to be a neither a buyers or sellers marketplace.

The stable prices in Pomona homes for sale are creating a confusing market for both investors and first-time homebuyers. There are factors attributing to keeping the prices level, rather than going downward. The number of foreclosure sales as a percentage of the entire resale market has continued to drop since the peak in February 2008. In Pomona, foreclosures will continue to be in large numbers for years, but not nearly as high as in 2010. The foreclosures are still at a high level of activity, with homeowners still walking away from their homes.

It is recommended that first time home-buyers take advantage of the $8,000 Home-Buyer Tax Credit that is still in effect. For Pomona especially, this is a great time to purchase a Pomona house due it's low price and a tax credit that could really help out. Be sure to act fast though, as there will be bidding wars in the next few months as the tax credit will most likely be coming to it's end. The inventory level in Pomona is lower compared to last year, so you'll be seeing more buyers out there competing with you for that incredible price.

The Average Days on Market for December 2009 is currently at 30 days, in comparison to 67 days back in December 2008. It is way down from last year, a whopping 56%. This will most certainly help within rising prices in the near future, as typically less days on market will turn into a slight seller's market. If home sellers set the price of their homes correctly and have their home fixed up for their buyers, they will be able to sell their homes even in this flat market.
The Pomona Monthly Supply of Inventory has decreased dramatically since last December. In December 2008, there was a 9 month supply of home versus in December 2009 a 2.2 month supply of homes. This means that there was a dramatic 75% decrease in inventory, or 6.7 months.

The Supply and Demand has also decreased quite a bit. The total homes for sale in December 2009 declined 59% from the same period last year. In December 2008, there were 764 homes for sale versus only 314 homes in December 2009. The numbers for sold houses for the same period was 81 for December 2008 compared to 83 for December 2009. These supply and demand figures appear to tell us that buyers are still a little uneasy about listing their homes for sale in this recovering economy of ours.

The year 2010 is supposed to be a much better year for us. The government keeps telling us the economy is improving, hopefully the real estate numbers will prove that as well. Investors and first-time homebuyers are continuing to provide a significant role in this Los Angeles real estate market. The $8,000 Home-Buyer Tax Credit is still continuing with strong numbers of buyers. Along with the deeply discounted foreclosure homes, 2010 may be a better year for all of us real estate minded folks.