Reporting resale single family residences and condos as well as new homes
% Change is from the same month last year
| Riverside County | 1,962 | $325,000 | $410,000 | -20.73% |
| BANNING | 21 | $208,000 | $294,500 | -29.37% |
| BEAUMONT | 69 | $304,000 | $409,500 | -25.76% |
| BLYTHE | 20 | $213,500 | $223,250 | -4.37% |
| CABAZON | 3 | $195,000 | $312,500 | -37.60% |
| CALIMESA | 2 | $209,000 | $245,000 | -14.69% |
| CATHEDRAL CITY | 46 | $268,000 | $345,000 | -22.32% |
| COACHELLA | 18 | $234,500 | $347,500 | -32.52% |
| CORONA | 226 | $430,000 | $589,500 | -27.06% |
| DESERT HOT SPRINGS | 41 | $239,000 | $263,500 | -9.30% |
| HEMET | 94 | $233,750 | $320,000 | -26.95% |
| IDYLLWILD | 6 | $287,500 | $330,000 | -12.88% |
| INDIAN WELLS | 12 | $1,162,500 | $642,000 | 81.07% |
| INDIO | 94 | $314,500 | $360,500 | -12.76% |
| LA QUINTA | 87 | $432,500 | $560,000 | -22.77% |
| LAKE ELSINORE | 59 | $309,000 | $414,000 | -25.36% |
| MENIFEE | 57 | $305,000 | $400,000 | -23.75% |
| MIRA LOMA | 6 | $344,250 | $531,250 | -35.20% |
| MORENO VALLEY | 152 | $255,000 | $369,500 | -30.99% |
| MURRIETA | 157 | $329,750 | $480,000 | -31.30% |
| NORCO | 7 | $455,000 | $550,000 | -17.27% |
| PALM DESERT | 113 | $400,000 | $430,000 | -6.98% |
| PALM SPRINGS | 80 | $319,000 | $407,000 | -21.62% |
| PERRIS | 64 | $273,500 | $394,000 | -30.58% |
| RANCHO MIRAGE | 47 | $649,000 | $632,500 | 2.61% |
| RIVERSIDE | 200 | $353,000 | $415,000 | -14.94% |
| SAN JACINTO | 39 | $235,000 | $347,250 | -32.33% |
| SUN CITY | 55 | $269,000 | $349,500 | -23.03% |
| TEMECULA | 120 | $361,500 | $445,000 | -18.76% |
| THOUSAND PALMS | 3 | $350,000 | $345,000 | 1.45% |
| WHITE WATER | 3 | $266,000 | $283,250 | -6.09% |
| WILDOMAR | 22 | $358,750 | $450,000 | -20.28% |
| WINCHESTER | 34 | $325,000 | $442,000 | -26.47% |
| San Bernardino County | 1,086 | $290,000 | $365,000 | -20.55% |
| ADELANTO | 34 | $191,000 | $290,000 | -34.14% |
| APPLE VALLEY | 69 | $200,000 | $295,000 | -32.20% |
| BARSTOW | 16 | $141,000 | $178,000 | -20.79% |
| BIG BEAR CITY | 11 | $229,000 | $267,500 | -14.39% |
| BIG BEAR LAKE | 15 | $332,500 | $399,500 | -16.77% |
| BLOOMINGTON | 5 | $225,000 | $405,000 | -44.44% |
| CHINO | 45 | $388,000 | $457,500 | -15.19% |
| CHINO HILLS | 31 | $465,000 | $575,000 | -19.13% |
| COLTON | 25 | $273,000 | $317,000 | -13.88% |
| CREST PARK | 2 | $311,000 | n/a | n/a |
| CRESTLINE | 11 | $190,000 | $185,000 | 2.70% |
| FONTANA | 117 | $350,000 | $486,500 | -28.06% |
| GRAND TERRACE | 4 | $305,000 | $385,000 | -20.78% |
| HELENDALE | 8 | $245,500 | $295,000 | -16.78% |
| HESPERIA | 60 | $225,000 | $327,000 | -31.19% |
| HIGHLAND | 23 | $325,000 | $361,250 | -10.03% |
| JOSHUA TREE | 10 | $170,000 | $210,000 | -19.05% |
| LAKE ARROWHEAD | 25 | $406,500 | $400,000 | 1.63% |
| LOMA LINDA | 10 | $337,750 | $423,500 | -20.25% |
| MENTONE | 9 | $372,000 | $325,000 | 14.46% |
| MONTCLAIR | 7 | $315,000 | $435,000 | -27.59% |
| MORONGO VALLEY | 3 | $204,000 | $200,000 | 2.00% |
| NEEDLES | 3 | $55,000 | $112,000 | -50.89% |
| ONTARIO | 46 | $320,000 | $425,000 | -24.71% |
| PHELAN | 11 | $273,000 | $395,000 | -30.89% |
| PINON HILLS | 4 | $290,000 | $360,000 | -19.44% |
| RANCHO CUCAMONGA | 106 | $395,500 | $479,750 | -17.56% |
| REDLANDS | 35 | $325,000 | $367,250 | -11.50% |
| RIALTO | 28 | $299,000 | $380,000 | -21.32% |
| RIMFOREST | 2 | $322,500 | $242,500 | 32.99% |
| RUNNING SPRINGS | 8 | $244,000 | $215,000 | 13.49% |
| SAN BERNARDINO | 75 | $205,000 | $325,000 | -36.92% |
| SUGARLOAF | 4 | $164,000 | $210,000 | -21.90% |
| TWENTYNINE PALMS | 25 | $115,000 | $152,000 | -24.34% |
| UPLAND | 26 | $472,500 | $485,000 | -2.58% |
| VICTORVILLE | 113 | $220,000 | $331,500 | -33.63% |
| WRIGHTWOOD | 6 | $309,000 | $255,000 | 21.18% |
| YUCAIPA | 34 | $327,500 | $380,000 | -13.82% |
| YUCCA VALLEY | 15 | $190,000 | $223,000 | -14.80% |
15 comments:
Corona, Moreno, Murietta; the "inland implosion triangle." IIT; 500+ sales down 30% with no significant change in the kinds of houses in the communities. Still cratering. Effectively in those areas have no homeowner equity. That will be a unique if scary economic experiment.
In the same triangle: LAKE ELSINORE 59, -25.36% and PERRIS 64,0 -30.58%.
They are gonna do more than crater. They are gonna make a hole right to the center of the earth. They were building (and trying to sell) million dollar tract homes in Corona and Riverside as late as summer last year. These were not mega mansions with gold toilet seats. These were just regular large homes on average sized lots. Even in MoVal they were trying to get $700k for tract homes (before any upgrades). It was just looney out in the IE. I would be willing to bet less than 5% of the people that bought a new home in the last 4 years in the IE can actually afford it using traditional standards. The 5% that can paid cash by selling a home in LA or OC.
What would the percent of change look like compared to other years such as 2000, 2003, 2004 etc? In that the last few years saw unusually high sales numbers, what would be considered an average?
Looking in Corona...finding 02/03 prices...
120-130 sq/ft? Buy they fast!
Sorry...
but they sell fast.
Can Corona hold up the rest of the IE?
I live in Corona, with the exception of Sierra del Oro(which has dropped 22%, and will drop another 10-12%)Cav-rona will take a haircut of at least 45%, 60% on those million dollar turds in south corona of the 15 fwy. But go ahead and buy anon at 4:10, it will help somebody out there....
What makes you think Sierra Del Orro won't eventually fall as far as the rest of Corona? I will agree it is currently holding up a bit better with the average sold price in the $190 s/f range. I don't see it holding up that much better than the rest in the long run. As the surrounding homes fall in price the buyers will just go there if the difference can't be justified. It might take a few years but I think it will tank just as far (give or take a few percent). It's not worth that much more to live 2 or 3 miles closer to the OC even driving the 91!
Exrealtard,
Re-read my post, SDO will drop min of 35%, south corona ( due to newer developments, more fraud etc) will hair-cut 45-60%.
My reasons SDO will hold up "slighty better" is more established hoods, closer to the 241 toll road(via green river)and the HOA is not near Bkcy like the newer tracts.
Being closer to the 91 does save about 20 minutes off the commute by avoiding the 15/91 interchange, I have a phobia of being stuck on that bridge during the big one, like in the bay area.
Need your opinion. We have been preparing to buy our first home in Riverside. We have be pre-qualified for close to $400,000, but really feel more comfortable with a $300,000 or less home. Should we go ahead and get pre-approved just in case a house opens up OR wait and see if prices fall into our price range? There are some homes, but not many.
I guess I'm asking...do you think prices are going to fall much further in Riverside? I don't see much happening in the last 2 weeks.
Houses are falling about 3K per week on average. houses are not like stocks they don't fall 20% in a day. Prices will fall back to "normal" but it's going to take some time, 2 or 3 years. Many economist are now saying prices will not stabalize until 2010 or 2011.
Prices in most of the IE are still way out of whack with traditional values. Whether you use the median income to median price or whether you use rent vs buy or whatever. The prices are still WAY out of the normal range. If you don't think they will fall more then go ahead and buy. I would seriously wait until at least the fall or winter. The sellers are hoping for the spring bounce to save them so prices right now are going to be a little slower to come down due to it being the main buying season. Just like buying cars, you get the best deals at the end of the model year.
Some areas have already fallen 50% or more (like San Jacinto, Hemet, Perris, MoVal, Wildomar, Murrieta etc) those areas will probably not drop that much more. The prices there are getting close to those fundamentals of rent vs buy and income to price. But areas like Corona, Riverside, Norco have only fallen around 30%. They have a lot farther to go before tehy get back to the traditional values. You'll know it's close when your mortgage payment is about the same as what renting that house would cost. You can rent a really nice house in Riverside or Corona for $2k/mo. Like this house for instance,
http://tinyurl.com/2crp6n
That makes that home "worth" about $250k. I'm sure it would probably list for $450k or more if it was for sale.
I forgot to mention that the increase in sale this time of year is normal. Don't take that to mean the market is taking off. The sales numbers are still in the toilet. One of the areas I keep an eye on is the Trilogy area in South Corona. There are nearly 300 homes listed in my search area. Last month SEVEN closed and 3 are pending. Of those 7, 4 were new homes as is one of the pendings. That means there is nearly a lifetime supply of homes at the current rate of sales.
There was a good piece in the LA Times yesterday about why prices must fall.
http://tinyurl.com/3ctr7h
For the person looking to buy in Riverside - get your pre approval. Keep looking around. If you see a house you really want, buy it. Things may come down a bit more but the good houses that are true "deals" are going fast.
Thanks for the responses. Is that wrong to get the pre-approval and an agent(in the event that there is a deal)? Even if it takes as long as into fall? At what point would the agent drop us?
I wouldn't get a pre approval until you are ready to buy. Each time you do that your credit rating will take a hit. So you don't want to get pre approved every 3 months. In this market I doubt any agent is going to drop a potential sale. I know a couple of co workers that have been looking (with and agent) in OC for nearly a year. One of them has to have looked at over 100 homes. Pick your agent carefully! Get one that understands this market and not one that thinks "now is a great time to buy". If those words come out of his/her mouth, RUN!
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