Tuesday, March 25, 2008

Riverside median asking price

Housingtracker.net tracks the asking prices of what's on the market. It updates the numbers on a weekly basis. Since the begining of the year there have been 10 updates. On average, the median asking price is dropping 3K per week. It's currently sitting at $315k. If the trend holds in another 5 or 6 weeks the median asking price will once again be under $300k

Here's the data from housing tracker

Trend03/24/20081 month3 month6 month12 month
Median Price$315,000-3.7%-10.0%-17.1%-24.8%
Inventory48,721-1.9%-3.1%-8.1%+9.5%


DateInventory
(SFH + Condo)
25th Percentile50th Percentile
(Median)
75th Percentile
03/24/200848,721$235,000$315,000$435,000
03/17/200849,120$239,000$319,500$439,000
03/10/200849,206$240,000$320,000$439,900
03/03/200849,907$244,950$325,000$440,000
02/25/200849,689$249,000$327,000$448,000
02/18/200849,667$249,000$329,430$449,000
02/11/200848,179$250,000$334,900$449,944
02/04/200849,328$254,900$339,000$450,000
01/28/200850,523$257,777$339,900$450,000
01/21/200848,025$259,900$343,900$459,900

22 comments:

Buttermonkey said...

Faster! Faster, I say! Let's hit $200,000 by Christmas! LOL!

Anonymous said...

Golfer X, I don't think you know what your talking about! According to NAR & CAR all is fine with the housing market. For instance - homes sales are rebounding, mortgage applications are up and interest rates are at all time lows. So you better buy now before all the homes are gone and prices go up!!!

golfer_X said...

Thank's for the heads up. I think I'll run out and "snap up" a few this weekend cuz there's never been a better time to buy......

InlandEmpireX said...

In reply to Anonymous at 7:18AM

1) Home Sales are rebounding - the price hasn't hit the bottom yet, how could it rebound?

2) Mortgage Applications are up - Maybe, I don't have the official number. But one thing I am sure though, the number of mortgage approval is WAY DOWN.

3) Interest Rate are all time lows - Actually not, only the Fed Rates are low, but the mortgage rates are relatively high considered people are afraid of inflation and banks want more cushion for their loan

Anonymous said...

I'm sure that post was a joke. He forgot to put the sarcasm button on.

snob from morgan hill said...

I will need help...I want to catch a falling knife. What should I do to distract myself?

Anonymous said...

inlandempirex - Can't you read into the sarcasm?

golfer_X said...

What should I do to distract myself?

I like to drink scotch and play golf. Preferable both at the same time. Too much of that though and I won't be able to afford a house so I'm trying moderate my golfing. (My wife insists it's not working).

Anonymous said...

It is my understanding that NAR statistics started counting foreclosures as part of their monthly sales in fall of 2007. I think the increase in sales can be explained by increased foreclosures, plus 1 extra day in Feb. probably helped. Point exemplified when figure for new home sales actually declined 1.7%, especially when builders are most motivated to make deals.

BrianH said...

I'm not expert but I think I read somewhere that since the glorious Realtor associations have been keeping data there has always been a increase of sales between Jan and Feb. Year over year paints a better picture.

Anonymous said...

I saw lots of nice houses in the lower 300,000 range. Most of them are sold for over half million in 05 and 06.

Unbelievable!

Anonymous said...

I think you drink scotch while you write this too!

golfer_X said...

Duh!

Anonymous said...

i love this blog too much. keep us up with the info!

golfer_X said...

Those 300K houses were selling for $180K in 2001/2. Now does $300k seem like a deal?

FYI,

Median home price in Riverside was $137K in 2000. Then along came the bubble fairly....

snob from morgan hill said...

I can't drink-drive-golf at the same time too much multi-tasking. I will crash the golf cart, spill the drink and slice the drive at the same hole.
Its funny about the perception of price. Like you said 250K used to be a lot of money for a house in the IE areas. Now 300K sounds cheap...

Anonymous said...

Median home price in Riverside was $137K in 2000. Then along came the bubble fairly....

$137k is way too cheap.

I lived in Tuson, AZ in 1994. Houses with that size were selling for $200 K at that time. Those houses are 25 miles from Downtown.

Back in 2000, 1 oz Gold was $250, vs $950 today, and gas price was $1/gallon vs. $3.5/gallon.

I think price may drop another $50K to $250K range.

golfer_X said...

In 2000 the median family income was 47k and the median house was $137k. That's the normal ratio of median income to median house price for Riverside. You can go back 50 years and that is the average. There have been bubbles in the past where it went to 5 or 6 times the median income but over the long run 3x the median income is about what the median houses costs in Riverditch. Lat year it was nearly 10X the median income, Currently it's still 6x the median income.

Let's take a look at Corona

In 2001 the median house price for Corona was 238K, the median family income was 60K. The median house was 3.7x the median faminly income.

Last year (2007) the median house in Corona was $585k but the median income was only $76K. The median house was 7.7x the median income.

It will come back down to around 3x the median for the county. If Corona comes back to 2001 levels then the median house will be $280k. There's still a long way to go to get back to traditional values.

BrianH said...

Oh golferX, Obama is going to bail all them 7.7x income buyers out don't worry. They are going to peg the median price in Corona at 6.9387535x the median income of 2007 and all will be well.

I have a 3/1 900 square footer built in 1916 in Riverside that I'll sell ya. Just 350k and she is all yours. Needs a little TLC of course.

CodeViolation said...

Yeah me too, I have a 2/1 900 in Ontario that needs some TLC and an addition (bonus room!) of 400 that needs a permit. I'll let 'ya steal it for about the same price. Don't everybody bombard me with offers all at once!

Anonymous said...

golfer_x,

Where did you get a $585K median home price for Corona in 2007? I believe that would be higher than Orange County in 2007.

golfer_X said...

I thought the number came from CNN money. (although checking it today is seems a little different, $562k?)

http://tinyurl.com/2quo3a