The median asking price for Riverside/Sanberdu took another plunge this week dropping $6500. In addition, the low end median and the high end median both took a healthy dive. The inventory has been steadily dropping for the last few months. I think most of that drop is due to the dreamers pulling their homes from the market.
| Trend | 05/12/2008 | 1 month | 3 month | 6 month | 12 month |
| Median Price | $292,500 | -2.5% | -12.7% | -20.7% | -28.7% |
| Inventory | 47,403 | -2.5% | -1.6% | -12.2% | -3.2% |
| Date | Inventory (SFH + Condo) | 25th Percentile | 50th Percentile (Median) | 75th Percentile |
| 05/12/2008 | 47,403 | $210,000 | $292,500 | $402,500 |
| 05/05/2008 | 47,960 | $215,000 | $299,000 | $410,000 |
9 comments:
The inventory has been steadily dropping for the last few months. I think most of that drop is due to the dreamers pulling their homes from the market.
I'm with you, golfer_X. There's still too much toxicity left to purge.
Is the Press-Enterprise still publishing monthly sales? I can't seem to find them, but the did redo their website a while back, so it may be me. Or they just don't want us to see the price/sq.ft. declining.
Im still looking in the 92880 area of Eastvale and I saw a few low priced large homes last 3 days or so but they were picked up quick.
When is this area going to be under $100 a sq foot? Seems like they only throw a few houses out like that to tease the area. There still isnt alot to choose from at the low $100 sq foot prices yet.
What do you consider big homes GolferX? 4,000 sq ft? Hince the $80 sq foot prices I would like to picl one of thoses up.
The eastvale area has alot of cow corral still. And I noticed that the real cheap cheap prices in this area are walking distance from them.
I dont mind the area but I dont want to see them from my kitchen window.
One thing to mention I am still looking in the Fontana area of 92336 I have noticed the prices more or less holding right now. They actual use to be cheaper than eastvale but eastvale caught up and passed them in that department.
San Jacinto I seen a few under $60 a sq already.
It's early yet. Be patient!
This is traditionally the best selling season of the year. So there will be more competition and they are all after the same houses. If you must buy now you need to get an offer in quick on those low priced ones.
Basically nothing sold for the last half of 07. All those buyers backed up and many of them are now jumping at the low priced REOs. Let them get worked out of the buyer pool. The REO's are not going to go away anytime soon. Once the buying slows in the fall and winter the prices should start coming down quicker.
I consider anything over 4000 sq/ft big, that's my personal threshold. I really don't want a house that big. The maintenance costs and utility costs are far too high on something that size.
So the fall or Winter would be a good time Or early "09" then?
I dont need to buy now just waiting for the right time.
Most are selling at asking prices. Should I low ball any prices at that time?
http://seekingalpha.com/article/75613-stay-clear-of-traditional-asset-classes
some true bears are saying prices will keep going down for many more years...Be very cautious about buying anything.
BigDog, I've found that Christmas time is a good time to buy a house. Nobody else is looking around that time, only people who REALLY need to sell are selling at that time, and sellers just want to sell the house and be done with it so they can enjoy their holiday.
real estate isn't the only place that was juice-induced in terms of loose lending practice. small business loans were written without much oversight. now these puppies are coming back to bite the banks. at least default homes can go back on the market as REOs, default businesses just fade away. how does this translate to the home price? only the time will tell, I guess. But I can guess perhaps the available pool of credit will further shrink and bring the economy into deeper trouble. Do you think that'll bring the price of homes down further? I'd like to think so.
Many small business loans were tied to home equity as collateral.
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