Monday, July 21, 2008

The weekly Tumble

Not much movement this week in the county wide median listing price numbers except at the low end and the high end (The high end took a beating). The core areas were basically unchanged this week. That's almost expected given the large decline the previous week. The monthly averages remain basically unchanged with about a 5% decline per month currently.

County wide numbers (Rivy and San Berdu)

Trend07/21/20081 month3 month6 month12 month
Median Price$257,600-4.6%-14.1%-25.1%-35.4%
Inventory47,243-0.6%-1.4%-1.6%-9.0%


DateInventory
(SFH + Condo)
25th Percentile50th Percentile
(Median)
75th Percentile
07/21/200847,243$185,000$257,600$371,175
07/14/200845,778$189,900$259,999$379,000
07/07/200846,531$189,905$264,900$379,900
06/30/200845,947$194,900$269,900$387,500
06/23/200847,519$195,225$270,000$389,000


Here's the Core areas


Trend07/21/20081 month3 month6 month12 month
Median Price$259,900-5.5%-13.4%-27.8%-40.1%
Inventory13,470-7.3%-3.0%-4.5%-7.3%

Historical Data

DateInventory25th Percentile50th Percentile
(Median)
75th Percentile
07/21/200813,470$194,900$259,900$359,000
07/14/200814,390$195,000$260,000$359,900
07/07/200813,511$199,000$266,000$365,000
07/01/200813,897$199,900$269,900$369,900
06/28/200813,666$199,900$270,000$370,000
06/21/200814,533$199,900$274,900$375,000

4 comments:

Curious said...

I am definetly not an expert of the IE, and having done my residency at Loma Linda, I am surprise to see a significant drop in median prices in Loma Linda and Redlands. Other than those 2 areas, are there any other places in the IE or Riverside that has their public schools on par with those 2 cities? I always thought as long as the public schools were strong that prices of homes would be as well.

golfer_X said...

I'm not sure why you are surprised to see a drop anywhere. The real estate bubble was country wide. Prices will come down everywhere, including those so called "immune" areas. The nicer areas and the older areas may take slightly longer to correct but they will correct. We heard the same arguments last bubble from the people in South OC and places like Palos Verdes. Those areas eventually fell 40% just like every where else.

Great schools don't mean everything. I have friends that live in PV and their kids go to RPV High. Great school but both kids just party all the time. They are far more concerned with how the waves are breaking down in Bluff Cove than they are with school work. I have other friends in Perris and Corona who's kids are straight A students. The API rating system is not perfect. There are many great schools with average API ratings. Riverside and Corona both have some good schools and if you want to go farther south Temecula has a very good school system.

The elementary and middle schools get higher scores in Redlands but once you get to high schools the scores are not that much better than Riverside or Corona.

school-ratings.com is the easiest site to check ratings

You a doctor curious?.... I have this rash... Just kidding, my wife is a PA.

Curious said...

great points golfer, I didnt mean that I was surprise that there was a drop, just surprise by the large margin that it dropped by. You are right no area is immune, I just thought Redlands and Loma Linda may drop 30-40% where as Fontana may drop 50-60% or even more. The magnitude of the drop is what I was referring to.

As for schools, API isnt everything, but if you dont know the area very well, some may need to rely on indicators such as those. The API for John Marshall High in LA where I went to school is subpar, but it was still a great school, and for those in the LA area, people know that if you go to Marshall and stack up on AP classes, you will get a very nice education from that the only LA school that offers the most amount of AP classes in the district.

ps. not an MD, but a clinical PharmD

Keita said...

I was also surprised to see the large drop for Redlands. I want to move there but Redlands prices were so slow in coming down I thought I might have to settle for the area of Highland that borders Redlands -- it's still Redlands school district and you seem to get so much more house for the money. Funny, 20 years ago as a student at Univ of Redlands, I thought it was the most drab, dry, boring, culture-less town compared to where I came from. Couldn't imagine who'd want to raise kids there. Now I want in. Guess I've seen too much excitement and culture and have grown weary of it. Anyway, glad to see the drop there -- maybe there's hope for me affordably moving in there.