Wednesday, February 10, 2010

Median prices for the last 5 years

Here's the median prices for the last 5 years, starting with 2004 and ending with 2009. You can easily see from this chart that the correction in prices does not happen evenly across the board. Some cities are back to 1998 prices and others are still at 2003 prices. But pretty much every city in the IE is back to at least 2002 pricing.

Riverside Co. $324,k $387,000 $420,000 $395,000 $260,000 $187,000
AGUANGA $373,k $190,000 $405,250 $200,000 $260,000 $195,000
ANZA $187,k $250,000 $309,000 $320,000 $185,000 $167,500
BANNING $190,k $260,000 $300,000 $270,000 $167,000 $110,000
BEAUMONT $260,k $362,500 $398,000 $362,500 $270,000 $211,250
BLYTHE $115k $165,000 $193,000 $223,500 $198,500 $135,500
CABAZON $145k $207,000 $260,000 $230,000 $125,000 $58,000
CALIMESA $258k $330,000 $337,000 $314,000 $237,500 $158,000
CATHEDRAL CITY $265k $340,000 $369,000 $340,000 $218,000 $155,000
COACHELLA $164k $298,000 $350,000 $314,000 $202,000 $145,000
CORONA $435k $512,000 $578,000 $539,500 $365,000 $315,000
DESERT CENTER $117k $123,750 $167,500 $180,000 $105,000 $60,000
DESERT HOT SPRINGS $175k $257,250 $299,000 $281,250 $131,750 $89,500
HEMET $239k $293,000 $330,000 $300,000 $172,000 $120,000
HOMELAND $229k $297,000 $350,000 $387,000 $200,000 $139,500
IDYLLWILD $252k $309,750 $320,000 $310,000 $271,000 $195,000
INDIAN WELLS $560k $750,000 $840,000 $800,000 $743,409 $502,500
INDIO $262k $355,000 $381,500 $355,000 $250,500 $182,000
LA QUINTA $399k $500,000 $595,000 $560,000 $425,000 $325,000
LAKE ELSINORE $330k $389,250 $423,000 $380,000 $234,500 $180,000
MECCA $97k $151,000 $215,000 $59,000 $120,363 $70,000
MENIFEE $347k $408,000 $428,500 $389,000 $260,000 $205,000
MIRA LOMA $394k $499,000 $565,000 $456,000 $345,000 $280,000
MORENO VALLEY $275k $345,000 $385,000 $370,000 $190,000 $140,000
MOUNTAIN CENTER $279k $500,000 $440,000 $545,000 $234,000 $217,750
MURRIETA $410k $453,500 $473,000 $416,000 $285,000 $235,500
NORCO $480k $620,000 $625,000 $605,000 $425,000 $350,000
NORTH PALM SPRINGS $50k $82,500 $77,000 $170,200 $50,000 $50,000
NUEVO $313k $383,250 $425,000 $466,500 $215,500 $150,000
PALM DESERT $340k $400,000 $425,000 $395,000 $352,500 $280,000
PALM SPRINGS $280k $349,000 $397,500 $375,000 $285,000 $200,000
PERRIS $265k $345,000 $396,000 $358,500 $195,000 $145,000
RANCHO MIRAGE $460k $587,750 $660,000 $610,000 $500,000 $425,000
RIVERSIDE $308k $385,000 $420,000 $410,000 $256,000 $181,000
SAN JACINTO $245k $314,000 $359,000 $340,000 $186,000 $138,000
SUN CITY $260k $329,500 $374,000 $338,000 $220,000 $159,000
TEMECULA $406k $470,000 $489,000 $439,000 $320,000 $258,000
THERMAL $240k $310,000 $372,000 $326,500 $217,500 $153,750
THOUSAND PALMS $223k $300,000 $330,750 $285,000 $174,000 $114,000
WHITE WATER $152k $263,000 $289,000 $285,000 $165,000 $93,000
WILDOMAR $364k $439,000 $480,000 $433,000 $300,000 $235,000
WINCHESTER $393k $438,000 $481,500 $420,000 $295,000 $241,000


Sara said...

Except Eastvale--it's going up to late '04 prices. Take a look at this ridiculous Fannie Mae list price.

Jeff said...

Yup. Eastvale has extremely limited inventory. I've noticed numerous short sales go off the market and into pending in the last month. If activity is this brisk during 14% unemployment, I fear that we will return to a bubble again once employment improves. Let's hope people have learned their lesson.

Inland foreclosure pressure eases; short sales rise

golfer_X said...

I certainly wouldn't say Eastvale has limited inventory. On redfin it looks like forest of little green homes. Eastvale looks to have more homes listed than any other area of Corona or Riverside. I count about 150 and there are over 200 pending, many of which will fall out and hit the market again. The chances of us returning to a bubble or even seeing appreciation higher than normal is low, very, very low.
There's nothing wrong with short sales. That's a win for everyone if the banks can handle it. Currently they can't as short sales are still taking months to close. Short sales are not going to help prices though. We also have the end of the tax credit looming, as well as an interest rate hike when the MBS program ends next month. Those will do nothing to help sales or prices.

Jeff said...

Yeah but 150 homes available when sales in the last month were about 100-110 means there is less than a 2 month supply.

Keep praying for that "wave"...

golfer_X said...

Most of that "shadow" inventory is ties up in Mortgage Mod Hell. I doubt we will see a wave but as the mods fail we should see things start to pick up in the next month or so.

VectorzSigma said...

Do you think the mods will continue to fail? I would guess Obama is going to do everything he can to get these mods approved despite the majority of them are fraudulent. I know of an 'investor' piece of shit that has 13 properties, some in Corona, yet 10 of these properties have been mod'd. INVESTMENT properties! Apparently the government is starting to approve just about any mod.

golfer_X said...

People will either fail to get a mod or they will default on the modded loan. It might take a few years but since they aren't doing principal reductions most of the people will never be able to get out of the house if they need to. I have no idea how anyone is getting a mod on an investment property. Mods are supposed to be only for primary residence. Are they permanent mods? I know a lot of people that are making payments in a mod program that will never qualify for a permanent mod (unless they get one of those ridiculous forbearance loans).

Neudi said...

Sara, I'd agree. I'm up in Eastvale and a house doesn't seem to last a week here before it's in backup offers. Which doesn't mean much because most are shorts. None are approved they are just collecting offers to start the process. I'm with golfer on the sea of green, especially if you look at current defaults. I bike around the area every day and see more and more last minute Uhaul scrambles in the past 3 weeks. I've counted 5 in the past 2 weeks in the surrounding streets.

geordie said...

Even here the comments seem to look to some short term comfort that will mean prices can go up from where they are. But the long term simple truth is that the jobs are in China, the 12% or less who do productive jobs can't re-employ the rest. The other thing is that with static or falling wages people are never going to be able to afford the prices that were being charged when you could finance anything on the promise of future house price inflation. I doubt there's ten families in my street of $450k homes that actually earn $100k, much less the $150k they'd need to afford these shoe-boxes. The wealth has gone abroad, the only way to get it back is to get industry back. You can't base the entire economy on the service sector, the same few dollars going round and round.

Sloan said...

Things should be pretty ugly for a long time.

We have massive government intervention. Homebuyer tax credits, Dept of Treasury buying up Mortgage Backed Securities, not allowing Fannie and Freddy to release foreclosures back into the market. Allowing F&F to rent rather than release foreclosures ... on and on and on.... We will have a completely messed up RE market for years to come.