Just wanted to say thanks to everyone that read the blog over the years. Obviously I have totally lost interest in the market. The IE market is completely stupid now, no inventory, inside deals, and a multitude of other silliness has made looking for even rental property a complete waste of time. I have pretty well disabled the comments due to the useless spam that was being posted. I will leave the blog up as a record of the bursting of the bubble and the stupidity that followed.
If you really want some giggles go back and read the posts from 2007 and 2008. Some of that stuff is priceless.
Regards
X
Real Estate
asking prices up, inventory down
Here we go again. The drop in inventory is causing a surge in asking prices.
From Housing Tracker.
From Housing Tracker.
Asking Prices and Inventory for Homes in Riverside California
As of July 09 2012 there were about 20,724 single family and condo homes listed for sale in Riverside California. The median asking price of these homes was approximately $255,000. Since this time last year, the inventory of homes for sale has decreased by 32.3% and the median price has increased by 10.9%.| July 09, 2012 | Month/Month | Year/Year | |
|---|---|---|---|
| Median Asking Price | $255,000 | +2.0% | +10.9% |
| Home Listings/Inventory | 20,724 | -5.2% | -32.3% |
Recent Asking Price and Inventory History for Riverside
| Date | Single Family & Condo Inventory | 25th Percentile Asking Price | Median Asking Price | 75th Percentile Asking Price |
|---|---|---|---|---|
| 07/09/2012 | 20,724 | $159,000 | $255,000 | $444,900 |
| 07/02/2012 | 21,216 | $159,000 | $250,000 | $439,000 |
| 06/25/2012 | 21,498 | $158,100 | $250,000 | $439,000 |
| 06/18/2012 | 21,738 | $155,000 | $249,900 | $434,000 |
| 06/11/2012 | 21,859 | $155,000 | $249,900 | $429,000 |
Listing data, been a while
It's been a long time since I posted any listing data from housingtracker.com. You can see the lack of inventory is having an effect on median listing prices. Not surprising, but what is surprising is the drop in inventory. The inventory levels are very low which is causing the "pearls" to go quick. Nice homes are selling like it was 2005 again (well except for the price). Who knows what will happen to these numbers but right now it's not a good time to be a buyer!
Asking Prices and Inventory for Homes in Riverside California
As of June 18 2012 there were about 21,738 single family and condo homes listed for sale in Riverside California. The median asking price of these homes was approximately $249,900. Since this time last year, the inventory of homes for sale has decreased by 30.6% and the median price has increased by 8.7%.| June 18, 2012 | Month/Month | Year/Year | |
|---|---|---|---|
| Median Asking Price | $249,900 | +2.0% | +8.7% |
| Home Listings/Inventory | 21,738 | -3.6% | -30.6% |
Recent Asking Price and Inventory History for Riverside
| Date | Single Family & Condo Inventory | 25th Percentile Asking Price | Median Asking Price | 75th Percentile Asking Price |
|---|---|---|---|---|
| 06/18/2012 | 21,738 | $155,000 | $249,900 | $434,000 |
| 06/11/2012 | 21,859 | $155,000 | $249,900 | $429,000 |
| 06/04/2012 | 22,014 | $154,900 | $249,000 | $425,000 |
| 05/28/2012 | 22,342 | $152,000 | $245,900 | $419,000 |
| 05/21/2012 | 22,541 | $152,000 | $245,000 | $419,000 |
More bounce, May numbers
Sales are up and so are prices. Median prices crept up a few thou in the IE and sales numbers were up quite a bit. With the low inventory numbers it's hard to imagine sales going too much higher but it could certainly affect prices. I know around here I am seeing listing prices creep up. Good homes are selling very fast and the dogs are being left to rot. The inventory is around 22K for riverside making for about a 6 month supply. However about a third of those have no hope of selling (priced too high, next to the railroad tracks, total dumps etc). So the actual sell-able inventory is probably about a 4 month supply. That's pretty low and under normal circumstances would tend do drive up prices. Not holding my breath for that to happen. Certainly not in a big way. Hopefully we are seeing a return to a more normal, stable market.
The DQnews report.
The Southland housing market continued its long, step-by-tiny-step trek back toward normalcy in May, when the median sale price rose year-over-year for the second consecutive month, reaching a 20-month high. Home sales increased across the region but the gains were highest in coastal areas, where move-up markets have picked up steam, a real estate information service reported.
The median price paid for a home in the six-county Southland rose last month to $295,000, up 1.7 percent from $290,000 in April and up 5.4 percent from $280,000 in May 2011, according to San Diego-based DataQuick.
Last month’s median was the highest since the median was $295,500 in September 2010. The year-over-year gain in the May median followed a 3.6 percent annual increase in April. Before then, the median had fallen year-over-year for 13 straight months.
The rise in the median price is the result of higher demand and two other trends. First, there’s been a significant drop in the share of transactions that are foreclosed properties, which tend to sell at a discount and be concentrated in lower-cost areas. Second, a greater portion of sales are occurring in the higher-cost coastal markets. Last month, for example, sales in San Diego, Orange, Los Angeles and Ventura counties represented about 70 percent of all activity, up from 67.6 percent a year ago.
Last month’s total Southland sales rose nearly 21 percent compared with a year ago, and activity increased across the home-price spectrum. But the gains were strongest above $300,000. The volume of transactions in lower-cost markets has been restrained by, among other things, the dwindling inventories of homes for sale, especially foreclosures.
The typical monthly mortgage payment Southland buyers committed themselves to paying last month was $1,100, compared with $1,096 the month before and $1,154 a year earlier. Adjusted for inflation, last month’s typical payment was 53.6 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 62.0 percent below the current cycle’s peak in July 2007.
The DQnews report.
The Southland housing market continued its long, step-by-tiny-step trek back toward normalcy in May, when the median sale price rose year-over-year for the second consecutive month, reaching a 20-month high. Home sales increased across the region but the gains were highest in coastal areas, where move-up markets have picked up steam, a real estate information service reported.
The median price paid for a home in the six-county Southland rose last month to $295,000, up 1.7 percent from $290,000 in April and up 5.4 percent from $280,000 in May 2011, according to San Diego-based DataQuick.
Last month’s median was the highest since the median was $295,500 in September 2010. The year-over-year gain in the May median followed a 3.6 percent annual increase in April. Before then, the median had fallen year-over-year for 13 straight months.
The rise in the median price is the result of higher demand and two other trends. First, there’s been a significant drop in the share of transactions that are foreclosed properties, which tend to sell at a discount and be concentrated in lower-cost areas. Second, a greater portion of sales are occurring in the higher-cost coastal markets. Last month, for example, sales in San Diego, Orange, Los Angeles and Ventura counties represented about 70 percent of all activity, up from 67.6 percent a year ago.
Last month’s total Southland sales rose nearly 21 percent compared with a year ago, and activity increased across the home-price spectrum. But the gains were strongest above $300,000. The volume of transactions in lower-cost markets has been restrained by, among other things, the dwindling inventories of homes for sale, especially foreclosures.
The typical monthly mortgage payment Southland buyers committed themselves to paying last month was $1,100, compared with $1,096 the month before and $1,154 a year earlier. Adjusted for inflation, last month’s typical payment was 53.6 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 62.0 percent below the current cycle’s peak in July 2007.
| Sales Volume | Median Price | |||||
| All homes | May-11 | May-12 | %Chng | May-11 | May-12 | %Chng |
| Los Angeles | 5,983 | 7,496 | 25.30% | $320k | $315k | -1.60% |
| Orange | 2,664 | 3,279 | 23.10% | $425k | $435k | 2.40% |
| Riverside | 3,644 | 3,972 | 9.00% | $197k | $205k | 4.10% |
| San Bernardino | 2,323 | 2,702 | 16.30% | $150k | $158k | 5.70% |
| San Diego | 3,087 | 3,750 | 21.50% | $324k | $335k | 3.20% |
| Ventura | 693 | 993 | 43.30% | $360k | $360k | -0.10% |
| SoCal | 18,394 | 22,192 | 20.60% | $280k | $295k | 5.40% |
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