Moreno Valley market analysis: the past 60 days

We continue to have more properties on the market in Moreno Valley, and the effect of several months of high inventory is pushing down prices. The biggest drop in prices can be seen in available houses with 2 and fewer bedrooms, with the average down over 30k since June 1st. The average available price of larger homes is only slightly lower than at the start of the summer, but note that the average value of closed sales (since 7/22/06) of 3-bedroom houses is actually higher than that of the average of those currently available. The reason for this surprising change is that the average of pending sales is about 28k lower than that of available 3-bedrooms, similar to the situation on June 1st. In other words, only lower priced homes have been going pending during the 2nd half of the summer, and those sellers remaining on the market are feeling the downward pull. Of course, it remains to be seen what amount these houses actually close for. There's room to stack costs, so we may see a last-minute rise when we get the closed sale info in a couple of months. All in all, the next few months will be a good time for the buyer who is willing and able as truly motivated sellers with equity become more willing to negotiate.

As usual, there aren't many condos on the market in Moreno Valley, so it's hard to draw any real conclusions. It appears that people aren't currently willing to go over 300k or, at least, they're having trouble getting qualified to do so what with the HOA fees.

Houses

2 and fewer bedrooms:
Available: 87 Avg. Price: 323,272 Avg. DOM: 64
Pending: 32 Avg. Price: 301,518 Avg. DOM: 51
Backup: 3 Avg. Price: 307,666 Avg. DOM: 79
Sold: 24 Avg. Price: 307,332 Avg. DOM: 55
Expired: 24 Avg. Val: 295,266 Avg. DOM: not available

3 bedrooms:
Available: 605 Avg. Price: 384,391 Avg. DOM: 61
Pending: 136 Avg. Price: 356,042 Avg. DOM: 52
Backup: 28 Avg. Price: 398,467 Avg. DOM: 92
Sold: 145 Avg. Price: 387,561 Avg. DOM: 59
Expired: 162 Avg. Val: 387,190 Avg. DOM: not available

4 and more bedrooms:
Available: 835 Avg. Price: 465,046 Avg. DOM: 59
Pending: 147 Avg. Price: 440,750 Avg. DOM: 51
Backup: 33 Avg. Price: 424,387 Avg. DOM: 84
Sold: 193 Avg. Price: 442,139 Avg. DOM: 58
Expired: 293 Avg. Val: 466,616 Avg. DOM:

Condos

2 and fewer bedrooms:
Available: 4 Avg. Price: 297,975 Avg. DOM: 62
Pending:: 2 Avg. Price: 249,499 Avg. DOM: 26
Sold: 2 Avg. Price: 269,500 Avg. DOM: 9
Expired: 1 Avg. Val: 285,000 Avg. DOM: not available

3 bedrooms
Available: 4 Avg. Price: 322,900 Avg. DOM: 72
Pending: 4 Avg. Price: 223,875 Avg. DOM: 50
Backup: 0
Sold: 0
Expired : 2 Avg. Val: 357,500 Avg. DOM:

As always, this data is from the IMRMLS and does not include properties that were only listed in other boards as well as For Sale By Owner that weren't put into our MLS. The numbers can be skewed by agents who enter the numbers incorrectly.