Riverside market analysis: the past 60 days

The statistics are out from DataQuick, and the numbers aren't too surprising. Prices are holding, but sales are way down from a year ago.

According to my latest search on the IMRMLS, the number of available houses and condos here are still high and are quite similar to what was available in August. Prices are down a little but not much. In keeping with the anecdotal information I had from other agents and also from my own experiences this past month, there was a very small increase in buyer activity. Sold and expired data is as of 7/20/06.

Please note, the number of days on market is not to be taken too seriously as I keep seeing houses expire and relist every 60 days or so. Looking at each day's hot sheet of new listings, it's same-old same-old as the same properties keep reappearing with the same photos and descriptions.

Houses
2 and fewer bedrooms:
Available: 137 Avg. Price: 371,074 Average Days On Market: 59
Pending: 41 Avg. Price: 362,178 Avg. DOM: 56
Backup: 9 Avg. Price: 320,866 Avg. DOM: 93
Sold: 40 Avg. Price: 345,215 Avg. DOM: 45
Expired: 50 Avg. Val: 369,810 Avg. DOM: not available

3 bedrooms:
Available: 906 Avg. Price: 437,888 Avg. DOM: 63
Pending: 205 Avg. Price: 410,517 Avg. DOM: 58
Backup: 52 Avg. Price: 400,779 Avg. DOM: 87
Sold: 262 Avg. Price: 420,153 Avg. DOM: 52
Expired: 283 Avg. Val: 453,843 Avg. DOM: not available

4 and more bedrooms:
Available: 1155 Avg. Price: 631,917 Avg. DOM: 65
Pending: 177 Avg. Price: 564,360 Avg. DOM: 53
Backup: 50 Avg. Price: 537,447 Avg. DOM: 99
Sold: 283 Avg. Price: 539,686 Avg. DOM: 56
Expired: 372 Avg. Val: 638,117 Avg. DOM: not available

Condos:

2 and fewer bedrooms:
Available: 75 Avg. Price: 269,003 Avg. DOM: 69
Pending: 7 Avg. Price: 241,692 Avg. DOM: 29
Backup: 2 Avg. Price: 257,400 Avg. DOM: 62
Sold: 17 Avg. Price: 259,664 Avg. DOM: 34
Expired: 8 Avg. Val: 288,661 Avg. DOM: not available

3 bedrooms:
Available: 31 Avg. Price: 339,645 Avg. DOM: 45
Pending: 6 Avg. Price: 332,550 Avg. DOM: 64
Backup: 1 Avg. Price: 312,000 Avg. DOM: 55
Sold: 19 Avg. Price: 341,436 Avg. DOM: 54
Expired: 3 Avg. Val: 343,966 Avg. DOM: not available

4 and more bedrooms:
Available: 8 Avg. Price: 463,112 Avg. DOM: 64
Pending: 1 Avg. Price: 329,900 Avg. DOM: 135
Backup: 0
Sold: 1 Avg. Price: 285,000 Avg. DOM: 16
Expired: 1 Avg. Val: 449,900 Avg. DOM: not available

As always, my caveat is that this data is based on what agents have entered in our MLS. Listings only in other boards and for sale by owners that weren't put in the MLS aren't included. Agents' typos and tardiness can skew the data.

I was surprised this past month to see a couple of houses in the area priced ultra low. In their descriptions, they said that they would be having auctions. It'll be interesting to see if this happens more in the future. As my 100% financed buyers couldn't supply a cashier's check for 20k, I didn't bother to take them there. I'm seeing a few foreclosures, but not many.

To look at the latest report from DataQuick, click on:
Dataquick article on Southland market

To read the latest Press Enterprise article on the Inland Empire market, click on the link below:
Inland home sales