Riverside housing market trends from the past 60 days

I haven’t been able to get the hang of doing comparative market analyses just yet on the new Matrix system that our board is switching to. Once the kinks are out of it, I’ll probably be able to do some very narrow searches, but I’ve been running into problems thus far when trying to combine expired dates with active, pending, and sold searches. So for the meantime, I’m still using the old Superlative system while practicing on the new one.

In the meantime, a search for Riverside data shows that the numbers from the past 60 days are not too far off from my last look on 9/20/06. So overall, the market is remaining flat for now with sellers not dropping their prices much.

The number of available houses is surprisingly not too different from on 9/20/06, although fewer will probably relist as the weather cools and less motivated sellers take their homes off the market. There are less houses in the 2 and fewer bedrooms category as well as 35 less in that of 4 and more. At the same time, there are some more available in the 3-bedroom category.

As for sold prices, there was a drop in the average of sold prices of some 15k in the 3 and fewer bedroom categories. However, the drop in 4 and more bedrooms was a negligible 3k. Pending prices are remarkably similar to where they were last month, and it will be interesting to see where these properties close at. Expired averages are also very similar

Surprising, the gap between the average prices of available properties versus those of closed sales since 9/21/06 has not shrunk considerably in comparison to where things were on 5/26/06 as sellers stubbornly continue to price their properties above the average sale price. The biggest gap continues to be seen in the category of houses with 4 and more bedrooms. Naturally, the largest and most expensive homes are skewing the average available price upwards. Since the priciest ones sell the least often, there will always be a noticeable difference between the average of available homes and that of sold ones. On a positive note, the average price of available 2 and fewer bedroom homes is now about 40k over the average of those sold versus about 63k 5 months ago.

Days on market haven’t changed very much since September, but what these numbers show is how long sellers (and agents) are choosing to keep a property on the market before relisting it. We’re seeing the same properties over and over again, and so many houses have actually been on the market for over 6 months.

2 and less count:
Available: 130 Avg. Price: 370,591 Avg. DOM: 57
Pending: 41 Avg. Price: 358,787 Avg. DOM: 51
Back-up: 7 Avg. Price: 315,700 Avg. DOM: 84
Sold: 43 Avg. Price: 330,453 Avg. DOM: 60
Expired: 57 Avg. Val: 371,687 Avg. DOM: Not available

3 bedrooms:
Available: 917 Avg. Price: 437,981 Avg. DOM: 67
Pending: 185 Avg. Price: 414,543 Avg. DOM: 63
Back-up: 43 Avg. Price: 391,862 Avg. DOM: 85
Sold: 251 Avg. Price: 405,949 Avg. DOM: 55
Expired: 294 Avg. Val: 449,384 Avg. DOM: Not available

4 and above
Available: 1120 Avg. Price: 631,012 Avg. DOM: 69
Pending: 193 Avg. Price: 566,906 Avg. DOM: 56
Back-up: 41 Avg. Price: 513,048 Avg. DOM: 98
Sold: 253 Avg. Price: 536,521 Avg. DOM: 58
Expired: 438 Avg. Val: 638,032 Avg. DOM: Not available

As always, the comparative low number of condos makes the numbers more anecdotal than informative. The only truly informative category is that of 2 and fewer bedrooms, which is showing stability for now.

Condos:

2 and less:
Available: 67 Avg. Price: 265,769 Avg. DOM: 71
Pending: 12 Avg. Price: 259,054 Avg. DOM: 60
Back-Up: 0
Sold: 16 Avg. Price: 256,650 Avg. DOM: 42
Expired: 17 Avg. Val: 262,469 Avg. DOM: Not available

3 bedrooms:
Available: 27 Avg. Price: 366,607 Avg. DOM: 53
Pending: 8 Avg. Price: 285,015 Avg. DOM: 69
Back-Up: 0
Sold: 16 Avg. Price: 344,400 Avg. DOM: 57
Expired: 3 Avg. Val: 353,300 Avg. DOM: Not available

4 and above:
Available: 6 Avg. Price: 466,150 Avg. DOM: 55
Pending: 1 Avg. Price: 499,000 Avg. DOM: 99
Back-Up: 0
Sold: 2 Avg. Price: 302,000 Avg. DOM: 75
Expired: 4 Avg. Val: 449,225 Avg. DOM: Not available

My usual caveats should be kept in mind in that the numbers come from the IMRMLS and don’t include For Sale By Owners and properties that were only listed in other boards. Please also note that the data can be skewed by agents’ typos and putting the same property in with several different MLS numbers (and prices!).

To look at the May numbers, click on the following link:
Riverside statististics 5/26/06
The September numbers can be viewed by clicking on the following link:
Riverside market analysis 9/20/06