Riverside Realtor Blog - Alma Dizon

Alma shares her experiences and observations as a Realtor in Riverside California.

Wednesday, March 22, 2006

Moreno Valley Statistics from the past 60 days

As of this evening there are a total of 975 residential properties with an average price of $433,340 available in Moreno Valley according the IMRMLS. This average is about $100k less than the average in Riverside, which is roughly the usual gap between the two cities over the past couple of years.

As in other cities in the area, the average price of expired listings from the past 60 days is below the average of the available ones. Since 1/21/06, 277 listings have expired with an average value of $423,393. In other words, sellers (and their agents) are not learning from the expired listings but are instead continuing to price listings as if the market were still experiencing the sharp rise of the past 2 springs.

The sluggish market is most easily understood when comparing the high price tags of available properties with the much lower cost of those pending and sold. The overall count for pending sales of houses and condos since 1/21/06 is 355 with an average price of $385,509. (In addition, there are 72 taking back-up offers with an average of $394,560, but I can't limit the time parameter). The sold count from the same time period is 373 at $384,905 after an average of 46 days on market. The average value of the closed sales is very close to that of the pending sales, but the breakdown by bedroom count, shown below, reveals to what extent the market is still being forced upward.

When broken down by bedroom count, the figures for available listings are as follows:
Houses:
2 or fewer bedrooms: 57 available with an average price of $359,833 and an average of 45 days on market. (This average price was pushed up by several that have large lots where the value is in the land.)
3 bedrooms: 383, $389,241, 49 days on market
4 or more bedrooms: 532, $473,866, 54 days on market
Condos:
2 or fewer bedrooms: 3, $273,300, 16 days on market
(The high average price of the condos has to do with 2 of them being in a new complex that is priced about 90k over the typical Mo Val condo built in the early 1980s.)

The sold properties since 1/21/06 tell in very clear terms what buyers have chosen to pay for housing. Broken down by bedroom count, the figures are:
Houses:
2 or fewer bedrooms: 35, $278,825, 33 days on market. (The average price of these homes is a much better reflection of the starter home market than that of the available 2-bedroom homes above.)
3 bedroom: 147, $364,305, 45 days on market
4 or more bedrooms: 186, $425,966, 51 days on market. (The increase in time on the market noticeably mirrors the higher price of each successive category.)
Condos:
2 or fewer bedrooms: 5, $205,600, 18 days on market. (Unlike the available condos, these sold properties are more what buyers expect to find in Mo Val.)

Similar to the sold properties, the homes that are pending since 1/21/06 have much lower prices and demonstrate that buyers are going after the listings that cost less. The breakdown by bedroom is as follows:
Houses:
2 or fewer bedrooms: 31, $290,600, 32 days on market.
3 bedrooms: 170, $367,128, 44 days on market. (Of all the pending categories, this is the one that comes closest to the average of current available properties and has to do with the ratio of pending to available properties. Basically, more of these properties are getting bought up, so buyers are being forced upward in this size range more than in the others.)
4 or more bedrooms: 151, $429,141, 45 days on market
Condos:
2 or fewer bedrooms: 1, $210,000, 19 days on market
3 bedrooms: 2, $212,500, 43 days on market.
As always, we’ll have to wait for these pending sales to close before we know for sure how much higher the accepted offers were than the current closed sales, assuming that these properties appraise.

The data appears better with this search than my recent San Bernardino search, but then I generally find that I get better data for Riverside and Moreno Valley. The numbers can be thrown off by agents who put in the wrong code although this happens less for Moreno Valley, possibly because agents would rather make their desert listings appear like bargains by putting them in more expensive cities, such as Riverside. (Agents tend to put high desert listings under the S.B. code just because many of those towns don’t have their own specific code in the IMRMLS.) I only went back to 1/21/06 for pending sales to rule out any sales that actually have closed but haven’t been marked as such. The breakdown for properties in escrow that are taking back-up offers was left out because the IMRMLS won’t let me combine them with those pending and also because there’s no way to limit the date. The search was limited to the IMRMLS and excludes for sale by owners and properties that were only listed in other boards.

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