Riverside Realtor Blog - Alma Dizon

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

Monday, March 20, 2006

San Bernardino housing statistics from the last 60 days

The IMRMLS data for today reflect a slowing market in the city of San Bernardino with available properties priced high and taking over 1.5 months to sell. This is especially interesting because buyers who go to S.B. tend to be the ones who are looking for the lowest prices, have little if any savings, and often do not have strong credit. Many of these buyers are 100% financed, so the slightest increase in interest rates immediately decreases their spending power.

As of today, 3/20/06, there are currently 926 residential properties available in the MLS for the city of San Bernardino. The average price is $357,805.
Looking at the breakdown, the houses, by bedroom count are as follows:
2 or fewer bedrooms: 190 available, average price of $295,762, with an average of 49 active days on the market.
3 bedrooms: 445, $350,170, 54 days on market
4 or more bedrooms: 209, $460,928, 57 days on market
Condo figures are as follows:
2 or fewer bedrooms: 33, $204,560, 46 days on market
3 bedrooms: 9, $240,777, 33 days on market.
(You may have noticed that if you total the breakdown, it doesn't come out the same as the total in the first sentence of this section. I haven't been able to figure out why this happens, and as it is, between the time that I start taking down the numbers and when I finish, the status of properties can change, making it is very difficult to doublecheck my figures for accuracy. That's 40 missing properties, and they could really change the average prices.)

As always, the expired numbers are of interest as they show what price the market wouldn’t bear. Since 1/19/06, 297 properties have expired with an average value of $347,118. For some reason unknown to me, I wasn’t able to get a breakdown for houses and condos by bedroom, nor was I able to get days on market. (There are times when I have temporary difficulties with search parameters, ghost houses that come and go, etc.. There’s no understanding it.) While limited, this bit of information is interesting because it’s below the current average price of 3-bedroom houses.

The sold figures going back 60 days to 1/19/06 are quite strong but not nearly as high as the homes currently on the market. The breakdown is as follows for houses:
2 or fewer bedrooms: 34, $264,602, 42 days on market
3 bedrooms: 154, $331,034, 42 days on market
4 or more bedrooms: 73, $386,008, 46 days on market
Condos figures are as follows:
2 or fewer bedrooms: 18, $217,327, 39 days on market
3 bedrooms: 8, $247,362, 18 days on market
It is certainly interesting that the sold condos have higher sold prices that those available, but with so few sales, it’s hard to draw conclusions as buyers may have chosen the higher priced units because they were in better condition, easier to get into, etc.

The pending data shows a marked drop in price with the exception of the 4+ bedroom house, revealing that buyers are unwilling and perhaps unable to buy as high as they could before. Since 1/19/06, the pending sales breakdown for houses is as follows:
2 or fewer bedrooms: 87, $262,309, 38 days on market
3 bedrooms: 165, $320,903, 48 days on market
4 or more bedrooms 57, $390,265, 52 days on market
Condos:
2 or fewer bedrooms: 18, $200,705, 32 days on market
3 bedrooms: 4, $205,975, 19 days on market
The huge change in condos is, again, hard to generalize about since so few units sold. (I actually tried to look up the individual sales, but then got 0 results--again, one of the many mysteries of the IMRMLS.) There’s a very noticeable increase in the number of 2-bedroom houses being sold, and I would assume that this has to do with their lower price rather than with more people wanting the smallest house possible. Older, 2-bedroom homes in San Bernardino are often around 750 square feet and built from the 1920s through the 1940s, so they aren’t selling because they’re physically the most desirable homes but rather because they are what people can afford.

This data is from listings in the IMRMLS and excludes For Sale By Owners and properties that out-of-area agents only listed in other boards. The data may be skewed by agents who input the wrong code and figures. Also, listings that are in escrow but are taking back-up offers were excluded because the MLS report won’t combine them. Lastly, I’ve found that S.B. data is always thrown off by agents who forget to change “pendings” to “solds.” For this reason, I don’t look at “pendings” more than 60 days old.

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