I have made some formatting changes and added an additional city to the report. Other than the graphs at the end (which I try to keep more geographical), all city data is now listed alphabetically. I have added Winchester to the report, which includes the French Valley area (Zip Code 92596) and will hopefully help those following that area as it continues to be a hot spot for housing and growth. Finally, I have added in the average price per square foot to the Your “Average” House chart on page 3.
The median home price in Southwest Riverside County was unchanged from a month ago ($550,000) but was up 22% from a year ago ($449,900) and up 39% from 2 years ago ($395,000). Unsold inventory is still hovering near 2 months (6 months is considered a healthy market), and days on market crept up to 7 days, same as last year and is down compared to 25 days 2 years ago. Unit sales are down 5% from the previous month and 3% from last year, and inventory continues to increase, up 24% from last month and 42% from last year. Numbers don’t lie, and while things might seem to be slowing down a bit, I wouldn’t worry. As Dr. Christopher Thornberg, Founding Partner of Beacon Economics, stated in a presentation last month, “A slowing market is not a crashing market.” I bet most REALTORs® would agree that it is still busy, sellers are still receiving multiple offers, and buyers continue to be challenged with rising prices and competitive offers.
I referenced a presentation by Dr. Christopher Thornberg at the Southwest Regional Economic Forecast last month and will include a couple of his slides in this report. He delivered some positive updates and indicated that our economy remains robust.
As we wrap up this legislative session in the coming days, and with a recall election happening next week, our future isn’t without some uncertainties. We will also see California’s eviction moratorium expire at the end of the month. There have been over 100 housing related bills introduced this year, including discussions on repurposing and rezoning existing structures and areas to help create housing opportunities. While that may sound good to some, remember there are two sides to consider, and we want to keep local control at the forefront of any municipality’s future planning. Rest assured, we continue the fight to protect private property rights and promote homeownership.
I have made some formatting changes and added an additional city to the report. Other than the graphs at the end (which I try to keep more geographical), all city data is now listed alphabetically. I have added Winchester to the report, which includes the French Valley area (Zip Code 92596) and will hopefully help those following that area as it continues to be a hot spot for housing and growth. Finally, I have added in the average price per square foot to the Your “Average” House chart on page 3.
The median home price in Southwest Riverside County was unchanged from a month ago ($550,000) but was up 22% from a year ago ($449,900) and up 39% from 2 years ago ($395,000). Unsold inventory is still hovering near 2 months (6 months is considered a healthy market), and days on market crept up to 7 days, same as last year and is down compared to 25 days 2 years ago. Unit sales are down 5% from the previous month and 3% from last year, and inventory continues to increase, up 24% from last month and 42% from last year. Numbers don’t lie, and while things might seem to be slowing down a bit, I wouldn’t worry. As Dr. Christopher Thornberg, Founding Partner of Beacon Economics, stated in a presentation last month, “A slowing market is not a crashing market.” I bet most REALTORs® would agree that it is still busy, sellers are still receiving multiple offers, and buyers continue to be challenged with rising prices and competitive offers.
I referenced a presentation by Dr. Christopher Thornberg at the Southwest Regional Economic Forecast last month and will include a couple of his slides in this report. He delivered some positive updates and indicated that our economy remains robust.
As we wrap up this legislative session in the coming days, and with a recall election happening next week, our future isn’t without some uncertainties. We will also see California’s eviction moratorium expire at the end of the month. There have been over 100 housing related bills introduced this year, including discussions on repurposing and rezoning existing structures and areas to help create housing opportunities. While that may sound good to some, remember there are two sides to consider, and we want to keep local control at the forefront of any municipality’s future planning. Rest assured, we continue the fight to protect private property rights and promote homeownership.
If you’d like a copy of my entire report, or to be added to the distribution list, please email me at Adam@srcar.org. As always, I am available if you have any questions about the report. Until next month…
Adam A. Ruiz, Government Affairs Director, Southwest Riverside County Association of REALTORs® – (951) 326-4698 – http://srcar.org/
