Moreno Valley Home Prices and Trends May-June 2010

Bayer Facts: June 22, 2010

Provided by Beverly A. Bayer, SRA (appraiser) 951 247-3674

Median Moreno Valley home prices for each May over 20 years by zip code

Median prices per square foot for zip code 92553 january 2009 - may 2010

Data shows home prices (after the big drop) are moving up – not only in Moreno Valley, but in the 7 County area.  However, from the high median price (in 2006-2007) in Moreno Valley to the lowest median price in 2009 – for 3 of 4 Moreno Valley zip codes – the $ drop was: $262,500 (68%); $270,000 (73%) and $275,000 (68%).  In the 1990 – 1997 drop the percentage decline was: 39%, 41% and 37%.  And the $ drop more in the range of $79,000.

Although home prices are going up, I am seeing a slight increase in inventory (homes for sale) and a slight slowing in the number of sales – which is (over-all) increasing the months of inventory – in the communities near Moreno Valley, CA.


Changes in Median Moreno Valley Prices over 4-years: May 2006 vs. May 2010

Zip Code

May 2006

May 2010

difference

92551

$375,000

$160,000

-$225,000

92553

$365,000

$140,000

-$225,000

92555

$430,000

$195,000

-$235,000

92557

$385,000

$165,000

-$220,000


Zip Code

92551

92553

92557

Month / year high

March 1990

May 1990

August 1990

High Sales Price

$133,250

$126,500

$146,500

Month / year low

June 1997

March 1997

June 1997

Low Sales Price

$80,750

$75,000

$92,250

New High date

July 2006

January 2007

July 2006

New High price

$387,500

$370,000

$405,000

New low date

July 2009

May 2009

March 2009

New low Price

$125,000

$100,000

$130,000

New High date

May 2010

May 2010

May 2010

New High Price

$160,000

$140,000

$165,000

Chart with above data….

May 2009 & May 2010 Median Real Estate Sale Prices by County (Southern California)

Percentage of Listings, pending sales and closed sales (in one month) by type of sale

Percentage of sales by sale type for 2008, 2009, 2010 for same one month period

Most of the current listings are short sales and most of the sales are the REOs; based on rate of sales, we have about 2.7 months of Standard Sales in inventory; 38 days of REO inventory and 3 months of short sale inventory.  In the time period from 5/22/2010 to 6/22/2010 only 240 single family homes sold in Moreno Valley – in the same time period 1-year ago 403 homes sold and in 2008 (same time period) 312 homes sold – so fewer homes are selling.  The most interesting change is in the type of sales with an increase in the percentage of short sales in 2010, over 2008 & 2009 (from 8% & 11% 2008/2009 to 35% this year).

California unemployment rate each May 1976 - 2010

National Unemployment: 9.7 in May 2010; it was 9.4% in May 2009, and 5.5% in May 2008.

Riverside / San Bernardino Counties unemployment in April 2010 was: 14.2%, in April 2009: 12.1% and in April 2008: 6.7%.

Riverside County Affordability Rates

Above is the percentage of Riverside County families that can afford the median priced home in the County.  In California the affordability rate in the first quarter was: 49 and the National affordability rate for the quarter was 65.  Looking back for each May between 1990 and 2005 the lowest affordability rate in this County was 14 and the highest 56 (the average was 43% rounded).  Foreclosure information is showing a decline in numbers.

Moreno Valley Foreclosure Info

Moreno Valley home prices over 3-months by house size.   Looking at 1400-1600 sq’ data 50% or ½ (25-75 percentile) sold between $130,000 and $163,000, with the actual middle price at: $145,000.

House size range

1400-1600 Square Feet

2200-2400 Square Feet

Lowest sales price

$85,000

$140,000

25% sales price

$130,000

$173,500

Median Price (50%)

$145,000

$190,000

75% sales price

$163,000

$206,500

Highest sales price

$197,000

$261,000

Price per Sq’ by sale type



Standard Sale

$107

$97

REO Sale

$96

$80

Short Sale

$86

$82

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