Archive for the ‘Economics’ Category

Moreno Valley Real Estate Market report: 1/18/2008

Sales Data

Between 12/27/2007 and 12/30/2007 there where 55 new Notices of Default for Moreno Valley homes.  In the same time period there were 13 new pending sales and 15 closed sales.  The average sold price per square foot was: $143 and the average list price of the pending sales is even lower at: $135 per square foot.

Since 1/1/2008 there have been 260 new listings in the Moreno Valley MLS – with an average list price per square foot of the single family homes at: $152 per square foot.  In January 2007 95 homes sold in Moreno Valley per MLS – with an average sales price per square foot of: $207.

Per Data Quick reports the median sales price per square foot for December 2007 (using all 4 zip codes) was: $157.
For December 2006 the median was at: $237 per square foot.
On Average home price in Moreno Valley went down 26.7% between December 2006 and December 2007.

New Stuff from DataQuick – December 2007

For Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura Counties: December marked the lowest number of total home sales over the 19 years of Data Quick reporting.

“The median price paid for a Southland home was $425,000 last month, the lowest since $420,000 in February 2005.”  And “15.8% below the $505,000 peak reached last spring and summer.”

For Riverside County – the rate of December 2007 sales against December 2006 was down 44.9% and median home prices dropped from $432,000 to $355,000 (-17.8%).

Following chart is the median sales prices for each December from 1990 to 2007 – for the 4 Moreno Valley zip codes

Next chart is the number of total home sales for December since 2000.

Only 48 homes sold through MLS (2007) – last November (2006) 151 homes sold.

23 of the current sales sold for $5000 to $82,000 below the final list price.

A house on Country Flower sold for $59,990 below list price.

A house on Delcresta sold for $74,000 below list price.

A house on Southwalk sold for $35,900 below list price.

A house on Saddlebrook sold for $25,000 below list price.

A house on Lafayette sold for $30,000 below list price.

A house on Kendra sold for $82,000 below list price.

13 homes were scheduled for foreclosure auction: 11/15/2007
17 homes had Notices of Default filed: 11/15/2007
4 homes sold per MLS: 11/15/2007
19 new listings: 11/15/2007

Next chart is the average dropping in value in the last 91 days (from: 12/3/2007) compared to the same period 1-year ago, by house size.

We’re #1! What? That’s Not A Good Thing?

Riverside, San Bernardino, Ontario Home Prices: 60% Chance They’ll Be Lower in Two Years

The Fall 2007 PMI Mortgage Insurance’s Economic Real Estate Trends – just came out. “PMI’s U.S. Market Risk Index ranks the likelihood of home price declines in two years for the nation’s 381 metropolitan statistical areas (MSAs). It is based on economic factors including home price appreciation, volatility, employment, and affordability.”

“The average risk score for the 50 largest MSAs remains near an all-time high at 329, meaning there is a 32.9% chance home prices across the country will decline. The minor reduction in risk is the result of declining home prices, which slightly improved affordability. Despite this drop, the risk for future price declines among the nation’s largest MSAs remains high. The largest concentrations of risk are in California, Florida, Las Vegas, NV, and Phoenix, AZ.”

Ranked #1 (as the most risky) is: Riverside-San Bernardino-Ontario, CA at 608 (= 60.8% chance that home prices will be lower in 2-years from now). And we stand alone in the #1 spot.

In the Number 2 spot are: (with risk scores in the 500s)

• Las Vegas
• Santa Ana-Anaheim-Irvine
• Phoenix
• L.A.-Long Beach-Glendale
• Areas in Florida
• Sacamento area
• San Diego area
• Oakland-Fremont-Hayward
• More areas in Florida