Archive for the ‘Moreno Valley’ Category

Sketchers USA distribution center – south of the 60 freeway: between Theodore Street and Redlands Blvd – under construction

Read the rest of this entry »

Moreno Valley Home Prices and Trends May-June 2010

Bayer Facts: June 22, 2010

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

Read the rest of this entry »

What’s New in Moreno Valley

Looks like lots of motel rooms and distribution centers…

SanSai Grill (Towngate Center) hey, its good – lunch included salad, soup and main dish

Sports Authority (Towngate Crossing) big store – lots of cool sporting stuff (also new: Nubi Yogurt)

Straw Hat Pizza (Cactus Commerce Center) Cactus Ave / Elsworth Read the rest of this entry »

10 Moreno Valley Homes Sold 3 Years Ago and What Happened to Them Since

23802 Parkland Avenue

1474sq’        built 1986    .11 acre lot

Sale History:	5/30/2006	$355,500	$241 per Sq’	100% financing	7.35% ADJ
	4/14/2009	$55,000	$37 per Sq’	as an REO
		-$300,500	-$8586 per month

16605 Vista Conejo Drive Read the rest of this entry »

Affordability, Foreclosures, Inventory and Unemployment 5/20/2009

First Chart is showing what percentage of a population can afford the median priced home, in its area – for Riverside / San Bernardino Counties the lowest percent of families that could afford the median priced home was in the third quarter of 2006 at 18% – now in the first quarter of 2009 it is 65% of families that can afford the median priced home, which is superior to the National affordability rate of 64% for the first quarter of 2009.

Read the rest of this entry »

March 2009 Moreno Valley Real Estate Prices down to January 2001 levels. Read the rest of this entry »

Moreno Valley Market Conditions: 10-10-2008

First chart is the median sales price for each August – from 1988 to 2008 from dqnews.com

Next chart is the median sales prices per square foot since January 2008

Read the rest of this entry »

Bayer Facts:  8/26/2008

First chart is the median sales prices for the 4 Moreno Valley zip codes for each July (between 1989 and 2008).  I think Magic Mountain is considering this new coaster design.

This is really painful to property owners in Moreno Valley!

Bayer Facts: April 30, 2008

First chart is Moreno Valley median sales prices from DataQuick for March, June, September and December from the year 2000 to 2008 (March) – showing the rapid increase in median prices and the current decline. Prices have gone down in 1-year by zip code: 92551: 35.5% 92553: 49.3% 92555:  37.4% 92557:  36.8%

Next chart is the total number of home sales for March 2000 to March 2008 – showing the rise and decline in the number of sales.

DataQuick reports for all of California March 2008 reported the lowest number of home sales for a March since they started keeping records in 1988.  And 38.4% of the homes sold in the State in March were foreclosed homes.

Next chart is the number of foreclosures for each of the Moreno Valley zip codes for the first quarter of 2007 and the first quarter of 2008 – showing the huge jump up.

For the first quarter of 2008 – Stockton, California had the highest rate of homes in the foreclosure process at 1 house out of 30 – in second place is Riverside / San Bernardino Counties – with 1 house out of 38 affected.  For the 4 zip codes in Moreno Valley here is the following:

Zip code 92551 1 house out of 43 is in foreclosure – ranking 11 in the Southern California area

Zip code 92553 1 house out of 69 is in foreclosure – ranking 25 in the Southern California area

Zip code 92555 1 house out of 36 is in foreclosure – ranking 7 in the Southern California area

Zip code 92557 1 house out of 75 is in foreclosure – ranking 30 in the Southern California area

And there are 498 zip codes in the sample

This chart is for a 3 week period of single family homes in Moreno Valley by Notices of Default (the first step in the foreclosure process); number of new listings and the number of those new listings that are vacant; the number of pending sales and the number of those pending sales that were vacant; and the number of closed sales and the number of those that sold vacant.  43% of the new listings are priced under: $200,000.  The average list price of the pending sales was: $215,163 and the average price of the sold homes was: $233,896.  With the average home sold over 1900 square feet in size.

Final chart is the median price per square foot for the closed sales / closed sales (vacant) / list prices of the pending sales and list prices of the pending sales the sold vacant.  Noting the pending are going out for less and there is a slight discount between prices of occupied homes and vacant homes.

Until we see more sales then new listings and new notices of default – and more pending sales actually closing escrow – prices will not be able to start moving upward.  And the bigger the desperation of the sellers will probably result in a continued decline in home prices.  Prices now are down to the levels from the summer of 2003, and a decline of about 47% from the top of the market from the Summer of 2006.

From Beverly A. Bayer, SRA

Moreno Valley, California Market Data: 3/18/2008

The following is the average sales prices per square foot of Moreno Valley, CA homes by house size groups: 1000 – 1200;  1400 – 1600;  and  1800 – 2000 square feet; starting with the average sales price per square foot from 1.5 years ago / 1 year ago / 6 months ago and current pending sales – using their last list prices.  (data date: 3/18/2008).

According to DataQuick home prices in the 4 Moreno Valley zip codes have gone down between February 2007 and February 2008

92551	down	36.3%
92553	down	42.9%
92555	down	30.0%
92557	down	35.2%

With 130 total home sales – in Feb 2007 174 homes sold – in Feb 2006 309 homes sold – and in Feb 2005 285 homes sold – showing the current slow rate of home sales.

Based on the rate of sales home between 1000 – 1200 square feet in size – it would take 13.6 months to dispose of the standing inventory.

For homes between 1400 – 1600 it would take 15 months to dispose of the standing inventory.

For homes between 1800 and 2000 square feet – it would take 19+ months.

From Beverly A. Bayer, SRA appraiser