The lighter side of real estate

Riverside Real Estate Market Trends July 2013

David Cross

Content Editor

232 articles, 24 comments

Source: Wikipedia

The real estate market in Riverside is very similar to the rest of California – it’s a seller’s market and so anyone hoping to buy right now should wait it out, if you can. Inventory is down, prices are up – and rising – and homes are selling exceedingly fast so it’s great for sellers, but not so great for buyers.

Inventory Among Its Lowest in Years

Real estate inventory in Riverside is still among its lowest in years though at least there’s been a big improvement from the last couple months when it was at its lowest in five years. One month ago there were only 339 homes listed for sale in Riverside, but there’s been an increase of 25 percent to today’s figure of 423. It’s no surprise that this figure is still below that of this time last year when there were 478 homes listed, so we’re still down by 12 percent over a year ago.

Median List Prices Up Nearly a Quarter

The increase in median list price for Riverside homes is no surprise either. Last year the median list price was $261,600 but while inventory stays this low you can expect to see prices continuing to climb. Today the median list price is 24 percent higher than a year ago, at $325,000 though this is actually a 1 percent drop from last month when that figure was $329,000.

Looking at the median price per square foot the increases are even more marked. Here there’s been a 38 percent rise from last year’s $131 per square foot to the current $181, and this is a 1 percent rise over last month when the median price per square foot was $180.

Homes in Riverside Selling Very Fast

The biggest news in the Riverside real estate market is median days on market. Historically homes in Riverside have sold pretty quickly. This time last year the median was 49 days but this number has dropped dramatically (by 47 percent) to just 26 days today. Even this is a 4 percent drop from last month when the median days on market was 27.

So, anyone looking to buy a home in Riverside right now is going to have a tough time. This is a real seller’s market in the city – prices are rising, inventory is down, and homes are selling extremely fast. So there’s a great deal of competition for all the homes that are listed for sale and this could result in real estate selling for prices above list price. If you can wait, do, but if you can’t wait, be prepared to move quickly on a home you like.

Mortgage Rate Increases Slowing?

The rising mortgage interest rates in California are not helping buyers either. Compared to a couple months back when mortgage rates were at their lowest the rising rates could mean the difference between being able to buy one home over another. California mortgage rates are 1 basis point lower than the national average today, and the good news is that rates are also down 20 basis points from last week’s average, so maybe things are looking up after all!

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posted on: July 19, 2013
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