West Riverside Remains Steady in an Uncertain Market
The West Riverside new-home market has stabilized due in part to government tax credits, low interest rates and seller incentives. However, Robert Martinez, Director of Research for MarketPointe™ Realty Advisors, Inc., asks, “how much of this is sustainable?” He believes that prices will remain low and that seller’s will continue buyer’s incentives. The unknown factors are the government offerings in conjunction with interest rate movement. Also, job market fluctuations and overall economic conditions will play a large part in future recovery or further declines.
Overall net sales dropped 19 percent this quarter, representing the second best quarter in the last year. Sales volume in the attached sector saw a 21 percent decline while the detached sector increased by 18 percent.
ResidentialTrends™ Housing Market Overview reports that the attached sector’s weighted average price fell less than 1 percent as the weighted average home size dropped 3 percent. This price decline, coupled with the larger fall in home size, caused a more than 2 percent increase in the attached value ratio. In the detached sector weighted average price decreased 5 percent and was accompanied by a more than 4 percent decline in home size. This caused the average value ratio in the detached sector to fall an almost imperceptible 0.2 percent.
Total attached inventory dropped 28 percent over last quarter, the eleventh consecutive quarterly decline. Total detached inventory fell 14 percent this quarter to its lowest level since the third quarter of 1999. This continued decline represents less than a month’s supply of offered and unsold attached inventory and approximately 6 weeks of detached.
MarketPointe™ Realty Advisors, Inc. provides new housing market statistics throughout California via its ResidentialTrends™ new-home database and its LandTracker™ proposed development database, as well as site specific, tailored housing market research and consulting services. Comprehensive “Housing Market Overviews” providing new home sales, pricing, housing inventory trends, future housing supply, and new and leading developments are available for regions across California by going to www.marketpointe.com/landing. Phone San Diego at 619-233-3781, Orange County at 714-528-2554 or Sacramento at 916-710-1396; url:www.marketpointe.com.
- Contact Information
- Robert D. Martinez
- Director of Research
- MarketPointe™ Realty Advisors, Inc.
- Contact via E-mail
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