Still Searching for a Bottom in East Riverside County
“The East Riverside new-home market remains a market searching for a bottom” notes Robert Martinez, Director of Research at MarketPointe™ Realty Advisors, Inc. The fourth quarter of 2009 marks the fifth net sales decline in the last two years. Since the market peaked in 2004 with more than 5,800 net sales, total volume has fallen every year: with 2009 ending with fewer than 1,000 net sales. The last time East Riverside had less than 1,000 net sales was 1992. Last quarter’s overall net sales showed a 23 percent decline from the previous quarter, also the worst fourth quarter total since 1992. This decline is represented by a 64 percent net sales decline in the attached sector and a 21 percent decline in the detached.
Not surprisingly, the overall weighted average price also fell last quarter. The 14 percent drop was primarily due to a poor showing in the detached sector, which dropped more than 15 percent. The attached sector actually saw an increase of 32 percent in the weighted average price as the weighted average home size grew by 27 percent.
ResidentialTrends™ also reported a decline in inventory levels for East Riverside County by 6 percent over the previous quarter. At current sales rates, this offered an unsold inventory represents close to 22 months of attached supply with the detached supply lasting roughly four months. Future phase inventory continues to hold the bulk of total inventory with over 13 years of supply in unreleased active developments in the attached sector and approximately four years 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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