Some Stabilization is Found in West Riverside
As is usually the case, this quarter has made strides over last. However, this year’s first quarter growth is above that of 2009 – the first time this year-over-year growth has been seen since the first quarter of 2004. According to Robert Martinez, Director of Research for MarketPointe™ Realty Advisors, Inc., this progress “along with temperate price movement and inventory declines, provides a picture of a stabilized market,” before adding “albeit a fragile one.”
West Riverside has shown a 21 percent increase in net sales volume this quarter, despite a continued decline in the number of actively selling developments. Sales volume increased 45 percent in the attached sector and 20 percent in the detached.
Martinez further reports minor movement in average value ratio in both sectors. With a slight 0.6 increase in weighted average price and a roughly 3 percent increase in home size, the attached sector shows a 2 percent drop in average value ratio. This quarter’s detached value ratio decline of slightly more than 2 percent is due to a weighted average price drop of just under 4 percent combined with a meager 1 percent increase in home size.
Attached inventory levels in West Riverside have dropped by 19 percent over last quarter. 11 percent of these units were made available to the market yet remain unsold. Detached inventory also fell this quarter, an 11 percent decline, to its lowest level since 1998. Eight percent of these units were offered and unsold, up nearly 5 percent over last quarter. Offered and unsold attached inventory represents less than a month of supply while the detached sector has just over six weeks supply.
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
- Contact via E-mail
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