East Riverside Sees a First Quarter Rally
Although East Riverside is still in “critical condition”, according to Robert Martinez, Director of Research for MarketPointe™ Realty Advisors, Inc., this quarter showed signs of life. Sales volume rose in both sectors by 35 percent over last quarter. The attached sector saw a gain of 475 percent, due in large part to its “bit player” status in the past. Continuing with the positive news, the detached sector also rebounded with a 23 percent quarterly volume increase.
The weighted average price in the region fell a meager 2 percent this quarter. Martinez notes the weighted average price in the attached sector “increased more than 20 percent…as weighted average home size dropped nearly 3 percent.” The detached sector saw a drop of less than 2 percent in its weighted average price from last quarter.
ResidentialTrends™ also reports on total inventory in the region, noting a 16 percent drop this quarter. Unfortunately, this decline is primarily due to projects pulling out of the market, not “stellar sales.” Nearly 92 percent of this inventory is in unreleased future phases of existing developments. The offered and unsold inventory represents just over seven months of attached supply and roughly four months of detached. Future phase inventory consists of four and a half years of attached supply and 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
- Contact via E-mail
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