Continued Decline in East Riverside Sales

Overall net sales in East Riverside County continue its steady decline. Sales peaked in the fourth quarter of 2003, with nearly 2,300 sales, and have recorded a 95 percent decline to date, according to Robert Martinez, Director of Research for MarketPointe™ Realty Advisors, Inc. Martinez reports in the attached sector “net sales volume pushed below zero for the first time since the second quarter of 2001.” The detached sector fared about the same with a 36 percent decline in sales, resulting in the lowest single quarter output in more than 14 years.

“Despite a net sales total in negative territory,” the six attached sales in the second quarter boosted the weighted average price by nearly 26 percent, states Martinez. Weighted average home size jumped 20 percent in the attached sector as well. The detached sector also saw an increase in weighted average price, 14 percent over last quarter. Home sized also increased in this sector by more than 5 percent.

East Riverside showed a 5 percent decrease in overall inventory this quarter. The bulk of this inventory, more than 93 percent, is in unreleased future phases of existing developments. At current sales rates the offered and unsold attached supply will last more than eight months, while the detached inventory represents roughly four months of supply. Future phase inventory has more than 5 years supply in attached developments and more than four in detached developments.

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