New Homes Sales Volume Increases Across West Riverside County
West Riverside County, California- Total new home net sales have increased for the second successive quarter, up by 10 percent from last quarter, to 2,906. Sales in the first quarter are still below the levels seen at the beginning of the previous two years, however the boost in the last two quarters shows a positive sign for the market since 2006.
Two new attached projects were surveyed this quarter along with 26 new projects in the detached sector. Total developments for the 1st quarter of 2007 came to 383, with sales averaging 0.80 sales per week per development. This is up notably from the last two quarters.
According to MarketPointe Realty Advisor’s ResidentialTrends report, the weighted average price for the county fell slightly, 0.5 percent, a $2,639 decrease, with average increase in home sizes of 1.1 percent. Following this trend the overall price per square foot fell 1.7 percent as well.
Overall inventory levels remain practically unchanged with only a small decrease of 118 units, or 0.53 percent from the last quarter. The majority of units, 85 percent, are in future phases of current development. Of the total 22,254 unit inventory in development, only 3,281 homes are being offered and unsold. This level of inventory represents 3.3 months of supply for attached homes, and 3.4 months of supply for detached homes.
In addition to MarketPointe’s quarterly surveys of West Riverside County, new home sales reports are published for Kern, Imperial, Greater Los Angeles, Ventura, Orange, Santa Clarita-Antelope Valleys, East Riverside, San Bernardino and San Diego Counties.
MarketPointe Realty Advisors ResidentialTrends is a quarterly publication, and is considered the most comprehensive and detailed audit of new residential activity throughout Southern California, from an unbiased, yet knowledgeable source. MarketPointe Realty Advisors provides new home and available land information and real estate consulting services. The offices are located in San Diego and Orange County, with representation throughout California. Phone San Diego at 619-233-3781, Orange County at 714-528-2554, website is www.marketpointe.com/res_trends.shtml.
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- Russ Valone
- MarketPointe Realty Advisors
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