East Riverside New Housing Sales Surge in First Quarter, 2007
FOR IMMEDIATE RELEASE
In the East Riverside new home market, an increase in activity resulted in a sales volume surge. With more newly active projects entering the market this quarter than sold out last quarter, overall net sales responded with a 64 percent upswing in volume to 898 total net sales. According to MarketPointe Realty Advisor’s ResidentialTrends, although the attached sector posted an 88 percent increase over last quarter to 94 net sales, the bulk of the net sales volume in the region is detached. The detached sector increased by more than 61 percent this quarter to 804 net sales.
Overall inventory in the region pushed higher this quarter increasing by 4 percent over fourth quarter, 2006. However, of these units, roughly 14 percent are units that have been released and remain unsold while the bulk of the total inventory remains in future phases of current developments. In the attached sector, total inventory increased by 3 percent. The bulk of attached inventory, 79 percent, has yet to be released. In the detached sector, total inventory increased 4 percent. Of these units just 14 percent are available for immediate purchase, marking the first unsold inventory decline in two years.
In addition to MarketPointe’s quarterly surveys of East Riverside County, new home sales reports are published for Kern, Imperial, Greater Los Angeles, Ventura, Orange, Santa Clarita-Antelope Valleys, West 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. For a complete housing report on a specific development region contact the nearest office, San Diego at 619-233-3781, Orange County at 714-528-2554, website is www.marketpointe.com/res_trends.shtml.
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