East Riverside Offers a Variety of New Home Prices Targeting a Large Range in Home Buyers
The East Riverside new home market continues to offer homes on both ends of the pricing spectrum. Prices of homes offered this quarter range from a low of $139,900 for a condominium conversion unit in Bermuda Dunes, to a high of $2,595,000 for a detached home in Palm Springs.
In the attached sector, the most affordable sub-$200,000 price band posted negative net sales this quarter. Of the bands posting positive numbers, the $350,000 to $400,000 range accounted for 46 percent of the net total. An additional 14 percent were priced above $500,000. Looking at the first two quarters of each of the last four years, in the first half of 2004 and 2005, the bulk of attached net sales were focused above $500,000. In the first half of each of the last two years, a combined 67 percent of net sales were positioned below $400,000.
In the detached market, the largest percentage of net sales occurred in the $350,000 to $400,000 range with more than 24 percent of net sales this quarter. Nearly 18 percent were posted in the over $600,000 range and 17 percent in the $300,000 to $350,000 range. As recently as the first half of 2004, 37 percent of all detached net sales were focused below $300,000 but that percentage dropped substantially in each of the next three first halves down to 9 percent in the first two quarters of 2007.
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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