West Riverside County New Home Sales REVERSES Three Quarter SLIDE In Q1, 2008
West Riverside County, California- April, 2008 Total net sales reversed a three quarter slide, increasing by 25 percent this quarter to 1,691 net sales. This increase in sales comes despite a decline in the number of actively selling projects according to ResidentialTrends quarterly new home statistics publication, produced by MarketPointe Realty Advisors, Inc.
In the attached sector, net sales rebounded sharply, increasing by 136 percent, the highest level since the second quarter of 2007. One new project entered the market and accounted for four net sales. The absorption rate increased for the first time in the last four quarters, up to 0.60 sales per week per development. However, on a year over year basis attached net sales are down 10 percent from the first quarter of 2007 and 71 percent from the first quarter of 2006. “Despite the year over year numbers, the sharp increase in first quarter sales provides us with optimism on the new home market sector for West Riverside”, said Russ Valone, President, MarketPointe Realty Advisors, Inc.
In the detached sector, net sales increased by 18 percent, the first quarterly increase since the first quarter of 2007. The number of active projects continued the downward trend this quarter, with 320 actively selling detached projects this quarter compared with 332 last quarter. On a year over year basis, detached net sales are down 44 percent from the first quarter of 2007 and 61 percent from the first quarter of 2006.
There were 13 new projects this quarter, while 25 sold-out last quarter. The absorption rate increased this quarter to 0.40 sales per week per project, a result of an increase in sales and a decrease in the number of projects.
MarketPointe Realty Advisors provides comprehensive real estate database products throughout California via its ResidentialTrends new home statistics database and its LandTracker proposed development database, as well as site specific, tailored consulting services. Thirty page regional specific Housing Market Overviews may be obtained by going to www.marketpointe.com/landing. Phone San Diego at 619-233-3781, Orange County at 714-528-2554, Sacramento at 916-710-1398, website is www.marketpointe.com.
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- MarketPointe Realty Advisors
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