MarketPointe™ Reports Residential History in West Riverside County

From the historical low of 4,973 overall net sales in 1995, it took ten years for the West Riverside new home market to reach its peak of 22,337 overall net sales in 2005, according to MarketPointe™ ResidentialTrends™ data. However, it has only taken three years for this region to nearly equal the previous net sales low. Net sales volume has dropped 77 percent since 2005 and 39 percent from last year. In the attached sector, net sales volume fell 65 percent to 53, the lowest quarterly total since the fourth quarter of 2003. Attached net sales are down 8 percent from last year and 77 percent from the peak in 2005. In the detached sector, net sales decreased 44 percent to the lowest quarterly output on record. From a year over year perspective, detached net sales are down 41 percent from 2007 and 77 percent from the peak in 2005.

MarketPointe’s Director of Research, Robert D. Martinez reports, “Overall weighted average price in the region reversed an eight consecutive quarter decline this quarter by increasing 0.3 percent. In the attached sector, weighted average price resumed its downward trend falling 7 percent. Attached weighted average home size increased 5 percent and when combined with the price decline, resulted in an 11 percent drop in the value ratio. In the detached sector, the weighted average price fell for the ninth consecutive quarter”.

Overall total inventory decreased for the fifth consecutive quarter, falling 7 percent this quarter. Total attached inventory levels fell for the eighth consecutive quarter, dropping 5 percent this quarter. Total detached inventory fell by 7 percent this quarter, the lowest level since the third quarter of 2004.

MarketPointe™ Realty Advisors 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, Sacramento at 916-710-1396; url:www.marketpointe.com.

Contact Information

Robert D. Martinez

Director of Research

MarketPointe™ Realty Advisors, Inc.

Contact via E-mail