Is East Riverside’s New Home Market Showing Positive Signs?
MarketPointe™ reports optimism in the East Riverside new home market. Overall net sales volume declines appear to have stabilized and may be headed to the first consecutive quarter sales volume increase in over three years, according to MarketPointe’s ResidentialTrends™ data. “This quarter’s increase of just over 1 percent marks the first fourth quarter increase since the fourth quarter of 2003, and with increases that averaged 84 percent in each first quarter of the previous four years, the first quarter of 2009 appears to be in a solid position” said Robert Martinez, Director of Research, MarketPointe™ Realty Advisors . The attached sector, with a significant second-home buyer clientele, does not appear to be a major contributor to net sales volume in the near future. A 14 percent increase from last quarter may seem significant, but in terms of real numbers, the increase was just three net sales. In the detached sector, net sales volume outpaced last quarter by a single net sale.
Overall weighted average price in the region increased 7 percent this quarter. The weighted average price in the attached sector dropped 26 percent as weighted average home size fell more than 27 percent. The weighted average price in the detached sector increased 10 percent this quarter, a per square foot increase of nearly 7 percent. A 15 percent drop in overall supply from last quarter moved the total inventory count to the lowest level since the first quarter of 2003. Total attached inventory dropped nearly 32 percent this quarter, the lowest level since the third quarter of 2004. In the detached sector, total inventory fell 12 percent from last quarter.
The units of unsold inventory represent the fewest available detached homes in the region since the second quarter of 2005. At current sales rates, offered and unsold attached inventory represents close to 14 months of supply with the unsold detached supply lasting over five months.
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
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