New Home Pricing More Affordable for Entry Level New Home Buyers in West Riverside County

West Riverside County, California- Comparing the second quarter of 2007 with the second quarter of previous years, new home price ranges that had nearly become extinct have seen a resurgence in sales, as developers meet the demand for entry level new home buyers. In the attached sector, there were 28 sales under $200,000, more than the three previous second quarters combined. In the detached sector, the under $300,000 range had 125 sales this quarter, more than the previous two second quarters combined.
According to ResidentialTrends quarterly publication, sales in the second quarter of 2007 ranged from a low of $179,900 for a one-bedroom condominium conversion in Riverside to $499,000 for a four-bedroom townhome in Riverside in the attached sector, and from $240,000 for a detached home in Beaumont to $2,233,500 for a 5,041 square foot home in Corona.
In the attached sector, the largest percentage of sales (36 percent) were priced from $250,000 to $300,000, with an additional 25 percent priced from $300,000 to $350,000. There were 28 sales that were priced under $200,000, with 23 sales priced from $200,000 to $250,000, and 26 sales priced over $350,000, with16 of those priced over $400,000.
In the detached sector, the majority of homes sold for between $300,000 and $500,000, with 36 percent priced between $300,000 and $400,000, and 32 percent priced between $400,000 and $500,000. There were 125 sales priced under $300,000, up 140 percent from last quarter, with the remaining 217 sales priced over $600,000.
In addition to MarketPointe’s quarterly surveys of West Riverside County, new home sales reports are published for Kern, Imperial, Greater Los Angeles, Ventura, Orange, Santa Clarita-Antelope Valleys, East Riverside, San Bernardino and San Diego Counties.
MarketPointe Realty Advisors ResidentialTrends is a quarterly comprehensive publication with detailed new residential and proposed development activity throughout Southern California. 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. Phone San Diego at 619-233-3781, Orange County at 714-528-2554, url:www.marketpointe.com/res_trends.shtml.

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Russ Valone

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