Real Estate Market Report
This market report covers an area in Southern California known as the inland Empire, which covers the western part of Riverside and San Bernardino Counties. This information is from three sources, IVAR (Inland Valley Association of Realtors), CMRMLS (the Multiple Listing Service the covers Southern California), and Chicago Title.
New Listings from January to August:
2022 34.421 which is a decrease of -4.4 %.
Sold Listings from January to August:
2022 25,876 which is a drop of -12.9 %.
Median Sales Price from January to August:
2022 $595,386 which is an increase of 13.8 percent
Even though prices have gone up overall, the factors such as higher interest rates, increasing inventory, and high housing prices, have caused a downward trend in prices as shown by the graph above. Also note that overall there have been more listings going on the market than homes that have sold, thus increasing inventory and decreasing competition for buyers.
In fact, the sold prices vs. listing prices shows that most listings reduced their prices prior accepting an offer or they had to accept an offer lower than the list price.
August 2021 homes sold on an average of 103.36% higher than the list price.
August 2022 homes sold on average 99.40% of the list price or 3.8% less than last year’s home sales prices.
IVAR Market Report:
According to Chicago Title’s local market analysis for Riverside: Median prices are generally falling and the number of days on the market has increased to around 40 to 50 days.
47% of listed homes have decreased their original list price before accepting an offer.
Only 4% of the listings increased the original list price before accepting an offer.
A final bit of information for those that are looking to list their homes soon:
If you have any questions or would like more information please contact us.