As we hit the end of June here soon, I wanted to give an update on the local real estate market. As I stated last time, we continue to feel the effects of low inventory in Southern California.
According to this Press Enterprise article:
There were 22,466 new and resale houses and condos last month in Riverside, San Bernardino, Orange, San Diego, Los Angeles and Ventura Counties.The median price for home in all those counties was $459,500, the highest median price for any month since since September 2007, on the eve of the Great Recession, when the price was $462,000.
In our local real estate market (San Bernardino, Riverside) we saw 6,467 sales in May. 6 percent increase in San Bernardino from May 2015 and only a 2.4 percent increase in Riverside.
Median Sale Price
San Bernardino County: $285,000 (12 percent increase from a year ago)
Riverside County: $330,000 (6.5 percent increase)
It is interesting to note, that even though the market is healthy and prices are coming back to levels we haven’t seen in over 8 years. We still have sellers concerned about many things, which is why prices are so high.
If you are considering selling soon…take a look at these numbers:
- Inventory woes have yet to go away. Total housing inventory rose 1.4 percent to 2.15 million existing homes available for sale, but is still 5.7 percent lower than May 2015’s numbers.
- Homes are flying off the market in May, with 49 percent of homes staying on the market 30 days or less.¹
I do not have a crystal ball for when is the right time to buy and sell. I don’t act like I can predict these things. If you are asking that question, its important to focus less on the market(first), and more on these three things:
- How long do you plan to say?
- Financial Security (good job)
- Do you have the money?
The first two in that list can probably be tackled on your own. If you are unsure about your financial situation , remember we can always schedule you to come in to our office to work with a professional. If you want, our office can help with payments, credit repair, and much more.
Where are you in the home buying/selling process?
Author: Ruben Hernandez