The General State Of The Market
The Market is still hot for home sellers! Home values are still rising! As of May 2018, the Multiple Listing Service (“MLS” the resource most lenders, brokers, and realtors use to monitor and list in the Real Estate Market), shows that the Median Sales Price’s of homes in their database (which covers a large segment of California) has gone up 7.7% in the last twelve months. How does this translate? The same house 12 months ago on average would have sold for 520k, today it will sell for 560k.
If your looking to sell your home sometime this year, data show that the market will not always be increasing . The Charts show that that there was a 5% decrease at the end of last year (around the holidays). That 5% dip translated to a loss of around 25k on average for waiting until the end of the year. If your looking to sell this year do it while the market is high and stay away from the months surrounding holidays.
How Has This Effected Your Neighborhood?
Looking at the local data, we see an average increase of 6% in Riverside and San Bernardino Counties, with a record increase in the city of Moreno Valley (a city in Riverside County) of 9.3% in the last 12 months!
In Riverside County a home that would have sold for 350k twelve months ago, will now sell for 370k! If your thinking about moving and you live in the city of Riverside, now is the time to act. And if you are not yet ready, when was the last time you had your home evaluated? Click here to receive a home value report. It will give you a rough estimate on what you are sitting on. For a more accurate evaluation an agent will need to perform a home walk through, but the report is the first step you must take to keep track of your asset. Plus it is nice to see how much equity your sitting on 😊!
San Bernardino County
It has been even better for San Bernardino County! They saw an Average Rise of 7% in the last 12 months. A home that would have sold for 320k this time last year now sells for 342k!
The City of Moreno Valley Saw the largest increase of 9.3% in the last 12 months. A Home that would have sold for 300k this time last year now sells for 328k!
If you are thinking of selling don’t wait! Homes are selling fast! Since the beginning of the year the average length a home stayed on the market has dropped to 15 days!
There is no telling when the market will drop but as the Moreno Valley Real Estate Experts we will are always watching our market. If you would like us to collect and summarize data other from other cities than what you see here, drop a comment below and we will be sure to update you. Thanks for reading!