San Jacinto, CA at the north end of the Hemet - San Jacinto Valley has been one of the hardest hit areas in the country when it comes to foreclosures and the loss of value in residential real estate. For those who review the data on a national level, the Hemet - San Jacinto Valley is in the Southern California Region known as the Inland Empire which consists of San Bernardino and Riverside Counties.
The MLS data shows that there have been 1,841 homes added to our inventory over the past 12 months (November 2008 thru October 2009) of which 1,501 homes sold and closed escrow.
The number of new listings peaked back in March, with 195. The same month there were 143 closed sales reported to the MLS. January and November, 2008 were both busy months as well with 187 and 175 new listings, respectfully with 116 and 114 closed sales for the corresponding months.
The busiest sales month was April when 148 homes closed escrow and were reported to the MLS. In May, there were 145. As already pointed out, March was very busy with 143 closed sales.
After the peak closed sales in May, with the 145, the local San Jacinto, CA market saw a steady decline of productivity. Dropping to 135 closed sales in June, 130 in July and then down to 104 in August and only 104 in September. Now because everyone was planning for the housing tax credit to disappear by the end of November, there was a big push to sell more homes in October, when we ended up with 125 closed sales reported to the MLS.
LIST PRICE vs. SOLD PRICE
What is very peculiar about the current market conditions is that in 8 of the past 12 months the Average Sold Price has been higher than the Average List Price.
Studying the chart below, I also find it very interesting that the price points in the City of San Jacinto are very close to what they were at the beginning of the year, despite some very real low points in the last Spring and early Summer.
What does the future hold...well I have my own opinion and no it does not mirror the optimistic forecast by either the California Association of REALTORS® (C.A.R.) or the National Association of REALTORS® (N.A.R.).
More market reports are coming soon, looking at this data in greater detail as we look at the difference between the bank owned REO inventory and the Short Sale Inventory.