Mira Loma single-family home inventory showed continued signs of market stability in February 2010.
February 2010 Summary Results:
- Sold prices ranged from a low of $35,000 to a high of $399,900
- Price per square foot ranged from a low of $35.14 to a high of $182.51
- Days on market ranged from a low of 6 days to a high of 262 days
- Sale-price to list-price ratio ranged from a low of 0.29 to a high of 1.12
- Total sales were 24 single-family homes
Average selling price in February 2010 was $243,804 with the lowest priced sale located at 10517 50th Street which sold for $35,000 vs. listed price of $121,000 and was a bank-owned home listed by an Ontario based agent. The buyer paid cash for the property which apparently had significant code issues. It was on the market for a total of 71 days before the all-cash offer was accepted. The highest priced sale was located at 7056 Mackinaw listed by a Hesperia based agent which sold for $399,900 which was also the asking price for this bank owned home. A Corona based selling agent represented the FHA financed buyer.
Average price per square foot was down from January's $131.85 per square foot to February'$127.56 per square foot. If the significantly discounted bank owned property on 50th is removed, the average for February was $131.58. Year-over-year results are also down with average price-per-foot decreasing from February 2009's $137.14.
Average days on market was 75 days (excluding 50th St property) but a deeper look into the data is required to understand what is actually happening as short-sale listings distort the data. Here is the break-down of days on market when looking at sale type:
- REO Listings: 33 days on market
- Standard Listings (investor & other): 45 days on market
- Short-Sale Listings: 147 days on market
Average sale-price to list-price ratio was 1.02 (excluding the 50th Street property) which reflects the competitive nature of all listings in Mira Loma. Bank owned properties are continuing to generate significant demand and overbids:
- REO Listings: 1.04 sale-price to list-price ratio (range 1.00 to 1.12)
- Standard Listings: 1.00 sale-price to list-price ratio (range 0.99 to 1.03)
- Short-Sale Listings: 1.00 sale-price to list-price ratio (range 0.81 to 1.08)
Total sales of single-family homes in February 2010 were 24 homes versus 21 homes in January 2010 and 17 home sales in February 2009. Of the 24 homes sold in January 2010, 8 were short-sale, 12 were REO leaving 4 homes sold as standard listings.
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