Rancho Cucamonga - Alta Loma zip code 91737 single-family home inventory showed continued signs of price stability in February 2010 with sales remaining consistent month-over-month and up compared to February 2009.
February 2010 Summary Results:
- Sold prices ranged from a low of $265,000 to a high of $1,170,000
- Price per square foot ranged from a low of $178.24 to a high of $246.43
- Days on market ranged from a low of 6 days to a high of 143 days
- Sale-price to list-price ratio ranged from a low of 0.92 to a high of 1.03
- Total sales were 16 single-family homes
Average selling price in February 2010 was $512,025. The lowest priced sale was located at 9754 Balaton Street which sold at $265,000 vs. the listed price of $259,900 and was an investor-owned standard sale listed by a Riverside based broker. The buyer financed using a VA loan. The highest priced sale was located at 10441 Hillside Road listed by an Upland based broker which sold for $1,170,000, well below the asking price of $1,250,000. The buyer who financed the transaction with a conventional loan using a Rancho Cucamonga based broker.
Average price per square foot was up from January's $187.84 per square foot to February's $206.34 per square foot. Year-over-year results are also up with average price-per-foot increasing from February 2009's $192.19. The increase in average-per-square-foot is primarily due to the mix of homes currently selling as overall average price decreased from $543.269 in January to February's $512,025. The average selling price is well up from the year-ago average price of $469,620. The lowest price-per-foot sold home was a bank owned property at 9373 Coca Street which sold for $498,000 which was the listed price. The Claremont based broker represented both the buyer and the sell. The highest priced per square foot sale was a bank-owned listing at 5077 Carriage Street which sold for $665,000 for the 3142 squre foot home. The selling price was almost $20,000 above asking price and the buyer financed the sale with conventional financing.
Average days on market was 50 days but a deeper look into the data is required to understand what is actually happening as short-sale listings distort the data and bank-owned REOs continue to sell quickly. Here is the break-down of days on market when looking at sale type:
- REO Listings: 32 days on market
- Standard Listings (investor & other): 44 days on market
- Short-Sale Listings: 107 days on market
Average sale-price to list-price ratio was 0.98 which reflects a turn-around in the price premiums we've seen in the past. Bank owned properties are continuing to generate overbidding to asking price:
- REO Listings: 1.01 sale-price to list-price ratio (range 0.99 to 1.03)
- Standard Listings: 0.99 sale-price to list-price ratio (range 0.94 to 1.03)
- Short-Sale Listings: 0.93 sale-price to list-price ratio (range 0.92 to 0.95)
Total sales of single-family homes in Febuary 2010 were 16 homes versus 13 homes in January 2010 and 15 home sales in February 2009. Of the 16 homes sold in February 2010, 2 were short-sale, 3 were REO, 2 investor-owned standard sales, leaving 9 homes sold as standard listings.
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