Appraiser Adjustment Matrix
Area Perris - Nuevo Date 11/17/2010
|
Square Footage |
0-3 Months |
4-6 Months |
Difference |
|
2800-3000 |
$195,000 |
$189,560 |
$5440 |
|
2600-2800 |
$191,000 |
$205,000 |
$-14,000 |
|
difference |
$4000 |
$-15,440 |
////////////////// |
|
2400-2600 |
$190,000 |
$177,900 |
$12,100 |
|
difference |
$1000 |
$27,100 |
////////////////// |
|
2200-2400 |
$170,000 |
$175,000 |
$5000 |
|
difference |
$20,000 |
$2900 |
////////////////// |
|
2000-2200 |
$170,000 |
$165,000 |
$5000 |
|
Difference |
$0 |
$10,000 |
////////////////// |
|
1800-2000 |
$150,000 |
$160,000 |
$-10,000 |
|
Difference |
$20,000 |
$5000 |
////////////////// |
|
1600-1800 |
$147,000 |
$145,000 |
$2000 |
|
Difference |
$3000 |
$15,000 |
////////////////// |
|
1400-1600 |
$140,000 |
$142,000 |
$-2000 |
|
difference |
$7000 |
$3000 |
////////////////// |
|
1200-1400 |
$125,000 |
$125,000 |
$0 |
|
difference |
$15,000 |
$17,000 |
////////////////// |
|
Difference TOTAL |
$70,000 |
$64,560 |
$3540 |
|
Divide by 8 |
$8750 |
$8070 |
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|
Divide by 9 |
////////////////// |
///////////////// |
$393 |
|
Divide by 200 sq' |
= $ per Sq' $44 |
= $ per Sq' $40 |
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|
Divide by 90 days |
////////////////// |
///////////////// |
= $ per day $4 |
Data used is median sales prices in the area - for either current to 3-months or 4-6 months; by house square footage ranges. In the gray boxes in the difference between the 2 median prices per the adjacent ranges. The result is the difference in value per square foot is $44 / $42 (square footage adjustment - market driven). And the amount of price increases is a very low $4 per day (or about $120 per month) basically a stable market.
|
|
Total Number |
% Standard |
% REO |
% Short Sales |
||||||
|
Active Listings |
507 |
14% |
22% |
57% |
||||||
|
Pending Sales |
321 |
11.5% |
39% |
46% |
||||||
|
Closed Sales |
111 |
24% |
44% |
27% |
||||||
|
Sold 1-year ago |
190 |
17% |
61% |
19% |
||||||
|
Median sold prices |
Standard Sq' |
REO per Sq' |
Short per Sq' |
Standard DOM |
REO DOM |
Short sales DOM |
||||
|
2009 |
$84 |
$72 |
$74 |
44 |
25 |
121 |
||||
|
2010 |
$85 |
$79 |
$80 |
52 |
50 |
126 |
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Data here is the number of SFR listings and pending sales in 1-month, and sales from the same time period last year. Note the large drop in the number of sales (in 2009 190 sales in 2010 only 111 sales). Most of the sales now and last year are the REOs, but most of the current listings are short sales. Note median prices are up in 2010 over 2009 - but the days on the market (DOM) is increasing.
No chart provided: but my listing / 30 days of pending sales research (11/17/2010) for Perris - Nuevo, CA. found the inventory is growing and the number of sales is declining. Based on the number of single family home sales pending (in 1-month) vs. the number of listings we have over 4 months of inventory. About 1-month ago it was approaching 3.5 months of inventory. in contrast about 1-year ago the standing inventory was about 2 months.
A growing inventory of homes for sale, with fewer sales and a noticed reduction in the price increases (reported by the matrix research done in the Summer of 2010 - the rate of price increases over the spring was in the $77 per day range) - could indicate the beginning of price declines.
Beverly A. Bayer, SRA - Moreno Valley Real Estate Appraiser
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