Appraiser Adjustment Matrix
Area Hemet - San Jacinto Date 11/17/2010
|
Square Footage |
0-3 Months |
4-6 Months |
Difference |
|
2800-3000 |
$172,500 |
$170,000 |
$2500 |
|
2600-2800 |
$160,000 |
$168,950 |
$-8950 |
|
difference |
$12,500 |
$1050 |
////////////////// |
|
2400-2600 |
$165,000 |
$165,000 |
$0 |
|
difference |
$-5000 |
$3950 |
////////////////// |
|
2200-2400 |
$155,000 |
$153,000 |
$2000 |
|
difference |
$10,000 |
$12,000 |
////////////////// |
|
2000-2200 |
$151,100 |
$150,000 |
$1100 |
|
Difference |
$3900 |
$3000 |
////////////////// |
|
1800-2000 |
$139,900 |
$144,750 |
$-4850 |
|
Difference |
$11,200 |
$5250 |
////////////////// |
|
1600-1800 |
$129,900 |
$133,000 |
$-3100 |
|
Difference |
$10,000 |
$11,750 |
////////////////// |
|
1400-1600 |
$120,000 |
$120,000 |
$0 |
|
difference |
$9900 |
$13,000 |
////////////////// |
|
1200-1400 |
$101,000 |
$106,000 |
$-5000 |
|
difference |
$19,000 |
$14,000 |
////////////////// |
|
Difference TOTAL |
$71,500 |
$64,000 |
$-16,300 |
|
Divide by 8 |
$8937 |
$8000 |
////////////////// |
|
Divide by 9 |
////////////////// |
///////////////// |
$-1811 |
|
Divide by 200 sq' |
= $ per Sq' $45 |
= $ per Sq' $40 |
////////////////// |
|
Divide by 90 days |
////////////////// |
///////////////// |
= $ per day $-20 |
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. Market extracted data indicates the difference in value per square foot was $45 in the most recent 3-month period and $40 per square foot in the prior 3-month period. On average between the 2 time periods single family home were declining at the rate of $20 per day or about $600 per month.
|
|
Total Number |
% Standard |
% REO |
% Short Sales |
||||||
|
Active Listings |
852 |
16% |
23% |
47% |
||||||
|
Pending Sales |
187 |
10% |
57% |
16% |
||||||
|
Closed Sales |
206 |
21% |
42% |
23% |
||||||
|
Sold 1-year ago |
283 |
8% |
65% |
15% |
||||||
|
Median sold prices |
Standard Sq' |
REO per Sq' |
Short per Sq' |
Standard DOM |
REO DOM |
Short sales DOM |
||||
|
2009 |
$81 |
$64 |
$60 |
36 |
25 |
148 |
||||
|
2010 |
$75 |
$66 |
$63 |
60 |
53 |
122 |
||||
Data indicates most of the listings are now short sales (while in the same time period 1-year ago most sales were REOs). Fewer home are selling (206 in the past month, compared to 283 last year in the same time period), also note days on the market are increasing. Median prices have increased year-over-year, and the standard sales pull the highest prices per square foot.
I am also finding the inventory is growing - now at about 4.5 months, while about 6-months ago the inventory was at about 2.6 months. Data shows prices are declining - which often happens when the inventory grows and the number of sales decreases.
Beverly A. Bayer, SRA - Moreno Valley Real Estate Appraiser
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