Perris - Nuevo, California December 2010 Market Conditions

Appraiser Adjustment Matrix

Area              Perris - Nuevo                             Date 12/14/2010

Data indicates the difference in price per square foot was $44 for the 3 most current months (and $42 per square foot for the 3-month prior period) - this is a market driven amount - or an adjustment an appraiser should be using.  Homes are losing value at the current rate of $15 per day (between the most recent 3-months vs. the prior 3-month period). 

Next we see there are 507 single family homes currently listed for sale (with 111 pending sales and 110 closed sales in 1-month): most of the listings are short sales, most of the pending and closed sales are the REOs.  Year-over-year there has been a significant drop in the number of homes sold (110 in 2010 vs. 188 in the same 1-month period in 2009), but prices have move up (year-over-year) but not 3-months vs. 3-months.  The standard sales pull the highest prices per square foot and the short sales take the longest time to sell.

Based on 1-month of pending sales and current number of MLS single family home listings - there is now 4.6 months of standing inventory.  About 1-year ago there was about 2.4 months of inventory.  About 1-year ago (1/13/2009) prices per a Matrix at that time indicated home prices were moving up at a daily rate of: $67 - now they are going down at a daily rate of $15.