A brief synopsis of the Corona market report for January.
For the month of January 2011, we saw a total of 172 homes that were sold. 
- The average selling price for a 4+ bedroom house was at $353k.
- The average selling price for a 3 bedroom house was $275k
- The average selling price for a 2 bedroom house was $313k.
- The average time on the market for the month of January 2011 was 87 days.
The prices of homes sold are still less that what a seller could sell for 1 year ago. However, the number of houses sold has definitely increased from January 2009. Prices in Corona and its vicinity are still very depreciated.
For the month of January 2011:
- 43 homes were bought by cash
- 66 homes were with FHA financing
- the remainder were conventional loan
The type of buyers who are purchasing Corona properties are equally divided between cash buyer, FHA and conventional.
This is a decrease from the month of December of 2010 when:
- 99 homes were financed by conventional buyers
- 54 cash buyers
- 64 FHA financing.
Realtors in the Inland Empire are still hopeful that we will be seeing an upswing in the market for the months of February and March of this year. This is due to the steady increase in interest rates. The majority of realtors are reporting a strong activities in home showings and offers submitted. We are all predicting a strong market by Spring of 2011.
The market has increased from a year ago and prices are increasing as well but at a much slower pace. The bottom seems to have been reached in 2010. So if you are in the market, jump in now.........before interest rates go up.
Jan-11 Quick Facts for Riverside County - Prepared by National Association of Realtors Data Report
- The median price of existing single-family homes increased to $240,000 up 6.7% vs Dec-10
- Existing single-family home sales decreased 11.4% from Dec-10 for a Jan-11 total of 4,185
- Condos decreased in price to $195,000 down 6.7% vs Dec-10
- Existing condo sales increased 13.0% in Jan-11 over Dec-10 for a total of 723
The following is data presented by the local MRMLS (listing report)
Jan-11 Multi Regional Multiple Listing Service, Inc. Regional Sales and Price Activity
| Multi Regional Multiple Listing Service, Inc. | Median Price | Percent Change in Price from Prior Month | Percent Change in Price from Prior Year | Total # Units | Percent Change in Sales from Prior Month | Percent Change in Sales from Prior Year |
| Jan-11 | Dec-10 | Jan-10 | Jan-11 | Dec-10 | Jan-10 | |
| MLS Wide | ||||||
| MRMLS (Single Family) | $240,000 | 6.7% | 14.3% | 4,185 | -11.4% | 13.3% |
| MRMLS (Condo) | $195,000 | -6.7% | 2.6% | 723 | 13.0% | 41.2% |
| Beaumont | $187,000 | 3.3% | -6.5% | 41 | -34.9% | -31.7% |
| Chino | $299,900 | 3.4% | 5.2% | 43 | -10.4% | 48.3% |
| Chino Hills | $412,500 | -9.9% | -12.2% | 46 | -8.0% | 17.9% |
| Colton | $132,450 | 6.0% | 15.2% | 40 | -4.8% | 2.6% |
| Corona | $313,250 | -3.6% | -5.1% | 172 | -18.5% | 13.9% |
| Covina | $326,000 | 0.3% | 0.3% | 28 | -30.0% | 33.3% |
| Fontana | $205,000 | -4.0% | 7.9% | 183 | -19.7% | -9.0% |
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