Moreno Valley, CA Market Statistics for May 2011

By Eric Fischer

Real Estate Agent with Coldwell Banker Pioneer Real Estate

June 13, 2011 10:56 AM

Hey Everyone,

Here are your Market Statistics for Moreno Valley, CA for May 2011:

Sales: During the month of May, we saw 248 residential sales in the City of Moreno Valley. This number is down 5.3% from last month and down 23% from this time last year. The average sale price for the month came in at $161,012 which is up 4.5% from last month and down 3.1% this time last year. The good news out of this is that property values citywide are up 14.7% May of 2009.

Listings: 370 New Residential listings came on the market during the month. Out of these properties, 107 were standard equity listings, 124 were bank-owned or real estate owned, 138 were short sales, and 1 probate listing. The total number of new listings are up 7.2% from last month but down 10.8% from this time last year. The average listing price last month came in $163,793 which is up slightly from last month, but down 2.3% from May of 2010.

Days on Market: Currently, houses are selling at an average of 84 days. If you take out all of the short sales, then the average days on market goes down significantly to 43 days. This is because of the time needed to obtain lenders approval for the short sale. I believe that the 43 days provides a better snapshot of the market, because most of these short sales getting multiple offers within the 43 day timeframe.

Inventory Supply: Right now, if no other properties came on the market, how long would it take for all the homes currently on the market to sell? The answer is 2.33 months. This is called the month supply of inventory. It is based on the number of available properties and the absorbtion rate. So, what does this mean? A healthy supply of inventory would be between 6 and 9 months. This means that there are not enough homes on the market and we need more homes to sell because new listings are getting multiple others within a week of being listed.

Highs and Lows: The lowest listed home during the month of May in Moreno Valley was listed at $47,000 versus the highest priced listed at $535,000. The lowest sold home in Moreno Valley during May was sold for $50,000 while the highest was sold for $369,000 and it was sold by our office.