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UPLAND, CA - Single Family Residential Market Report for May, 2013

By
Real Estate Agent with CENTURY 21 Peak, Ca BRE# 01489453 BRE# 01489453

Big changes seen in May.

 

By Brad Rachielles.


May 2013 has brought very significant changes in the real estate market in and around Upland, CA. As suspected, prices continue to climb with average selling prices up 36.2% from this month last year (although this also reflects a substantial increase in the average size of the homes purchased). Square foot pricing is still up 13% from may 2012.

 

Not specifically covered here is the very significant increase in mortgage interest rates seen in the last couple of weeks. Buyers are encouraged to contact their lenders for up-to-date information.

 

The Community

 

Upland leaves the heavy industry, huge entertainment venues and highrise buildings to neighboring cities. Our strength is in our community feeling, great schools, rapidly expanding shopping and access to the major metro areas through our interstates and trains.

 

Lush and green with spectacular mountain backdrops, Upland is within an hour from desert land with fantastic panoramic views. Or, fresh water activities are available here in the valley and the Pacific is just an hour away. You can be snow skiing in just an hour's drive or less. Add this to the major sports, entertainment, art, parks and colleges nearby and you have just about anything you may want in a home community.

 

The NUMBERS

 

This report covers our homes, specifically, Single Family Residents. For now, Condos and town homes are not included in this report. All information here is purely LOCAL and is just what is needed to make LOCAL buying and selling decisions. The data is extracted from the CRMLS and are as of the close of business on the last day of the month. This information is deemed to be accurate, but can not be guaranteed.

 

UPLAND IS STILL VERY MUCH IN A SELLERS MARKET - May, 2013, Stats 

  • Inventory of Unsold homes = 67 active listings - Up substantially, although one month does not a trend make.
  • Properties sold  = 50 Sales.
  • Average Selling Price was UP 36.2% from 2012 and up 1.1% from last month to: $478,204
  • Selling Price as a % of Asking Price = 97.9%
  • Average Days on the Market = 67 days, Down 30.2% from 2012
  • Home inventory is 1.3 months.
  • Range of S.F.R. selling prices this month:
  • $227,000 for a 2 bedroom, 1 bath home of 810 Sq. Ft. on a 6,600 S.F. lot
  • $1,030,000 for a 6 bedroom, 3.5 bath home of 4,800 Sq. Ft. on a 30,000 S.F. Lot

 

Standard sales are still king with Short Sales representing 18.4% and REO Sales just 2.0% of the market.

 

 Graph describing monthly real estate statistics in Upland CA for May 2013

 

 

We're seeing too few homes for sale, multiple offers on well presented and fairly priced homes and rising prices.

 

Clearly, sellers have a substantial advantage, but  that's not to say that buyers are getting a bad deal. Home prices have bottomed and are on their way up again, but the average selling price in Upland is STILL MORE THAN 20% BELOW THEIR PEAK PRICES IN 2007, and INTEREST RATES ARE STILL HOVERING AROUND 4% on 30 YEAR FIXED RATE LOANS.

 

The buyer's dilemma would seem to be whether to buy now before prices and possibly interest rates rise more, or wait until later in the year when there may be a better choice of homes from which to choose.

 

So that's the UPLAND, CA - Single Family Residential Market Report for May, 2013. I'd love to hear any and all questions that you may have.

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It's All About YOU!             Brad Rachielles, REALTOR, CDPE, GREEN, Upland, CA. 

CalBRE# 01489453
 

 

Brad Rachielles, REALTOR, CDPE, GREEN 

Helping Inland Empire Buyers and Sellers with their Real Estate needs in the Communities of: Upland, Rancho Cucamonga, Fontana, Claremont, Ontario, Chino, Chino Hills, Pomona and La Verne, CA.

CDPE Certified Distressed Property Expert, Brad Rachielles, Real EstateCall Me at 909-816-7333 

Web Page: http://www.BradRachielles.com

e-Mail: bradrachielles@dslextreme.com

 

Comments (5)

Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Thank you for the information.  It is helpful for the buyers and sellers in your area.

Jun 08, 2013 02:12 AM
Brad Rachielles
CENTURY 21 Peak, Ca BRE# 01489453 - Upland, CA
REALTOR, CDPE, Upland, CA

Thank you Tim. Your comment hit the nail on the head...."in your area". Really work hard at having the Really Local info.

Jun 08, 2013 03:44 AM
John Pusa
Glendale, CA

Brad - Thank you for the very good information about Upland, California single family residential market report for May, 2013.

Jun 08, 2013 06:13 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Looks good.  With prices going up slowly, owners should have a decent increase in equity.  That's the only thing that will stop the short sales.

Jun 08, 2013 09:22 AM
Brad Rachielles
CENTURY 21 Peak, Ca BRE# 01489453 - Upland, CA
REALTOR, CDPE, Upland, CA

John - Thanks for the note of appreciation. It's not too much different from Glendale.

Lenn - Distressed properties NOW represent just under 30% of the sold transactions. This is a fantastic change from just a year ago.

Jun 09, 2013 08:27 AM