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.
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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