Here is a snapshot look at the real estate market in Riverside California

The data is shown by ZIP code for the period Oct.  20, 2008 to November 21, 2008.   The average list price is the average of all the homes that were on the market during this period - including those that sold, expired, cancelled, were withdrawn, etc.   

In preparing this report and comparing this month to last month, I have found that the trend of declining home prices, both list price and sold price, continues (not across all Riverside ZIP codes - but for the most part).  It appears that the supply of homes on the market is declining slightly and the average number of days on the market seems to be increasing a bit.  That is the average number of days from the list date until the house goes into escrow.   

With the affordability of homes in Riverside and throughout most of the Inland Empire many first time buyers are getting into the market.  Low home prices and low interest rates make for very favorable conditions for buyers.  Click here to view a chart of today's interest rates. Interest rates have dropped over the last couple of weeks -which is always good news.  You may have heard that no one is lending right now.  We have found that most of our clients are able to get FHA loans  and in fact, FHA loans are now a large percentage of the home loans that are currently being done.   There are other options besides FHA loans, but for someone without much for a dowpayment, an FHA loan is a good option.

 Data is compiled from the MRMLS.

Please feel free to contact The Pedersen Team if you have any questions about the real estate market in Riverside CA or any of the nearby communities or if you are thinking of buying or selling a home or condo.  View our website.  You can reach me by e-mail at vicki@pedersen-team.com or by phone 951-840-5212 or my husband Don (who is my partner and broker) at 951-906-2852.  

SEARCH FOR RIVERSIDE, CORONA, MORENO VALLEY PROPERTIES HERE.  Happy house hunting!!