Sierra Lake single-family home inventory showed continued signs of price stability in January 2010 however sales volumes are down both month-over-month as well as year-over-year.
January 2010 Summary Results:
- Sold prices ranged from a low of $235,000 to a high of $340,000
- Price per square foot ranged from a low of $112.03 to a high of $176.67
- Days on market ranged from a low of 1 days to a high of 107 days
- Sale-price to list-price ratio ranged from a low of 0.96 to a high of 1.20
- Total sales were 10 single-family homes
Average selling price in January 2010 was $282,210. The lowest priced sale was located at 16643 Canyon Lake which sold at $225,000 vs. listed price of $235,000 and was a bank-owned home listed by a San Bernardino based agent who also represented the all-cash buyer. The highest priced sale was located at 6253 Kingsmill which sold for $340,000 which was the listed price of this investor owned home. The Riverside based selling agent also represented the buyer who used conventional financing.
Average price per square foot was up from December's $128.78 per square foot to January's $137.42 per square foot. Year-over-year results are also up with average price-per-foot increasing from 2009's $130.48. The increase in average-per-square-foot is due entirely to the mix of homes currently selling as overall average price fell from $301,214 a year ago to $$295,047 in December 2009 to January's $282,210. The lowest price-per-foot sold home was the standard sale on Kingmill which at 3035 square feet was the largest home sold in the month. There were two homes tied for highest average sale price - both at 1500 square feet and both selling for $265,000. The home at 6059 Homestead was a standard sale as was the sale at 5782 Ventana however the property on Ventana was directly on the golf course.
Average days on market was 31 days but a deeper look into the data is required to understand what is actually happening as short-sale listings distort the data. Here is the break-down of days on market when looking at sale type:
- REO Listings: 18 days on market
- Investor Owned Standard Listings: 7 days on market
- Overall Standard Listings (investor & other): 9 days on market
- Other Owned Standard Listings: 11 days on market
- Short-Sale Listings: 99 days on market
Average sale-price to list-price ratio was 1.03 which reflects the competitive nature of all listings in Sierra Lakes. Contrary to prior periods, bank listings are no longer commanding premiums to listed price:
- REO Listings: 0.99 sale-price to list-price ratio (range 0.96 to 1.00)
- Investor Owned Standard Listings: 0.99 sale-price to list-price ratio (range 0.98 to 1.00)
- Overall Standard Listings: 1.02 sale-price to list-price ratio (range 0.98 to 1.08)
- Other Owned Standard Listings: 1.05 sale-price to list-price ratio (range 1.02 to 1.08)
- Short-Sale Listings: 1.13 sale-price to list-price ratio (range 1.05 to 1.20)
Total sales of single-family homes in January 2010 were 10 homes versus 19 homes in December 2009 and 20 home sales in January 2009. Of the 10 homes sold in January 2010, 2 were short-sale, 4 were REO, 2 were investor owned standard listings leaving 2 homes sold as other standard listings.
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