Mira Loma 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 $84,500 to a high of $435,000
- Price per square foot ranged from a low of $85.33 to a high of $250.00
- Days on market ranged from a low of 2 days to a high of 239 days
- Sale-price to list-price ratio ranged from a low of 0.94 to a high of 1.16
- Total sales were 21 single-family homes
Average selling price in January 2010 was $266.985. The lowest priced sale was located at 6138 Troth Street which sold at $84,500 vs. listed price of $89,900 and was a bank-owned home listed by an Ontario based agent. The buyer paid cash for the property which was described as a major 'fixer'. The highest priced sale was located at 12473 Mississippi listed by a Wildomar based agent which sold for $435,000 which was significantly above the listed price of $374,900 for this bank owned home. A Rowland Heights based selling agent represented the all-cash buyer.
Average price per square foot was up from December's $124.16 per square foot to January's $131.85 per square foot. Year-over-year results are also up with average price-per-foot increasing from 2009's $127.79. The increase in average-per-square-foot is primarily due to the mix of homes currently selling as overall average price fell from $268,030 in December 2009 to January's $266,995. The lowest price-per-foot sold home was a short sale at 6928 Moonriver which at 3750 square feet sold for $320,000. The highest priced per square foot sale was a bank owned REO at 6322 Frank Avenue which sold above asking price to an all-cash buyer - a 560 square feet dwelling sat on a fully enclosed lot of almost 1 acre.
Average days on market was 61 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: 38 days on market
- Standard Listings (investor & other): 61 days on market
- Short-Sale Listings: 141 days on market
Average sale-price to list-price ratio was 1.03 which reflects the competitive nature of all listings in Mira Loma. Bank owned properties are continuing to generate significant demand and overbids:
- REO Listings: 1.04 sale-price to list-price ratio (range 0.94 to 1.16)
- Standard Listings: 0.99 sale-price to list-price ratio (range 0.95 to 1.00)
- Short-Sale Listings: 1.01 sale-price to list-price ratio (range 0.99 to 1.03)
Total sales of single-family homes in January 2010 were 21 homes versus 23 homes in December 2009 and 24 home sales in January 2009. Of the 21 homes sold in January 2010, 4 were short-sale, 14 were REO leaving 3 homes sold as standard listings.
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