Ontario zip code 91761 single-family home inventory showed continued signs of price stability in January 2010 with sales remaining consistent month-over-month and up compared to January 2009.
January 2010 Summary Results:
- Sold prices ranged from a low of $128,500 to a high of $350,000
- Price per square foot ranged from a low of $86.13 to a high of $212.96
- Days on market ranged from a low of 2 days to a high of 373 days
- Sale-price to list-price ratio ranged from a low of 0.94 to a high of 1.16
- Total sales were 36 single-family homes
Average selling price in January 2010 was $249,469. The lowest priced sale was located at 407 California Street which sold at $128,500 vs. the original listed price of $151,200 and was a bank-owned home listed by a Bullhead City based broker. The buyer paid cash for the property which apparently was a 'fixer'. The highest priced sale was located at 907 E Deerfield listed by a Claremont based agent which sold for $350,000 which was significantly above the listed price of $319,900 for this bank owned home. A Chino Hills based selling agent represented the buyer who financed with a conventional loan.
Average price per square foot was up from December's $159.48 per square foot to January's $166.15 per square foot. Year-over-year results are also up with average price-per-foot increasing from 2009's $163.19. The increase in average-per-square-foot is primarily due to the mix of homes currently selling as overall average price fell from $253,091 in December 2009 to January's $249,469. The lowest price-per-foot sold home was the bank owned property selling on California Street. The highest priced per square foot sale was a short sale at 2924 E Hazeltine which sold $31,000 above asking price to an FHA financed buyer.
Average days on market was 50 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: 26 days on market
- Standard Listings (investor owned): 24 days on market
- Standard Listings (investor & other): 26 days on market
- Standard Listings (not investor owned): 28 days on market
- Short-Sale Listings: 122 days on market
Average sale-price to list-price ratio was 1.03 which reflects the competitive nature of all listings in Ontario zip code 91761. Bank owned properties are continuing to generate significant demand and overbids:
- REO Listings: 1.03 sale-price to list-price ratio (range 0.97 to 1.09)
- Standard Listings: 1.01 sale-price to list-price ratio (range 0.96 to 1.05)
- Short-Sale Listings: 1.05 sale-price to list-price ratio (range 0.94 to 1.16)
Total sales of single-family homes in January 2010 were 36 homes versus 39 homes in December 2009 and 33 home sales in January 2009. Of the 36 homes sold in January 2010, 9 were short-sale, 16 were REO, 5 investor-owned standard sales and leaving 6 homes sold as standard listings.
Comments(0)