Moreno Valley - California: Real Estate Market Conditions in November 2010

By
Real Estate Appraiser with BAYER APPRAISALS

Appraiser Adjustment Matrix

Area                          Moreno Valley                           Date 11/23/2010

Square Footage

0-3 Months

4-6 Months

Difference

2800-3000

$235,000

$230,950

$4050

2600-2800

$223,000

$227,500

$-4500

difference

$12,000

$3450

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2400-2600

$198,250

$216,000

$-17,750

difference

$24,750

$11,500

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2200-2400

$206,000

$196,400

$9600

difference

$-7750

$19,600

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2000-2200

$184,250

$188,950

$-4700

Difference

$21,750

$7450

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1800-2000

$168,000

$172,500

$-4500

Difference

$16,250

$16,450

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1600-1800

$165,500

$160,000

$5000

Difference

$2500

$12,500

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1400-1600

$143,300

$140,000

$3300

difference

$22,200

$20,000

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1200-1400

$130,000

$131,000

$-1000

difference

$13,300

$9000

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Difference TOTAL

$105,000

$99,950

$-10,500

Divide by 8

$13,125

$12,494

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Divide by 9

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$-1167

Divide by 200 sq'

= $ per Sq' $66

= $ per Sq'  $62

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Divide by 90 days

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= $ per day $-13

Data used is median sales prices in the area - for either current to 3-months or 4-6 months; by house square footage ranges.  In the gray boxes in the difference between the 2 median prices per the adjacent ranges.  Data results: the difference in the most recent 3-month period per square foot was $66 (for the prior 3-month period $62 per square foot (= market derived square footage adjustment).  And the data is showing homes are losing value between the 2 time periods at the rate of $13 per day (= a loss of almost $400 per month).  Next chart shows the decline in the most recent 1-month period in the number of homes sold in 2009 (351) vs. 2010 (229) in Moreno Valley.  Most of the current listings (50%) are short sales; last year in the same time period most of the sales were REOs - this year most sales are short sales.  Short sales take the longest to sell, and the standard sales pull the highest prices.  Prices year-over-year have increased; but the most recent data shows prices declining.  Other research (listings vs. pending sales) finds we are approaching 5 months of standing inventory - about 1-year ago (12.7.2009) we had 2 months of inventory.

 

Total Number

% Standard

% REO

% Short Sales

Active Listings

847

19%

24%

50%

Pending Sales

177

22%

49%

26%

Closed Sales

229

24%

31%

38%

Sold 1-year ago

351

15%

58%

24%

Median sold prices

Standard Sq'

REO per Sq'

Short per Sq'

Standard DOM

REO DOM

Short sales

DOM

2009

$97

$82

$82

31

24

137

2010

$101

$89

$86

38

55

121

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