City of Riverside California: November 2010 Market Conditions

By
Real Estate Appraiser with BAYER APPRAISALS

Appraiser Adjustment Matrix

Area              Riverside                               Date 11/24/2010

Square Footage

0-3 Months

4-6 Months

Difference

2800-3000

$332,500

$320,000

$12,500

2600-2800

$301,500

$317,500

$-16,000

difference

$31,000

$2500

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2400-2600

$293,000

$315,000

$-22,000

difference

$8500

$2500

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2200-2400

$276,500

$287,450

$-10,950

difference

$16,500

$27,550

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2000-2200

$246,000

$250,750

$-4750

Difference

$30,500

$36,700

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1800-2000

$231,500

$235,500

$-4000

Difference

$14,500

$15,250

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1600-1800

$217,000

$215,000

$2000

Difference

$14,500

$20,500

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1400-1600

$199,000

$201,000

$-2000

difference

$18,000

$14,000

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1200-1400

$172,000

$170,000

$2000

difference

$27,000

$31,000

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Difference TOTAL

$160,500

$150,000

$-43200

Divide by 8

$20,062

$18,750

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Divide by 9

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$-4800

Divide by 200 sq'

= $ per Sq' $100

= $ per Sq'  $94

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Divide by 90 days

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= $ per day $-53

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 indicates the difference in price per square foot difference was: $100 in the most recent 3-month period ($94 in the prior 3-month period) - this would be a drive derived adjustment per square foot.  Data shows median prices dropped an average of %53 per day between the prior 3-month period to the most recent 3-month period (that would be a loss of value of almost $1600 per month).  Data below show the drop in 1-month of sales in 2009 (@ 381) vs. 2010 (@ 314) in the same time period.  In 2010 about 1/3 of the sales were Standard sales, REO sales and short sales - in 2009 52% of the sales were REOs.

 

Total Number

% Standard

% REO

% Short Sales

Active Listings

1299

33%

16%

46%

Pending Sales

318

27%

44%

27%

Closed Sales

314

30%

31%

32%

Sold 1-year ago

381

28%

52%

17%

Median sold prices

Standard Sq'

REO per Sq'

Short per Sq'

Standard DOM

REO DOM

Short sales

DOM

2009

$140

$111

$115

54

30

127

2010

$136

$117

$117

49

44

105

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