Perris - Nuevo, California December 2010 Market Conditions

By
Real Estate Appraiser with BAYER APPRAISALS

Appraiser Adjustment Matrix

Area              Perris - Nuevo                             Date 12/14/2010

Square Footage

0-3 Months

4-6 Months

Difference

2800-3000

$198,500

$192,000

$6500

2600-2800

$193,500

$200,000

$-6500

difference

$5000

$-8000

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2400-2600

$186,000

$185,000

$1000

difference

$7500

$15,000

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2200-2400

$170,000

$172,450

$-2450

difference

$16,000

$12,550

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2000-2200

$170,000

$165,000

$5000

Difference

$0

$7450

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1800-2000

$150,900

$158,000

$-7100

Difference

$19,100

$7000

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1600-1800

$145,000

$150,000

$-5000

Difference

$5900

$8000

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1400-1600

$136,950

$143,250

$-6300

difference

$8050

$6750

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1200-1400

$127,375

$125,000

$2375

difference

$9575

$18,250

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Difference TOTAL

$71,125

$67,000

$-12,475

Divide by 8

$8890

$8375

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Divide by 9

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$-1386

Divide by 200 sq'

= $ per Sq' $44

= $ per Sq'  $42

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Divide by 90 days

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= $ per day $-15

 

 

 

 

 

Total Number

% Standard

% REO

% Short Sales

Active Listings

507

14%

21%

58%

Pending Sales

111

13.5%

60%

25%

Closed Sales

110

18%

47%

34%

Sold 1-year ago

188

19%

60%

17%

Median sold prices

Standard Sq'

REO per Sq'

Short per Sq'

Standard DOM

REO DOM

Short sales

DOM

2009

$91.50

$73

$75

61

30

163

2010

$96

$76

$79

54

48

112

                           

Data indicates the difference in price per square foot was $44 for the 3 most current months (and $42 per square foot for the 3-month prior period) - this is a market driven amount - or an adjustment an appraiser should be using.  Homes are losing value at the current rate of $15 per day (between the most recent 3-months vs. the prior 3-month period). 

Next we see there are 507 single family homes currently listed for sale (with 111 pending sales and 110 closed sales in 1-month): most of the listings are short sales, most of the pending and closed sales are the REOs.  Year-over-year there has been a significant drop in the number of homes sold (110 in 2010 vs. 188 in the same 1-month period in 2009), but prices have move up (year-over-year) but not 3-months vs. 3-months.  The standard sales pull the highest prices per square foot and the short sales take the longest time to sell.

Based on 1-month of pending sales and current number of MLS single family home listings - there is now 4.6 months of standing inventory.  About 1-year ago there was about 2.4 months of inventory.  About 1-year ago (1/13/2009) prices per a Matrix at that time indicated home prices were moving up at a daily rate of: $67 - now they are going down at a daily rate of $15. 

 

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