Well, 2012 is another year older and that means we have updated market statistics for May 2012. Let us start our with the most important. How much are homes actually selling for?
Sold Statistics
The average sales price of a single-family residence is $159,049. This number is up $4,156 from last month and $1,599 from this time last year. A total of 231 homes sold in May. That is up from 201 last month and just about even with this time last year.
Listing Statistics
The average list price for the month of May is $166,908. Homes are still selling for less than they are listed for. On average, it is taking 71 days for a home to sell. This number maybe slightly off since many of the short sales are kept as actives even though they already have a buyer. A total of 251 new homes came on the market in May. Moreno Valley is usually much higher within the 300-400 range. There are a shortage of listings in our marketplace.
Month Supply of Inventory
Currently, there is a 2.78 months supply of inventory for the City Of Moreno. This means that if no new homes came on the market, then it would take 2.78 months to sell our existing inventory. A healthy number should be between 4-6 months.
Bottomline is that we need listings. Many buyers are having a hard time getting offers accepted and listings are receiving several offers within days of being on the market. Sometimes up to 75 offers on one property!
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