Orangecrest Riverside Real Estate Update - July 2012 should be titled 92508 is going crazy! The lure of great prices, excellent schools and a wonderful family lifestyle has enticed buyers to enter a frenzy of buying creating a seller's market in Orangecrest.
Orangecrest Riverside Real Estate Update provides information on a masterplanned community with homes built from the 1980's forward. Standard Pacific homes has continued new construction building in the area at it's Mission Grove community. A typical tract community the homes are often personalized through creative landscaping, hardscaping and outdoor entertainment areas.
The area parks host the junior league baseball team, soccer games and a community center houses meeting rooms and a library.The widely recognized school district has been the recipient of several awards and statewide recognition from the elementary schools through the Martin Luther King High School.
Active Listings: 7 (2 Short Sales, 3 Standard Sales, 2 REO's)
Pending Sales: 47 (Buyers are rushing to get transactions into escrow)
Closed Sales: 15 (5 Standard Sales, 7 Short Sales, 3 REO's)
Average sales price - $283,760 Average sq. foot - 2578 Average Days on the Market - 66
What does this mean for you?
The average sales price reflect a range of values as home closed last month were priced from $235,000 - $349,000.
Orangecrest Riverside real estate update includes an anyalsis of the types of sales closing in the area. The multiple listing system reflects the following data. Conventional loans are the preferred loans for sellers. Of the 15 closed sales last month - 7 were conventional loans with 5 FHA loans, 2 Cash transactions and 1 VA loan. Of the closed sales only three listed seller concessions. (Credits given by the seller to the buyer usually in the form of closing cost assistance.) A strong indicator this has become a seller's market.
However appraisals are increasing as the continued demand for homes has far outpaced the inventory for sale in Orangecrest Riverside.
Comparing the number of pending sales, the number of active listings, and the smaller number of closed sales, you can see inventory levels are low. Buyers are determined, interest rates remain low creating a perfect storm of real estate sales in Orangecrest Riverside.
This monthly Orangecrest Riverside Real Estate Update is provided for buyers and sellers with an on the ground analysis of current trends.
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Orangecrest - families, palm trees and orange groves!