Orangecrest Riverside Real Estate
Update - August 2012 The dog days of summer had very little effect on the real estate activity in Orangecrest Riverside. Buyers braved the 100% temperatures in hunt of the perfect home. Scenes in the area have changed as school sessions resumed and parents meeting in Starbuck's were overheard planning this years cheer-leading events. All the while homes continued to sell!
Orangecrest Riverside Real Estate 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 which 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: 10 (5 Short Sales, 4 Standard Sales, 1 REO)
Pending Sales: 76 (HUGE NUMBER! almost double last months)
Closed Sales: 27 (11 Standard Sales, 12 Short Sales, 4 REO's)
Average sales price - $285,000 Average price per square foot - $116 Average Days on the Market - 81
What does this mean for you?
The average sales price reflects a 1% increase over the month before also reflecting an increase in the price per square footage of homes sold. Early in spring the average price per square foot was $112 dollars. The large number of homes in back-up (meaning the seller continues to actively market the home for back-up offers) and pending, is reflective of the demand from buyers to purchase in the Orangecrest neighborhood.
Orangecrest Riverside real estate reflects city wide low inventory levels. Only ten properties are active today. Although we have passed the peak selling season homes which are well priced and well maintained are in good position to garner strong offers. Standard sale homes were on the market an average of 5 days before changing to a back-up or pending status.
New construction, by Standard Pacific Homes at Mission Grove, is thriving and helping to fill buyer demand. On August 11th the builder released a phase consisting of six homes. Three homes sold on the day of the phase release and the other three sold before the end of August. The brisk pace of sales may force another phase release within the next few months.
Comparing the large number of pending sales, the small number of active listings, and the number of closed sales, you can see inventory levels are low. Buyers are determined and 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!