MORENO VALLEY PROPERTY VALUES JUMP IN 2012… HOW ABOUT 2013?
Closed sales in Moreno Valley were down by 25% this past December with only 171 closed transactions compared to 228 closed transactions in December 2011, due mostly to a lack of inventory of available homes on the market. On the other hand, prices have increased in the same 12 month period 7.62% due mostly to the same culprit... lack of inventory.
The Government and the banks are helping to bring values up (dare I say) artificially by holding onto homes that should be on the open market, but the buyers that are currently in the trenches are finding it frustrating that there are fewer homes to look at and that there are more buyers to compete with, thus most homes are being bid up and sold over asking price.... sometimes 10, 15, 20 thousand dollars or more.
Though the experts are saying to expect California property values to increase by 5%, I think Moreno Valley's values will climb at least 10% in 2013. I do not have a crystal ball, but I have been selling homes in this area for many years and have been through all the cycles up, down and sideways.
Now there you have it... Cory Beeson's 2 cents on the direction of Moreno Valley Real Estate for 2013... Let's revisit this next January and see where we land toward the end of the year... I have a feeling if anything; my estimate of 10% gains just might be on the low side.
Stats for December Sales in Moreno Valley 2011 and 2012:
Closed Sales December 2011 (228 Sales)
Closed Sales December 2012 (171 Sales)
If you want to get in on the action, give me a call... I'd be glad to help you find your next home or investment property. -Cory