UPLAND, CA - Single Family Residential Market Report for February 2013

UPLAND, CA - Single Family Residential Market Report for February 2013.

By Brad Rachielles.

The real estate market is picking up steam.

Even talk radio hosts are saying that we are past the bottom and that now is a great time to buy a home. Let's take a look at what is happening in Upland, CA. in February, 2013.

Designed as a bedroom community, Upland leaves the heavy industry, huge entertainment venues and highrise buildings to neighboring cities. Our strength is in our community feeling, great schools, rapidly expanding shopping and access to the major metro areas through our interstates and trains.

Lush and green with spectacular mountain backdrops, Upland is within an hour from desert land with cactus and fantastic rock formations. Or, fresh water activities are available here in the valley and the Pacific is just an hour away. You can be snow skiing in just an hour's drive or less. Add this to the major sports, entertainment, art, parks and colleges nearby and you have just about anything you may want in a home community.

This report covers our homes, specifically, Single Family Residents. For now, Condos and town homes are not included in this report. All information here is purely LOCAL and is just what is needed to make LOCAL buying and selling decisions. The data is extracted from the CRMLS and are as of the close of business on the last day of the month. This information is deemed to be accurate, but can not be guaranteed.

UPLAND IS STILL VERY MUCH IN A SELLERS MARKET - February Stats

Inventory of Unsold homes = 66 active listings

Properties sold in February = 63 Sales

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February's Average Selling Price was UP 10.2% from 2012 and up 2.4% from last month to: $406,157

February Selling Price as a % of Asking Price = 98.9%

Average Days on the Market = 90 days, Down 12.6% from 2012

Range of selling prices this month:

• $185,000 for a 3 bedroom, 2 bath home of 1136 Sq. Ft. on a 7,000 S.F. lot
• $767,500 for a 5 bedroom, 3.75 bath home of 3725 Sq. Ft. on a 21,525 S.F. Lot

Standard sales are still king with Short Sales representing 34.6% and REO Sales just 5.8% of the market.

We're seeing too few homes for sale, multiple offers on well presented and fairly priced homes and rising prices. Clearly, sellers have a substantial advantage, but that's not to say that buyers are getting a bad deal. Home prices have bottomed and are on their way up again, but the average selling price in Upland is STILL MORE THAN 30% BELOW THEIR PEAK PRICES IN 2007, and INTEREST RATES ARE STILL HOVERING UNDER 4% on 30 YEAR FIXED RATE LOANS. The buyer's dilema would seem to be whether to buy now before prices and possibly interest rates rise more, or wait until later in the year when there may be a better choice of homes from which to choose.

Increasing prices are generally discouraging to buyers only if they don't believe that they will continue to go up after they buy. The trick is to make the commitment when the market timing is right.... and then enjoy your home for all of the benefits that it brings without seeing it as a piggy bank.

So that's the UPLAND, CA - Single Family Residential Market Report for February 2013. I'd love to hear any and all questions that you may have.

Call Me at 909-816-7333. It's a great time to sell your home too.