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

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

By Brad Rachielles.

All are saying that we are past the real estate bottom and that now is a great time to buy a home. Let's take a look at what is happening in Rancho Cucamonga, CA. in February, 2013.

Rancho Cucamonga  has a wonderfull mix of community feeling, heavy industry, huge entertainment venues, highrise buildings and world class shopping. It's strength is in the community feeling, great schools, rapidly expanding shopping and access to the major metro areas through our interstates and trains.

With spectacular mountain backdrops, Cucamonga is within an hour of beautiful desert expanses with cactus and fantastic rock formations. Or, you can be snow skiing in nearby resorts. Add this to the major sports, entertainment, art and parks 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.

Rancho Cucamonga IS STILL VERY MUCH IN A SELLERS MARKET - February Statistics

Inventory of Unsold homes = 108 active listings

Properties sold in February =70 Sales

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February's Average Selling Price was UP 27.9% from 2012 and up 4.9% from last month to: $430,819.

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

Average Days on the Market = 50 days, Down 45.7% from 2012

Range of Rancho Cucamonga selling prices this month:

$160,000 for a 3 bedroom, 1 bath home of 1120 Sq. Ft. on a 10,350 S.F. lot
$1,190,000 for a 7 bedroom, 5 bath home of 4561 Sq. Ft. on a 45,302 S.F. Lot

Standard sales are still king with Short Sales representing 28.8% and REO Sales just 8.2% 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 Rancho Cucamonga is STILL MORE THAN 30% BELOW THE 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 Rancho Cucamonga, 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 for all your Real Estate needs.