Moreno Valley, CA Real Estate Market Report For July 2013

Real estate market data for Moreno Valley, CA provided by Eric Fischer with Coldwell Banker Pioneer Real Estate

Moreno Valley Home Prices

 We have seen a rise in home prices in Moreno Valley for the 9th month in a row now. If you are looking to purchase a home, now is the ideal time because homes are stil affordable for first-time homebuyers as well move-up buyers looking to purchase a larger or smaller home. If you are looking to sell, it is also a great time, because inventory is still very low whcih will easily drive buyers into your home and you could possibly receive multiple offers within days of being listed. 

Days On Market

The average days for a property to sell in Moreno Valley has dropped. It stayed pretty consistent over the last 5 months but showed a pretty significant drop in the month of July which could possibly lead to another surge in home prices. 

Months Supply Of Inventory

If no new homes came on the market, how long would it take for every property in Moreno Valley to sell at the current rate? The answer lies in data called Months Supply of Inventory. The months supply of inventory for the city of Moreno Valley has dropped again for the second month in a row to almost 1 and half months. This is considered very low inventory. High Demand with Low Supply drives up prices.

Listings

230 New Listings came into the market in July 2013 which has been pretty consistent for the whole year of 2013. The average list price came in at $227,620 for July 2013 which means that homes have been selling at 92.6% of their listing price. 

Moreno Valley, CA Real Estate Report Summary

• The average sales price for a home in Moreno Valley, CA in the month of July 2013 was $210,836 which rose by 2.48% last month and by 32.2% from July 2012
• The average Days On Market for Single Family Home in Moreno Valley, CA was 38 days which was a drop from 57 days last month and 72 days a year ago.
• Months Supply Of Inventory has dropped down to 1.62 months which is down from last month at 2.34 and last year at 3.55

Homes are selling faster than ever with prices that we haven't seen since the downturn 5-6 years ago. If you are interested in buying or selling your homes in Moreno Valley, please do not hesitate to contact me today!