California's Inland Empire Market Report for July, 2015.
by Brad Rachielles, Realtor, Upland, CA
It has been said that "you don't know the market if you don't know the numbers". What we're talking about are the LOCAL NUMBERS, it being entirely possible to have a full command of the numbers put out nationally and still not understand what is really happening to the housing market right in your own city.To define LOCAL for this report, we're considering only Upland, Rancho Cucamonga, Claremopnt, Fontana, Ontario, Chino, Chino Hills, Corona, Pomona and La Verne, a service area of over 1.1 million residents.
This month, the numbers seem to verify what may have been very subjectively observed, i.e. Months of
Home Inventory of the higher end homes dropped. By that I mean that homes in the $900K to $1M range dropped from 13.3 months to just 4.5 months worth of homes to be sold. This decline happened in the last 30 days or so. Not as dramatic but still in the same vein, home inventory in the $1M to $2M range dropped over 1 month in inventory. Basically, everything from $800K down has less that 4.6 months of inventory and anything in the $400K or below has 1.6 months of inventory. Clearly a sellers market.
CUTTING TO THE CHASE
- Average Selling Prices increased for the 7th consecutive month.... but the Rate if Increase SLOWED.
- Price per Square Foot dropped possibly indicating that the A.S.P. may have been a function of an increase in the square feet of the average property sold.
- "Closed Transactions" INCREASED TO THE HIGHEST MONTHLY UNIT RATE since August, 2012.
- "Active Listings" took a VERY SUBSTANTIAL increase.
- However, "Pending Sales" declined for the second month.
- "Short Sales" Jumped as a share of the market, but still under 5%.
- Inventory varied by community. My full spreadsheet report has ALL of the details.
- Some of our LOCAL Communities are getting even closer to the Mid-2007 Highs
Whew....
This gives a thumb-nail sketch of what is happening in Upland and the surrounding area. If you want all of the numbers, I will gladly send a copy of my COMPLETE monthly report for the area or for any of the cities individually. Send your name, e-mail and phone number to:
Brad Rachielles,
e-mail: BradRachielles@dslextreme.com
or Call: 909-816-7333
and I'll send you
California's Inland Empire Market Report for July, 2015.
