The LOCAL Numbers for August - That's Upland CA and Nearby.
When the LOCAL real estate "numbers" are put together each month, they frequently generate thoughts and comments for this blog, and that is the case today. The national economic picture this month was earth shaking with things like the stock market falling into a sink hole, the Feds potential move on interest rates, the California drought, the forest fires in the western states, China's economy heading south and contradictory analysis of these things by folks looking at the national scene and feeling that everything applies to local business...... somewhat bewildering..... at least it COULD be IF you listen to the press which may likely be targeted to a different readership.
Truly, it is important to know what is happening on a MACRO basis so that we can speak intelligently to others about the differences of what is happening in Poughkeepsie or China as compared to the local situation.
THE LATEST LOCAL INFORMATION
- Active listings remain at about the same count as July. Seems to be a reluctance to downsize given the limited inventory to move into.
- Pending Sales plus sellers with offers that are taking "Backup" offers were down again for the third consecutive month.
- Closed Transactions were down substantially.....
- so it is logical that "Months of Inventory" of unsold homes was up. Also, there was a marked increase in the properties in the over $500K price level.
- The AVERAGE SELLING PRICE of all homes DECLINED FOR THE FIRST TIME IN EIGHT MONTHS in this area.
- In some cities, the declining prices were directly related to a substantial reduction in the size of the average property being sold. What confirms the reduction in values is the fact that the price per square foot also dropped.
- After hitting a several week low percentage, mortgage interest rates seamed to be edging upwards again.
- Cash transactions increased and conventionally financed transactions dropped slightly.
One national blogger indicated that it's now a"Buyers Market". WELLLLL, I'm not ready to go that far, but, please look at your LOCAL inventory by price range. In this area, $500,000+ properties are moving noticeably in that direction. This certainly Justifies watching in the coming weeks and months.
You now have my "take" on: The LOCAL Numbers for August - That's Upland CA and Nearby. If you would like a copy of my full Market analysis, please Call or write and I'll be happy send you a copy. My phone is 909-816-7333 and my e-mail is firstname.lastname@example.org