How's the Market?
Moreno Valley Real Estate Market Report
Overall the Moreno Valley Real Estate Market took off at the beginning of the year like race cars at NASCAR. Gathering speed in February and roaring through April and the height of the summer before coasting to a slowdown near the end of July as summer began to end and school resumed...with very few pit stops along the way.
Moreno Valley Closed Sales Over the Past 12 Months
It is important to understand the difference between "listing prices" (what Moreno Valley Sellers are asking for their homes ) and "SOLD prices" (what Moreno Valley Buyers are willing to pay).
By comparing these price trends, you'll have a good idea of where the Moreno Valley market is heading. The median listing and sold property prices are calculated based on the market activity each month. Looking at the Moreno Valley Real Estate Market Statistics it's important to note that Sellers are receiving above 98% of their original Listing Price.
And now for a quick look at all of the Moreno Valley Real Estate Market statistics for the month of October 2015.
The number of active listings in Moreno Valley dropped by a whopping 37.4 % from this same time last year. Distressed Listings no longer monopolize the Moreno Valley Real Estate Market. The following shows the decline in Active Listings by zip code.
ACTIVE LISTINGS BY ZIP CODE
| 92551 | 74 Listings | -34.5% |
| 92553 | 108 Listings | -47.6% |
| 92555 | 151 Listings | -26.0% |
| 92557 | 115 Listings | -41.6% |
The Median number of days active properties have been listed is 52. The Average Days on Market is 42. This is significantly shorter than the national average.
AVERAGE DAYS ON MARKET
| 92551 | 42 Days |
| 92553 | 41 Days |
| 92555 | 46 Days |
| 92557 | 39 Days |
The median sales price for homes in Moreno Valley as of Oct 15 was $256,250. Compared to the same period one year ago, the median home sales price in Moreno Valley increased 4.6% and the number of home sales increased 7.6%. However the Average Listing Price for Moreno Valley homes for sale was was $297,445 for the week ending Oct 14, which represents an increase of 1.2% over last month.
| Most popular zip codes |
Avg. listing Price Week ending Oct 14 |
w-o-w |
|---|---|---|
| 92555 | $348,293 | +0.2% |
| 92557 | $303,911 | +2.6% |
| 92553 | $248,492 | +0.4% |
| 92551 | $267,112 | 0.0% |
The Fewest Closed Sales in Moreno Valley occurred in the 92551 zip code with 27 Closed Sales, Down 18.2% compared to last year. The most closed Sales occurred in the 92553 zip code with 57 closed sales, up 21.3% from the same time last year; Closely followed by the 92557 zip code showing 56 closed sales, up 7.7% this time last year and the 92555 zip code with 48 closed sales up 29.7%.
Absorption Rates are used by many in the real estate market to attempt to predict home prices and sales activity going forward. Simply put, Absorption Rate is the number of months it would take to sell the currently listed homes on the market. In looking back at historic absorption rate numbers for the market, a knowledgable real estate professional can anticipate market activity and home price. An absorption rate of 20% or higher means that homes are selling quickly and the market favors sellers. Absorption rates below 15% are associated with a buyer's market, which means homes are selling relatively slowly.
MORENO VALLEY ABSORPTION RATES
| 92551 | 2.5 Months | -40.0% |
| 92553 | 2.0 Months | -52.4% |
| 92555 | 3.4 Months | -35.8% |
| 92557 | 2.0 Months | -53.5% |
Moreno Valley Real Estate Market is One of the Last Frontiers of Affordable Housing.
Rents are becoming astronomical, housing prices continue to rise, inventory and interest rates remain low, and more people are discovering that the commute to Moreno Valley is worth it when you can still buy a home for significantly less than the Los Angeles and Orange County areas.
Moreno Valley Real Estate Market Reports By Zip
Moreno Valley Market Report 92551
Moreno Valley Market Report 92555
Moreno Valley Market Report 92557
Whether you're a Buyer or Seller, the information and knowledge you gain in this Moreno Valley Market Report for 92555 will help put you in control of your Moreno Valley Rancho Belago real estate transaction. Contact us anytime to discuss how this information can benefit your buying a house or selling a house in the Moreno Valley real estate market. Call us at the office (909) 476-9600, text us for an even quicker response at (909) 257-7505 or email us at Mykel@TCRgroup.net. We look forward to being of service to you!
In the meantime, please check out our webpage at WeLoveMorenoValley.com where you'll find Moreno Valley Community information, Moreno Valley Demographics and Moreno Valley School information. Visit our Moreno Valley Pinterest Board to see some beautiful photos of Moreno Valley and all it has to offer.
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