Eastvale CA Market Report for the week of 1/16/2016

Eastvale CA Market Report for the week of 1/16/2016

One question that I am constantly being asked is how is the real estate market? Is it time to sell? Is it time to buy?  As a member of the Eastvale Team Realty, my primary task is to be informed of all the local news and inventory so that I can relay the data to my clients for them make an informed decision.

I will provide you with this past week's data and allow you to make your own decision.

For the week of January 16th to January 22th, Eastvale saw a total of 44 real estate activities. They were as follows:

2 Expired listings

23 Modified listings (New listings and listings which changed in value)

20 New listings for the week ranging from $299k to $650k

3 Pending - listings in escrow

8 Backup listings - listings in escrow but still accepting offers as backup

8 Closed listings - Sold prices ranged from $407k to $618k with 59 DOM

Average Sold was for  $507k for a 4 bedroom, 3.5 bath house

Inventory is still low in Eastvale CA. There are only a total of 134 homes for sale ranging from $299k to $899k with an average of 66 DOM. For the previous week ending in January 15, a total of 12 homes closed ranging in price from $335k to $699k with 79 DOM.

DOM - days on the market is how long a listing stays available till it enters escrow. From the data, a drop of 20 DOM occurred for this past week.  This is an indication that buyers demand is strong and supply is very limited.

Interest rates increased at the end of last year after a hietus of about 7 years. The assumption by many experts is that interest rates and home prices will continue to rise throughout 2016. However, due to global economic downturn for the month of January, interest rates actually dropped to the range of 3.375% to 3.75% last week. This could have been the last push that buyers were waiting for. Perhaps many saw the drop in interest rates as their last opportunity to get into a deal before price and rates escalates upward.

If you are a ready, willing and an able buyer, fell free to contact the Eastvale Team for the best service and representation. They can be reached at 951-707-9919.

If you are a homeowner in Eastvale and are ready to sell, click here for a Free market evaluation of your home. There is no better time to sell than NOW!

Hopefully with the data interpretations, you are able to make a more informed decision regarding your real estate needs.

Eastvale CA Market Report for the week of 1/16/2016