Eastvale CA market report for the week of February 14th, 2016

Eastvale CA market report for the week of February 14th, 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 February 14th to February 21st, Eastvale CA saw a total of 53 real estate activities. They were as follows:

6 Expired listings

19 New listings for the week ranging from $385k to $668k

7 Pending - listings in escrow

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

11 Closed listings - Sold prices ranged from $407k to $618k with 59 days on the market

                                  Average Sold was  $491k for a 4 bedroom, 3.5 bath, 2770sqft house

Inventory is still low in Eastvale CA. There are only 113 houses available for sale as compared to 134 homes this time last month. The average days on the market is at 108 compared to 66 DOM for this period last month. For the previous week ending in February 14th, a total of 10 homes closed averaging $464k with a 60 days on the market. Overall, we saw an increase in average sold price and an increase in days on the market. Buyers are taking longer in search for their dream home, but willing to pay more for it. 

DOM - days on the market is how long a listing stays available till it enters escrow. From the data, an increase of 48 DOM occurred for this past week.  This is an indication that buyers demand is strong due to home appreciation, but they are willing to wait for that perfect house.

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. Buyers purchasing power also increased due to lower rates, hence, we saw an appreciation in home prices.

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! We have buyers waiting to buy ready to move in houses in Eastvale CA.

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 February 14th, 2016