Mira Loma single-family home inventory showed continued signs of price stability in January 2010 however sales volumes are down both month-over-month as well as year-over-year.
January 2010 Summary Results:
Average selling price in January 2010 was $266.985. The lowest priced sale was located at 6138 Troth Street which sold at $84,500 vs. listed price of $89,900 and was a bank-owned home listed by an Ontario based agent. The buyer paid cash for the property which was described as a major 'fixer'. The highest priced sale was located at 12473 Mississippi listed by a Wildomar based agent which sold for $435,000 which was significantly above the listed price of $374,900 for this bank owned home. A Rowland Heights based selling agent represented the all-cash buyer.
Average price per square foot was up from December's $124.16 per square foot to January's $131.85 per square foot. Year-over-year results are also up with average price-per-foot increasing from 2009's $127.79. The increase in average-per-square-foot is primarily due to the mix of homes currently selling as overall average price fell from $268,030 in December 2009 to January's $266,995. The lowest price-per-foot sold home was a short sale at 6928 Moonriver which at 3750 square feet sold for $320,000. The highest priced per square foot sale was a bank owned REO at 6322 Frank Avenue which sold above asking price to an all-cash buyer - a 560 square feet dwelling sat on a fully enclosed lot of almost 1 acre.
Average days on market was 61 days but a deeper look into the data is required to understand what is actually happening as short-sale listings distort the data. Here is the break-down of days on market when looking at sale type:
Average sale-price to list-price ratio was 1.03 which reflects the competitive nature of all listings in Mira Loma. Bank owned properties are continuing to generate significant demand and overbids:
Total sales of single-family homes in January 2010 were 21 homes versus 23 homes in December 2009 and 24 home sales in January 2009. Of the 21 homes sold in January 2010, 4 were short-sale, 14 were REO leaving 3 homes sold as standard listings.
Sierra Lake single-family home inventory showed continued signs of price stability in January 2010 however sales volumes are down both month-over-month as well as year-over-year.
January 2010 Summary Results:
Average selling price in January 2010 was $282,210. The lowest priced sale was located at 16643 Canyon Lake which sold at $225,000 vs. listed price of $235,000 and was a bank-owned home listed by a San Bernardino based agent who also represented the all-cash buyer. The highest priced sale was located at 6253 Kingsmill which sold for $340,000 which was the listed price of this investor owned home. The Riverside based selling agent also represented the buyer who used conventional financing.
Average price per square foot was up from December's $128.78 per square foot to January's $137.42 per square foot. Year-over-year results are also up with average price-per-foot increasing from 2009's $130.48. The increase in average-per-square-foot is due entirely to the mix of homes currently selling as overall average price fell from $301,214 a year ago to $$295,047 in December 2009 to January's $282,210. The lowest price-per-foot sold home was the standard sale on Kingmill which at 3035 square feet was the largest home sold in the month. There were two homes tied for highest average sale price - both at 1500 square feet and both selling for $265,000. The home at 6059 Homestead was a standard sale as was the sale at 5782 Ventana however the property on Ventana was directly on the golf course.
Average days on market was 31 days but a deeper look into the data is required to understand what is actually happening as short-sale listings distort the data. Here is the break-down of days on market when looking at sale type:
Average sale-price to list-price ratio was 1.03 which reflects the competitive nature of all listings in Sierra Lakes. Contrary to prior periods, bank listings are no longer commanding premiums to listed price:
Total sales of single-family homes in January 2010 were 10 homes versus 19 homes in December 2009 and 20 home sales in January 2009. Of the 10 homes sold in January 2010, 2 were short-sale, 4 were REO, 2 were investor owned standard listings leaving 2 homes sold as other standard listings.
Eastvale single-family home inventory showed continued signs of price stability in January 2010 however sales volumes are down both month-over-month as well as year-over-year.
January 2010 Summary Results:
Average selling price in January 2010 was $382,986. The lowest priced sale was located at 6804 Wells Spring St which sold at $295,000 vs. listed price of $299,900 and was a bank-owned home listed by an Downey based agent. The selling agent was not disclosed however the sale was financed with conventional financing. The highest priced sale was located at 13777 Star Ruby which sold for $543,000 vs. listed price of $540,000 and was an owner-occupied standard sale listed by a Claremont based agent. The selling agent was an Eastvale based agent and the sale was a cash sale.
Average price per square foot is down slightly from December's $119.47 per square foot to January's $117.96 per square foot. Year-over-year results are essentially flat with average price-per-foot increasing from 2009 to 2010 by just $0.29 per square foot. The lowest price-per-foot sold home was a short-sale transaction at 6928 Moon River Street selling at $320,000 for a 3750 square foot home and was on the market for 175 days. The highest price-per-foot home was a newly constructed 2657 square foot home at 13536 Plummer Creek selling at $399,790.
Average days on market was 63 days but a deeper look into the data is required to understand what is actually happening as short-sale listings distort the data. Here is the break-down of days on market when looking at sale type:
Average sale-price to list-price ratio was 1.03 which reflects the competitive nature of the REO listings in Eastvale. Breaking out the sale-price to list-price ratio by sale type it is evident that banks generally continue to list lower than market:
Total sales of single-family homes in January 2010 were 57 homes versus 99 homes in December 2009 and 71 home sales in January 2009. Of the 57 homes sold in January 2010, 19 were short-sale, 18 were REO, 10 were investor owned standard listings leaving just 10 homes sold as other standard listings.
I have a wonderful listing in the Hunter's Ridge community of Fontana that hasn't sold quite as quickly as the sellers expected. A four bedroom home with bonus room priced right around $320,000 should sell pretty quickly in this market if all is 'right' with the home.
I decided to poll the agents who had recently shown the home to get their feedback on how the showings went. As expected, there were some comments about things that we couldn't do anything about (no downstairs bedroom, position of the house relative to an incoming street, etc.) But another common comment was about the paint - which I had already expected was a 'distraction' to some of the buyers.
So during a recent period of rain, we did what you are 'never' supposed to do on a rainy day and that was paint! The decision to paint on a rainy day was made based on a number of factors: it was a day off for the seller, it was a Thursday so few distractions and because of the heavy rains we didn't expect any showings. With 'Parisian Taupe' in hand we set off on the project and four people after four hours of work had the following results:
Before After
Clearly the changes were pretty dramatic and the home immediately felt cleaner, larger, more open and somehow warmer even though the prior colors were already considered 'warm' to most people.
So how did it work out painting in the rain? Perfect! We had no distractions and no one came to see the house that day. So despite the fact it probably took a little longer to dry than painting on a warm sunny day we weren't bothered because the sellers had already moved from the house. By the time I took the 'after' photos on Saturday all was completely dry.
Late on Sunday night, I sent an email to all the agents who had shown the home with the before and after photos that you see above. One agent hurried her clients out for a second showing on Monday morning and my clients had an offer in hand on Tuesday! The agent told me that the paint made all the difference!
So for an investment of about $100 and 16 people-hours of sweat equity these sellers have a much different home to present and potentially have saved thousands of dollars that they did not have to invest into a price reduction.
My community of Corona, California is a small but bustling suburb in the Inland Empire about 50 miles east of Los Angeles. I have been a limited time contributor to Active Rain but even with limited time to blog I have met with success due to "The Power of Active Rain".
A couple of years ago I created a number of blogs about my short-sale listings in Corona and surrounding communities. One day I received a call - quite short and to the point - from a man who simply said "I want you to list my house. Can you meet me today at 2PM?". Well, yes I thought that would be fine. I asked him where his home was and I said I would be happy to meet. I only had about two hours to do my research and preparation.
It turned out that this man had previously listed his home for short-sale with another agent who unfortunately failed to live up to the job. Having already moved from Corona he was in a bind and only had a limited amount of time to find someone new to represent him in this difficult situation. The man turned to the internet and entered 'short-sale agent Corona' into Google. My Active Rain account was on page 1 - he liked what he read - and decided that I was the person to help him out! It was that simple - "The Power of Active Rain" led me to a new client and new listing!
The point of my blog is that you never know who is looking for you but doesn't currently know you. Whether you are a Grace Idaho Real Estate Agent or a Short-Sale Agent Corona you need to be found on the internet and "The Power of Active Rain" is one way to be found!
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Specializing in short sale & REO properties in the Inland Empire. Call me for my list of the 5 options a homeowner has when faced with a notice of default. DRE #01517005
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