How's the Inland Empire Market?

July 11, 2007

As I am out and about, people who know that I am a real estate agent always ask, "How's the market?" I have been spending time the past several days analysing the statistical data as it becomes available for the first half of 2007.

Here are some median prices, days on the market, and average price per square foot. The data comes from the IMRMLS and a program called Titan Tarasoft.

In alphabetical order:
Banning/Beaumont........$300,000.....DOM.....98....Per Sq.Ft......$200
Loma Linda.....................$421,000......DOM.....90....Per Sq.Ft......$232
Fontana...........................$420,000......DOM.....81....Per Sq.Ft......$258
Highland.........................$379,000.......DOM.....82....Per Sq.Ft......$225
Moreno Valley................$365,000.......DOM.....86....Per Sq.Ft......$221
Riverside.........................$405,000......DOM....106...Per Sq.Ft......$265
San Bernardino..............$310,000.......DOM.....90....Per Sq.Ft......$240
Redlands.........................$406,750.......DOM.....72....Per Sq.Ft......$251
Yucaipa...........................$370,000......DOM.....89....Per Sq.Ft.......$221

These figures are only as accurate as the data submitted. The most accurate data would come the county recorder's office that has the complete data of real estate transactions. These numbers do not reflect any for-sale-by-owner data or any tract sales.

The DOM (days on market) figures indicate that 80 to 90 days is a common marketing period. The price per square foot is an average and consequently can be affected plus or minus by sales that sold at a high price per square foot or a low price per square foot. The data bank that I am using does not throw out high or low numbers. It simply averages all numbers.

My personal opinion is that the median prices have not changed dramatically over 2006 but the number of days on the market has increased.