December 2008 - Closed Sales
January 6, 2008
Just as the ratio of pending sales to listed properties has risen, the closed sales in December (historically a slow month) were up considerably from the past two years. Here is the data as reported through the IMRMLS.
Banning Beaumont...2008/112......2007/38......2006/54......2005/92......2004/70......2003/66
Bloomington..............2008/37........2007/8........2006/18.......2005/23......2004/30......2003/26
Colton.........................2008/59........2007/6.......2006/27.......2005/47.......2004/54......2003/57
Fontana......................2008/355......2007/76.....2006/162.....2005/217.....2004/243....2003/250
Grand Terrace..........2008/6...........2007/3.......2006/6.........2005/16.......2004/9.........2003/6
Highland....................2008/60.........2007/21.....2006/36.......2005/67.......2004/59.......2003/61
Loma Linda...............2008/15.........2007/5.......2006/7..........2005/4........2004/14........2003/13
Mentone....................2008/3...........2007/2.......2006/1..........2005/12......2004/4..........2003/13
Moreno Valley..........2008/456......2007/104...2006/145.....2005/264....2004/286......2003/276
Redlands...................2008/51.........2007/32.....2006/44.......2005/68......2004/91.........2003/91
Rialto.........................2008/122.......2007/42.....2006/65.......2005/120....2004/116.......2003/117
Riverside..................2008/456.......2007/155...2006/228.....2005/397.....2004/376......2003/365
San Bernardino.......2008/259.......2007/74......2006/145.....2005/257.....2004/246......2003/276
Yucaipa/Calimesa...2008/46.........2007/24.....2006/48........2005/58......2004/67.........2003/58
In many communities the volume of closing has exceeding the peak years of 2003, 2004, 2005.
Prices have fallen enough that the affordability index allows almost 60% of the Inland Empire population to qualify for a median priced home. Interest rates have continued to be stable for purchase in the $350,000 or less price range. Where sales have been sluggish or relatively non-existent is in the $600,000 plus market. This price range has been the most affected by the lack of loans. Even today, many of these "jumbo" loans are being written at a 9% interest rate, making buyers wary of continuing with a purchase. The communities where there is a good supply of lower priced homes have been booming, while communities with more higher end properties are less active. Median prices and yearly reports will be posted soon.
Just as the ratio of pending sales to listed properties has risen, the closed sales in December (historically a slow month) were up considerably from the past two years. Here is the data as reported through the IMRMLS.
Banning Beaumont...2008/112......2007/38......2006/54......2005/92......2004/70......2003/66
Bloomington..............2008/37........2007/8........2006/18.......2005/23......2004/30......2003/26
Colton.........................2008/59........2007/6.......2006/27.......2005/47.......2004/54......2003/57
Fontana......................2008/355......2007/76.....2006/162.....2005/217.....2004/243....2003/250
Grand Terrace..........2008/6...........2007/3.......2006/6.........2005/16.......2004/9.........2003/6
Highland....................2008/60.........2007/21.....2006/36.......2005/67.......2004/59.......2003/61
Loma Linda...............2008/15.........2007/5.......2006/7..........2005/4........2004/14........2003/13
Mentone....................2008/3...........2007/2.......2006/1..........2005/12......2004/4..........2003/13
Moreno Valley..........2008/456......2007/104...2006/145.....2005/264....2004/286......2003/276
Redlands...................2008/51.........2007/32.....2006/44.......2005/68......2004/91.........2003/91
Rialto.........................2008/122.......2007/42.....2006/65.......2005/120....2004/116.......2003/117
Riverside..................2008/456.......2007/155...2006/228.....2005/397.....2004/376......2003/365
San Bernardino.......2008/259.......2007/74......2006/145.....2005/257.....2004/246......2003/276
Yucaipa/Calimesa...2008/46.........2007/24.....2006/48........2005/58......2004/67.........2003/58
In many communities the volume of closing has exceeding the peak years of 2003, 2004, 2005.
Prices have fallen enough that the affordability index allows almost 60% of the Inland Empire population to qualify for a median priced home. Interest rates have continued to be stable for purchase in the $350,000 or less price range. Where sales have been sluggish or relatively non-existent is in the $600,000 plus market. This price range has been the most affected by the lack of loans. Even today, many of these "jumbo" loans are being written at a 9% interest rate, making buyers wary of continuing with a purchase. The communities where there is a good supply of lower priced homes have been booming, while communities with more higher end properties are less active. Median prices and yearly reports will be posted soon.
posted by shirley harry at 8:00 AM
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