December and November Median Prices - 2008
January 7, 2009
For all you data wonks who have been following my postings regarding the Inland Empire real estate market as reported through the IMRMLS, here is the data on median prices for closed sales in November and December 2008.
Banning/Beaumont......December/$203,000...........November/$196,950
Bloomington..................December/$159,000............November/$142,000
Colton.............................December/$145,000............November/$134,900
Fontana..........................December/$220,000...........November/$240,000
Grand Terrace..............December/$175,000............November/$240,000
Highland.........................December/$217,000............November/$185,000
Loma Linda...................December/$295,000............Novemebr/$240,000
Mentone........................December/$154,000............Novemebr/$138,000-$325,000
Moreno Valley..............December/$195,000............November/$165,000
Redlands.......................December/$265,000............November/$239,000
Rialto.............................December/$148,500.............November/$179,000
Riverside......................December/$200,000............November/$211,750
San Bernardino............December/$104,000............November/$110,000
Yucaipa/Calimesa.......December/$236,900.............November/$240,000
For me, median prices can always be taken with a grain of salt. The way I find them is to take the total number of closed sales, divide by 2, and then find the transaction that was at the halfway mark. As was the case in Mentone, there are sometimes too few sales and the spread at the halfway mark is too great to pick the exact transaction. The one bit of data that stands out is that in all 14 communities, half of the closed sales were under $300,000. This reflects where the present activity is taking place, probably influenced by where the loan money is most available.
At any rate, I am a data wonk and I do find tracking the data interesting. I am not sure that it yet tells me what the future holds. However, it does tell me that if the price is right, the goal of owning a home is still alive and well.
For all you data wonks who have been following my postings regarding the Inland Empire real estate market as reported through the IMRMLS, here is the data on median prices for closed sales in November and December 2008.
Banning/Beaumont......December/$203,000...........November/$196,950
Bloomington..................December/$159,000............November/$142,000
Colton.............................December/$145,000............November/$134,900
Fontana..........................December/$220,000...........November/$240,000
Grand Terrace..............December/$175,000............November/$240,000
Highland.........................December/$217,000............November/$185,000
Loma Linda...................December/$295,000............Novemebr/$240,000
Mentone........................December/$154,000............Novemebr/$138,000-$325,000
Moreno Valley..............December/$195,000............November/$165,000
Redlands.......................December/$265,000............November/$239,000
Rialto.............................December/$148,500.............November/$179,000
Riverside......................December/$200,000............November/$211,750
San Bernardino............December/$104,000............November/$110,000
Yucaipa/Calimesa.......December/$236,900.............November/$240,000
For me, median prices can always be taken with a grain of salt. The way I find them is to take the total number of closed sales, divide by 2, and then find the transaction that was at the halfway mark. As was the case in Mentone, there are sometimes too few sales and the spread at the halfway mark is too great to pick the exact transaction. The one bit of data that stands out is that in all 14 communities, half of the closed sales were under $300,000. This reflects where the present activity is taking place, probably influenced by where the loan money is most available.
At any rate, I am a data wonk and I do find tracking the data interesting. I am not sure that it yet tells me what the future holds. However, it does tell me that if the price is right, the goal of owning a home is still alive and well.
posted by shirley harry at 9:03 AM
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