Where the Sales Are

June 2, 2009
Just for the fun of it, I thought I would see how many of the active listings and the pending sales are over $400,000. We have been saying for some time that the real estate market in the Inland Empire is $350,000 and under. What I found in running the data is that it is definitely not in the $400,000 and above range - at least on a percentage of pending sales. Here are the percentages of pending sales over $400,000.
Banning/Beaumont............3 tenths of a percent or 2
Bloomington........................None
Colton...................................1.2% or 2
Fontana................................1.5% or 12
Grand Terrace....................None
Highland...............................3.6% or 7
Loma Linda.........................9% or 3
Mentone..............................None
Moreno Valley....................1 tenth of a percent or 1
Redlands..............................4.6% or 13
Rialto....................................2 tenths of a percent or 1
Riverside..............................7.8% or 81
San Bernardino...................None
Yucaipa/Calimesa...............2.3% or 6
It seems that in the communities with the highest ratios of pendings to listings, there are the fewest listings over $400,000. For instance: Moreno Valley that has just 9 listings over $400,000 has over a 100% ratio of pending sales to listed properties. On the other hand, Redlands, which has a 36.4% ratio of pendings to listings has also 38.9% of the active listings priced over $400,000.
We will be watching for this segment of the real estate market to show signs of life!