The Market Segment to Watch for Recovery

January 5, 2010

As the overall number of transactions increase, there is still a segment of the Inland Empire real estate market that seems to be lagging. Properties that are listed at a price over $400,000 still are slow to transact - better than the first half of 2009, but still not a significant portion of sold properties.

As we start 2010, here are the numbers for listed, pending and backup properties. In a week when the data for closed transactions are in, I will include them as well.

Banning/Beaumont......Listings/20......Pendings/1.......Back-up/1.....% of total listings/.046

Bloomington..................Listings/1.........Pendings/0......Back-up/0....% of total listings/.016

Colton.............................Listings/3.........Pendings/2......Back-up/2....% of total listings/.024

Fontana..........................Listings/14.......Pendings/8......Back-up/3....% of total listings/.030

Grand Terrace...............Listinsg/1.........Pendings/0......Back-up/0....% 0f total listings/.050

Highland........................Listings/11........Pendings/2......Back-up/1.....% of total listings/.073

Loma Linda...................Listings/10........Pendings/0.....Back-up/2.....% of total listings/.189

Mentone........................Listings/2..........Pendings/0.....Back-up/0.....% of total listings/.091

Moreno Valley..............Listings/6..........Pendings/1......Back-up/0.....% of total listings/.011

Redlands.......................Listings/82........Pendings/10....Back-up/10...% of total listings/.396

Rialto.............................Listings/4..........Pendings/2......Back-up/0.....% of total listings/.017

Riverside.......................Listings/168......Pendings/42....Back-up/13...% of total listings/.162

San Bernardino............Listings/11.........Pendings/2......Back-up/1......% of total listings/.017

Yucaipa/Calimesa........Listings/61........Pendings/9......Back-up/3.....% of total listings/.252

In most communities, the over $400,000 market is not a huge segment of properties being offered for purchase. However, in 2005 and 2006, this segment was a much greater percentage of the market. Will we return to those levels soon or will we wait another five to ten years?