Trace the Rise and Fall of Median Prices

August 12, 2010

It is interesting to trace the history of median prices in the fourteen communities that I have been tracking. These numbers are not scientifically derived. They are derived from the very simple process of taking the number of closed transaction reported through the IMRMLS, dividing by two and then using the price of the property at that halfway mark. These prices are for the month of July, 2010-2003.

Banning/Beaumont.......2010/170,000......2009/172,000......2008/235,000......2007/320,000

.........................................2006/324,990......2005/325,000......2004/235,000......2003/148,500

Bloomington...................2010/129,000......2009/119,900......2008/185,000.......2007/437,999

.........................................2006/370,000.....2005/309,000......2004/265,000......2003/170,000

Colton..............................2010/105,000.....2009/96,155.........2008/194,000.......2007/260,000

.........................................2006/336,000.....2005/314,000......2004/225,000.......2003/170,000

Fontana...........................2010/200,000.....2009/180,000.....2008/274,000.......2007/414,000

.........................................2006/420,000.....2005/399,500......2004/315,000.......2003/212,000

Grand Terrace...............2010/190,000.....2009/203,000......2008/275,000.......2007/348,000

.........................................2006/365,000.....2005/342,000......2004/292,000.......2003/249,900

Highland.........................2010/170,000......2009/130,000......2008/280,000.......2007/336,000

.........................................2006/392,000.....2005/346,000......2004/272,000.......2003/217,500

Loma Linda....................2010/190,000.....2009/230,000......2008/308,000.......2007/429,500

.........................................2006/495,000.....2005/397,000......2004/315,000........2003/225,000

Mentone.........................2010/195,000......2009/169,900......2008/189,000........2007/170/344

........................................2006/385,000......2005/245,000......2004/298,000.......2003/238,000

Moreno Valley..............2010/150,000......2009/140,000......2008/198,000........2007/354,990

........................................2006/390,000......2005/340,000.....2004/275,000........2003/190,000

Redlands........................2010/199,900.......2009/219,900.....2008/284,000........2007/420,000

........................................2006/425,000......2005/362,000.....2004/329,900........2003/270,000

Rialto..............................2010/150,000......2009/130,000.....2008/190,000........2007/360,000

........................................2006/391,000......2005/340,000.....2004/279,000........2003/190,000

Riverside.......................2010/190,000......2009/175,000......2008/255,000........2007/400.000

........................................2006/430,000......2005/400,000....2004/330,000.......2003/230,000

San Bernardino.............2010/107,000......2009/75,000.......2008/150,000........2007/299,000

........................................2006/311,000......2005/275,000.....2004/212,000........2003/142,500

Yucaipa/Calimesa........2010/170,000......2009/199,000.....2008/260,000........2007/355,000

........................................2006/390,000.....2005/360,000.....2004/314,000........2003/205,000

There are the numbers. It is obvious that there has been a very deep decline in the value of single family homes. For home owners who has appraisals in 2006, the reality may be that an appraisal today could be 50% less. If you wondered why so many folks owe more than their home is worth, these numbers tell the story. If you had put 20% down and the value drops 50%, you are upside down. The good news is that if the future resembles the past, prices will recover, but not in the near future.