Residential Closed sales - February 2013,2012 and 2006

March 11, 2013
The most common complaint of real estate agents these days is that the inventory is so low and that listings are receiving multiple offers. What is interesting to note in the following numbers is that the volume of 2013 closed residential real estate transactions is down in some areas from the numbers of 2012 and 2006, they are pretty similar in other areas.
Banning/Beaumont............2013/76........2012/95........2006/68
Bloomington.....................2013/18........2012/24........2006/20
Colton..............................2013/29........2012/39........2006/42
Fontana............................2013/171......2012/180......2006/190
Grand Terrace..................2013/15........2012/6..........2006/10
Highland...........................2013/51........2012/38........2006/39
Loma Linda......................2013/11........2012/12........200610
Mentone..........................2013/3...........2012/14........2006/4
Moreno Valley.................2013/163.......2012/164......2006/224
Redlands..........................2013/57.........2012/56........2006/50
Rialto...............................2013/71.........2012/81........2006/71
Riverside..........................2013/282.......2012/332......2006/335
San Bernardino................2013/155........2012/126......2006/176
Yucaipa/Calimesa............2013/64..........2012/52........2006/38
One other interesting datum to note is the low volume of 2006. At the peak of the up market, agents had the complaint that they have today - low inventory. The peak market was similar in another characteristic - multiple offers. In today's real estate market is is not at all unusual for a new listing to have multiple offers the first day that it is published in the MLS. It is not just one or two offers, but can be ten or twenty. These multiple offers began at the lower priced end of the market but are now moving into the over $400,000 market. As I post the numbers for median prices and for the over $400,000 sales it will be interesting to note the trends, if any, in these areas of the real estate market.