I was curious what was going on in the Inland Empire this weekend as far as new listings, sales and closing. Normally this time of year (September) the market is slow due to kids going back to school. Once kids are settled and a routine is established buyers venture back out into the real estate market. October and November are usually pretty good months as the real buyers are out at this time. Most looky loos avoid the holiday season and opt for shopping instead.
Anyways this weekend unfortunately held no surprises . New listings for the weekend as of 10/5 were at 256. That’s a lot of new listings. The average home is priced at $430,504. for 2120 sq. ft with 4 bedrooms and 2.5 baths
There were 27 closings (that’s depressing) with the average being $458,006. which is about $20,000 less than the asking price. This average price is for a home that is 2197 sq. ft. with 4 bedrooms and 2.5 baths. The price is a bit encouraging.
And finally homes that went into contract were 59 (better than closings but some will fall out). The average price is $358,878 for 1981 sq. ft. with 4 bedrooms and 2.5 baths.
No surprises! The new listings are still out of touch with the market while buyers are going for the deals.
There were 27 closings (that’s depressing) with the average being $458,006. which is about $20,000 less than the asking price. This average price is for a home that is 2197 sq. ft. with 4 bedrooms and 2.5 baths. The price is a bit encouraging.
And finally homes that went into contract were 59 (better than closings but some will fall out). The average price is $358,878 for 1981 sq. ft. with 4 bedrooms and 2.5 baths.
No surprises! The new listings are still out of touch with the market while buyers are going for the deals.
Please remember these are averages only, specific homes and prices vary according to many factors including amenities, location and condition.
4 comments:
This is interesting info. The Inland Company is currently doing some work to evaluate the degree that buyers and sellers are out of touch in this market. A statistical review of asking prices and closed sales is part of the study.
Also, The Inland Company recently completed a study of land transactions for one of the Inland Empire sub-markets. Things continue to look difficult. Feel free to check out the site at
www.theinlandcompany.com
John,
Thanks for visiting. You're right it's very good information. For me the most interesting part of the study would be asking price compared to selling price. My sellers always have a higher price in mind when listing their home and their reasoning for the higher price is buyers who want to low ball. They figure if they list $30,000 or even more over then they may get what they really want. I try to explain to them that if they have a good agent, that agent will give them a market value and then the buyer will lowball from there, not from the price they're asking. Sellers don't get any benefits from listing too high. But often they don't want to hear that. I study offering this information would be an excellent tool for many agents. It's a tough market for sellers right now but a few years ago buyers were feeling the hurt.
What new methods are being used to market these homes? Is there anything new or innovative like video home tours being used to help increase the final selling price?
This data is for a 3 day period, encompassing all of the Inland Empire and represents all real estate closing from all real estate companies. Whether these agents use new methods to sell their homes or employ the aid of video home tours is as big a mystery to me as it is to you. Video home tours are a tool used more to get listings rather than sell homes. These video tours provide extra views of the subject home and may bring in additional prospects, but as far as getting more for a home that has a video tour this is unlikely. In todays real estate market a savvy buyer doesn't buy with his heart but rather his head and the savvy buyers seem to be the majority right now.
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