Hey y’all and welcome back to Episode #6 of Real Talk With Ryan. On this episode I’m going to highlight the Riverside County Housing Market. No the sky is not falling…no the floor is not falling out beneath us! This market is similar to that of The OC market…we’re transitioning from a long hot seller’s market into a normal balanced housing market.
Let’s dive into some numbers….
The avg sales price increased 2.5% year over year up to $400,127 in Riverside County. The median sales price rose 5.1% to $369K. We saw 235 more properties hitting the market in Aug 2018 compared to Aug 2017, an increase of 5.4%. Closed sales decreased from 3,470 in Aug ’17 down to 3,064 in Aug ’18. Days on market (DOM) increased by only 4 days up to a tragic 30 days. Will this number increase in the coming months? I’m sure it will. DOM usually increases as we approach Fall.
Here are the DOM for Aug during the last five years: ’13 – 38 days, ’14 – 57 days, ’15 – 51 days and ’16 – 50 days. Days on market peaked during this five year period in January 2015 at 70 days. Is there a lot of unnecessary panic right now? I think so, but that’s just my opinion.
During this same five year period, the average sales price increased 34%! That’s a great run but don’t expect that trend to continue as we transition into a normal balanced market.
It’s all about pricing properties at Fair Market Value (FMV) in today’s market. Overprice and your home will sit. Buyers need to be mindful that while it’s no longer a hot seller’s market, it is not a buyer’s market either. Looking for a “Deal” is a waste of time. Buyers need to be prepared to make offers at FMV. Anything less and they will not be successful in securing their piece of the American Dream.
Throw in some ear buds, push play and enjoy this episode…you might even learn a thing or two….
Thanks for listening and show me some love by subscribing to my podcast/show on iTunes, Google Play and Stitcher. Don’t forget to leave a review.
Take a look at the graph below. This illustrates the increase in the average sales price over the past 5 years.