UPLAND, CA - Single Family Residential Market Report for January, 2014
By Brad Rachielles.
January, 2014 was greatly anticipated in the real estate circles in the Upland, CA area to see if the four month decline would bounce back to the increase column. That may tend to indicate that the declines were more seasonal than economically driven. As predicted by some, both the Upland Average Selling Price AND the Average Square Foot Price did reverse their slide and are again up from the prior month. The average selling price is up 9.6% from this month last year. Square foot pricing is up 17.6% from January, 2013. Of course, one month does not set a trend, but it is encouraging to sellers.
Not specifically covered here are mortgage interest rates seen in the last couple of weeks. Buyers are encouraged to contact their lenders for up-to-date information.
Upland is considered to be a bedroom community. Residents value the feeling of community, with great schools, new stores and access to the major metro areas through our interstates and trains.
With lots of foliage and mountain backdrops, Upland is just an hour from semi-arid deserts with fantastic panorama. Enjoy fresh water activities here in the valley, or the Pacific is just an hour away. You can be snow skiing in just an hour's drive or less in the winter. Add this to the major league sports, entertainment, art, parks and colleges nearby and you have just about anything you may want in a home community.
This report covers our homes, specifically, Single Family Residents. For now, Condos and town homes are not included in this report. All real estate information here is purely LOCAL and is just what is needed to make LOCAL buying and selling decisions. The data is extracted from the CRMLS and are as of the close of business on the last day of the month. This information is deemed to be accurate, but can not be guaranteed.
UPLAND IS STILL A SELLERS MARKET - January, 2014 Stats
- Inventory of Unsold homes = 117 active listings - Up substantially over December
- Properties sold = 39 Sales.
- Average Selling Price was UP 9.6% from January, 2013 and up 13.6% from last month to: $461,034
- Selling Price as a % of Asking Price = 98.3%
- Average Days on the Market = 70 days, Down 1.4% from January, 2013
- Home inventory is 3.0 months.
- Range of S.F.R. selling prices this month:
· $230,000 for a 1 bedroom, 1 bath home of 608 Sq. Ft. on a 3430 S.F. lot
· $875,000 for a 5 bedroom, 5.0 bath home of 4,462 Sq. Ft. on a 25,500 S.F. Lot
Standard sales are still king at 82.1% of the market, Short Sales representing 10.3% and REO Sales just 7.7% of the market.
We're seeing too few homes for sale although inventory is increasing, some multiple offers on well presented and fairly priced homes and rising prices.
Clearly, sellers have a substantial advantage, but that's not to say that buyers are getting a bad deal. Home prices have bottomed and are on their way up again, but the average selling price in Upland is STILL MORE THAN 23% BELOW THEIR PEAK PRICES IN 2007, and INTEREST RATES ARE STILL HOVERING AROUND 4.3% on 30 YEAR FIXED RATE LOANS. Current pricing is at levels seen in the 3rd quarter if 2004.
So that's the UPLAND, CA - Single Family Residential Market Report for January, 2014. I'd love to hear any and all questions that you may have.
Call 909-816-7333 or e-mail me at BradRachielles@dslextreme.com
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It's All About YOU! Brad Rachielles, REALTOR, Upland, CA. BRE# 01489453
Brad Rachielles, REALTOR. Helping Inland Empire Buyers and Sellers with their Real Estate needs in the Communities of: Upland, Rancho Cucamonga, Fontana, Claremont, Ontario, Chino, Chino Hills, Pomona and La Verne, CA.
Cell: 909-816-7333 B.R E. # 01489453
Web Page: http://www.BradRachielles.com