Market Report for Upland, CA - June, 2012. NEEDED... HOMES TO SELL!
As the song said... "JUNE IS BUSTIN' OUT ALL OVER".... Ehhhh.... but not really in our Inland Empire real estate market.
Even though the NEEDED home inventory increased this last month in the Inland Empire (1/10th of a percent), the news is misleading. When sales drop, and active listings drop, but slightly less, the result is an increase in months of inventory. The bottom line is that there are actually 6.6% fewer homes on the market for buyers to choose from than the month prior.
REO sales dropped 5.9 (no surprise there). What DID surprise me was that Short Sale Closings increased 11% and Standard Sales dropped by 4.1%.... all in our 10 city market.
What IS ENCOURAGING is that in our market, this is the second consecutive month of increases in the Average Selling Prices... both Month-Over-Month AND Year-Over-Year. The really savvy student of the numbers will also see that this is the first month in a while where the PRICE PER SQUARE FOOT also increased Year-Over-Year, although Month-Over-Month SF prices have been decreasing. That says something about last year.
NO SECRET HERE....
WE NEED INVENTORY to get a substantial recovery underway. I totally understand potential sellers being reluctant to list their property when it is valued at 25 to 50% less than in 2006 or 2007. That's a shock. The reality is that we will not be seeing the appreciation in real estate that we saw in the hey-day of the market. Smarter people than I are projecting that it will take YEARS for normalization. If you have planned to downsize, move to better suit your needs and you have equity in your home now, it would seem to make sense to get on with your life while the home is in good shape and the replacement home prices are low, interest rates are great and there is an anxious pool of buyers (many of whom can either not find a home to suite their needs or are loosing offers on their chosen property).
It is a STRONG SELLER's Market and qualified BUYERS ARE THERE!!!
They say that a picture is worth a thousand words. Maybe this will help....
Please call to talk about your real estate needs.
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It's All About YOU! Brad Rachielles, REALTOR, Upland, CA
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.
Web Page: http://www.BradRachielles.com