Upland, CA September 2011 Real Estate Market Report
By Brad Rachielles
As we get into the fall season, there are some bright spots in the Upland, CA Real Estate Market. Single Family Residences (SFR) represent about 90 % of the Upland, CA market. Inventory of the SFRs have increased steadily since July, giving home shoppers more selection from which to choose. This can be deceptive as increasing listings and decreasing sales worked together monthly to change the inventory from just over 4 months to just under 6 months of available inventory. If the trend continues, sellers will need to compete more strongly for the buyer's attention.
Indications are that the future looks brighter - Pending sales are an indication of home sales down the road. These are trending upwardly, and that's good.
Average home selling prices are about the same as in 2010. This actually says something quite different than what it appears. If you consider that the average Upland SFR home size sold in September of 2010 was 2097 square feet, and the measurement for 2011 was 2335 square feet, the price per square foot dropped about 11% in that year. Again, this favors the buyers side of the transaction,
The nature of Upland closed home transactions changed significantly this last month. Standard transactions dropped about 8% as a share of the total and Bank Owned sales (REOs) increased their share by 10% in this last month. It is believed that investor activity picked up in the area. Watch for the rock bottom interest rates to have an effect this month.
Significant for the future is the change in FHA Loan Limits that took effect October 1st. San Bernardino County will be feeling the effect of this.... but more on that in another post.
Some of this information is taken from my detailed Statistical analysis of the Upland Real Estate Market. There are certainly more questions to be answered. Please feel free to call me at your convenience at 909-816-7333, and let's talk.
Sometimes, two heads are better than one when it comes to making sense of the Upland, CA September 2011 Real Estate Market Report.
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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.
Cell: 909-816-7333
Web Page: http://www.BradRachielles.com
e-Mail: bradrachielles@dslextreme.com
