Eastvale Market Update – February 2018

     

    – Hi, this is Nazar with Provident Real Estate, here in Eastvale, California. I’m here to give you another monthly update of what’s happened in Eastvale, as far as home sales are concerned, in the month of February of 2018. Now, February was a short month, but even still, there’s a total of 50 houses that sold in the month of February in all of Eastvale. Last month was 48, this month was 50. So, there’s a couple homes more that sold this month. The average list price of a home that sold in Eastvale for last month was $570,000. Now, what’s interesting about that number, the highest priced home that sold last month was $530,000, the highest priced home that sold was a home on Kendra Lane, was sold for $925,000, all cash. Now, because of that, the average is 570. If you take out that highest priced home at 925, on Kendra Lane, the next highest home that sold sold for $714,000. So, if you look at that average, that means that last month, the average home sales price, excluding the highest priced home that sold, was was at $563,000. Last month, the average home price sold was 558, this month, 563, so it’s only gone up by 1%. Now, if you look at the trend in the last six or seven months in Eastvale, you’ll notice that, even though it goes up and down a little bit, it’s been pretty stagnant for the last five or six months, right? Maybe it’s gone up by a little bit, but not significantly, probably like, maybe, 1% or so, again, across the board. What does that mean, right, as a seller? Why aren’t home pricing continuing to go up? Now, here’s a couple other interesting things. Inventory’s still low, right? There’s 85 listings, or 83 listings actively on the market, as of today in Eastvale. The highest, or the average price of those active listings is $604,000, so that’s pretty decent. The average days on market right now is 40 days. Average days on market for the homes that sold last month was 30 days, OK, 30 days. So, inventory’s going up a little bit, home pricing is staying kinda flat, and staying the same, and days on market is going up a little bit. Now, buyers, the reason that you’re seeing that is because interest rates have gone up a little bit, right? They were in the low fours, now they’re in the mid to high fours. And, experts predict that listings, or the overall interest rate can go up into the low fives by the end of this year. Now, what’s gonna happen with that is that it just makes buyers a little bit more resistant, but, at the end of the day, they’re gonna acknowledge that there’s just super low inventory, even though there’s 83 days, or 83 homes on the market as of today, it’s still relatively low in comparison to how many homes are in Eastvale, alone. Remember, there’s 15,500 houses in Eastvale, roughly, and there’s only 83 of those for sale, that’s less than 1% of the inventory that’s available for the prospective buyers to shop from. So, even still, even though the inventory, or even though the days on market has gotten a little bit higher, and rates are affecting pricing just a little bit, for the most part you’re gonna see that home prices continue to go up as we enter the summer months. 22% of all the buyers that bought last month were cash buyers. The highest priced home that sold last month, the 925, sold all cash, you guys. So, there’s cash buyers are still strong, the conventional buyers are still good. The loan limits have gone up to $453,000 for a conventional loan limit. FHA loan limits are still in the low fours for FHA, so that’s still not a big player anymore, as it used to be back in the day. And, what’s gonna happen, right, we’re in mid-March right now. We’re gonna see prices continue to climb up just a little bit at a time, maybe 1% here, 1% there, in the next three, four months. And, what that means to you as a seller, if you’re thinking about making a move, is that you should make the move, right? If you wanna move, if you’re waiting for the pricing to go up significantly, I don’t think that’s gonna happen. Now, some people feel that the market’s gonna reduce, or go down in value. That might happen long term, I just don’t think it’s gonna happen this very second. So, if you’re looking at making a move in the next foreseeable future, in the next six months, give us a call. It is absolutely critical that you work with a local expert to be able to guide you through the process of getting a home sold for top dollar. And, we would love the opportunity to be able to work with you. Give us a call at 951-444-8020, and love to be able to stop by and take a look at your house, meet with you, talk about what your plans are and what you’re trying to accomplish, and then help you put a game plan together and make that a reality. Anyway, this is Nazar, again, with Provident Real Estate, here in Eastvale, California. If you have any questions, please give me a call 951-444-8020, have a wonderful day.

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