Over the past year the median sale price of homes in Riverside declined 8.9%. However, property values peaked in August of 2010 and have declined 13.8% since that time. This was likely due to the waning effect of the federal tax credit for new home buyers, which expired at the end of April 2010, and the influence of increasing mortgage interest rates in recent months. There are currently 5 months of housing inventory indicating a balanced demand/supply trend. Properties sold after a median of 45 active marketing days over the past month indicating a marketing time trend of less than 90 days. According to the local MLS, 71.6% of all sales over the past 3 months were bank sales, short sales, or other non-standard sales which is a slight decrease from 74.2% during the same period last year. Bank sales and short sales are at historically high levels that are putting downward pressure on property values.
Brian Ward
Riverside Home Appraiser
www.brianward.com
Real estate appraisals for as little as $199.00
