Welcome to the first edition of our new Inland Empire Real Estate Trends Update Report, a quarterly update from an appraiser's perspective. The focus of the quarterly updates will be on Riverside County cities and their current market trends.
For the first time in over a year, our office has noted some stabilization and even slight increase in market value in several areas within Riverside County (some areas of Murrieta, Temecula, Perris and Hemet), with Median Comparable Sale Price and Median Comparable List Price stabilization, Sale Price to List Price increasing, and inventory waning in these noted areas.
The noted stabilization appears to be related to lower inventory of foreclosed homes and peaked interest from buyers/investors looking for bargains in the Inland area and is supported by the increase in orders for purchases we have seen recently. It has also been reported that several large banks have been cautious not to flood the market with too many foreclosures, thus helping the stabilization however this has not been confirmed.
Our next quarterly report will be provided in March of 2010.
David Moore - SCREA