Today I am going to touch on 4 segments of the Riverside County Real Estate Market and how COVID-19 is impacting us. In Riverside County, supply is low, and demand is high. Riverside is a fast-growing suburb in Southern California. Being such a highly desirable place to live, it is no surprise that real estate in this area has boomed. These are 4 segments of the Real Estate market in Riverside County and how COVID-19 is impacting us.
Home Values
The Median Sale price in December 2019 was $385,000. Despite the economic shutdown we experienced in December of 2020, the median home price in December 2020 was $458,000. That is an increase of $73,000, which is a +18.96% increase in home values compared to last year.
Distressed Sales and Foreclosures
Though many throughout the country have faced financial difficulty due to COVID-19, the foreclosure and short-sale rate is down 83.5% from the previous year.
Home Sales
The number of homes sold in December 2020 from December 2019 has increased by 70%. There is also a decrease of 19% in the number of homes that are active on the market. All of this tells us that the supply is low and demand is high; therefore, prices increase. Also, the average number of days a house is on the market is 45% lower than what it was in December 2019. In December 2019, the average number of days a house was on the market was 63 days. At the end of 2020, the average number of days on the market was 35 days. In addition, 64.05% of homes in Riverside County are selling for 100% or more of the asking price.
Record Low Mortgage Rates
It is also driving demand. Locking in a 30 Year Interest Rate and payment is a great inflationary hedge. And lean supplies of homes for sale and demand that are contributing to price appreciation.
Overall, the Real Estate market in Riverside County has remained resilient throughout these times of hardship.
In fact, we predict that there will be a late real estate boom coming in later this year from families putting their home-buying plans back on track.
If you would like a market outlook and see the trends specific to your area, or a free market evaluation to determine what your home is worth. Call me today at (951) 400-4463.
