The Spring Market… or Another Fake-Out?

by John Alagna

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Riverside County Market Update

I've seen it every year. January comes around, activity picks up and it leads everyone to believe the year is going in a trajectory different from the last couple years.

We had the fake out again! I'm not saying opportunities are not out there, but interest rates are keeping many people at bay! In fact, just a few weeks ago, rates were under 6% and now we are back above. Let's jump into the numbers to see exactly where we are at!

Median sales price is down by 0.8% year over year but it is up from last month 1.6%. We are going to see fluctuations in price as we start the spring season. Prices typically do increase as we enter this time of the year. As you click on this image, you will see that the pricing has been pretty flat for the last 2 years overall.

New listing are down year over year by 14% at 2,442 for the month. Again, we are still early in the year for many listings to hit the market, however, I strongly feel that right now (March), is the best time to get on market before we get the April wave.

Active listings are down 14.8% year over year and slightly up from last month. February had 6,631 listings compared to the previous month at 6,577. We are actually still below pre-pandemic levels and as you may have seen in the news, market activity is still very low compared to the norm.

Pending sales are always an indicator of forward movement. Pending sales came in at 1,511, which is 10.6% down from the previous year. Last year, in March, was the highest point of pending sales. If this year follows the same stats, that would support my theory of listing in March as being a great time.

I encourage you to click on the above pending sales image to view the peaks of each year.

You'll notice that March prints very good numbers in most cases and isn't off much from April.

If you have any questions, feel free to reach out any time.

John Alagna
Your Local Realtor | DRE#02073190
909.821.2781

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John Alagna

Agent | License ID: 02073190

+1(909) 821-2781