Riverside Real estate Market Update - July Prices Increase

Although home sales are down this year, prices are steadily increasing in the Riverside County Real Estate Market. Sales for the month of July 2010 were 2,985, down from last July’s number of 3,868. However, home prices have increased a healthy $15,000. Last July, the median sale price of a Riverside County home was $190,000. Last month, the median home price came in at $205,000, an increase of 7.3%. See the home price data below:

Sales Statistics for RIVERSIDE County CA

Realist’s most recent sale date for this county is 08/20/2010

Single Family Residence
Time Period	Number of Sales	Median Sale Price
Jul 2010	2,985	$205,000
Jul 2009	3,868	$190,000
Jun 2010	3,902	$211,500
Jun 2009	4,097	$185,000
2010 YTD	23,111	$205,000
2009	43,496	$190,000

Condominium
Time Period	Number of Sales	Median Sale Price
Jul 2010	347	$160,125
Jul 2009	353	$147,000
Jun 2010	448	$176,250
Jun 2009	406	$170,750
2010 YTD	2,806	$162,000
2009	4,101	$160,000

As the media continues scaring people about the current real estate market, all you really need to do is take a look at the current data. With most homes in todays market getting multiple offers, it’s pretty safe to say that we’re moving on and the market has stabilized. So, for home buyers who keep submitting low-ball offers because you think the market as a whole is still crashing down and there is going to be a second dip in home prices, I would advise for you to stop holding your breath and make an offer that is closer to the current market value, rather than what you “think” the home is worth with no reasonable data to back it up. I am not saying give the owner their asking price because sometimes, owners are just too unrealistic, but I advise you to do some research and make a good, solid respectable offer.

Please note that the data from above is for Riverside County as a whole. Some local markets may have had stronger price appreciation, while others are still very anemic.