Whether you’re thinking about investing in the Riverside County real estate market, are looking to sell your Riverside home, or are simply 
curious about the state of the real estate market in Riverside County, you’ve come to the right place!
At Barbara Bowers Realty Group, we understand that understanding real estate trends in the Riverside County community can be vital to making knowledgeable and informed decisions regarding your next real estate purchase. As with all of our clients, we will work with you – whether buying or selling – to look at comparable homes, market trends and historical data to determine a fair value for your property. We also work with our clients to ensure they buy and sell strategically based on these trends.
With that being said, let’s take a look at the current real estate market in Riverside County and the important data that will help you with your next real estate transaction.
Homes for Sale in Riverside County: Market Trends
According to the California Association of Realtors® Sales and Price Activity Report for April 2014, the median sold price of existing single-family homes was $310,670 in March 2014 and $309,240 in April 2014, a month-to-month change of -0.5 percent. These numbers are up 12.7 percent year-to-date, telling us that sellers are getting more for their homes in 2014 than they did in 2013. Similarly, sales have increased 3.8 percent from March to April.
A few things we are currently seeing in the Riverside County real estate market back up these statistics. First, we are seeing a reduction of foreclosure and short sale inventory in the market, which boosts the median sales price. In April, for example, RealtyTrac estimates that the number of properties that received a foreclosure filing in Riverside County was 6 percent lower than the previous month. Second, we are seeing more and more competition among buyers in the market. Multiple offer situations and urgency for showings are both increasing, which further fuels the increase in sales price. Although sellers are getting more for their homes, this is still an excellent market for buyers. We are encouraging our buyer clients to act quickly on the properties they are interested in, as prices are likely to continue to rise.
These figures also align with the recent release of Fannie Mae’s Economic & Strategic Research Group report, which indicates a marked increase in consumer spending since 2010 and a “modest re-acceleration” predicted for the end of 2013 and the beginning of 2014. Further growth in the housing market was also anticipated, which is good news for those looking to sell their home in Riverside County. Increased home demand will also continue to be a significant contributor to the growth of the market for the rest of 2014.
Now that you’ve got more information on the real estate market in Riverside County, it’s time to take the next step. Below you’ll find a few tips that will help you get started in the right direction – whether buying or selling.
Buying a Home in Riverside County
- Contact an experienced, knowledgeable real estate professional.
- Speak with a mortgage lender about financing and to get pre-qualified.
- Narrow down the qualities you’re looking for in a home.
- Begin your online search using our Property Search function.
- Schedule in-person tours of your favorite properties.
- Make an offer based on comparable data and trends.
Selling a Home in Riverside County
- Contact an experienced, knowledgeable real estate professional.
- Discuss the sale of your home with your banker or mortgage holder.
- Declutter and stage your home for successful showings.
- Discuss your marketing strategy with your Realtor®.
- Consider all offers based on comparable data and trends.
When you’re ready to explore the real estate market in Riverside County in more depth, our team of real estate professionals is standing by to assist you. Whether you’d like more statistical information or would like to schedule a consultation regarding your specific needs, please do not hesitate to contact us today. Backed by years of experience in the Riverside County real estate market, it would be our pleasure to share our knowledge and expertise with you. From rural land or vineyard properties to exceptional estate homes and traditional single-family homes, let our team be your guide to the area’s best real estate deals. We look forward to hearing from you soon and to helping you with all your real estate needs. Let’s get started today!
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