2009 is behind us. We begin the new year with brisk sales. Eastvale posted some 70 closed sales in January. There are roughly 140 active listings. These numbers indicate there is a two month inventory. This is the pattern we have seen recently. That is, there seems to be a steady stream of homes coming onto the market to keep the inventory around a two month supply.
The lowest price was $304,900 and the highest recorded was $543,000.
The smallest home is around 2100 square feet and the largest being 4,763. The cost per foot for the smaller homes is higher than the cost per square foot for the larger homes.Smaller homes sell for about $130-$140 per foot. Some of the larger homes sold for around $100 per foot.
Most of the homes sold for more than the listing price. Some cash offers were above listing price. The majority of homes sold rather quickly. The oldest listing took 283 days to sell while the quickest sale was 3 days.
Presently homes are selling rather quickly. What is causing the buying spree?
1. The fact is that most of the homes are selling at a price that is below the replacement cost of the equivalent house.
2. The fact that the home loan available today is cheaper than can be expected in the near future. The anticipation of a loss of value in near future is offset by anticipation of increased loan interest. Roughly, if interest increases by one percent the payment will increase by about 10%.
3. There is an incentive to get the tax credit for buying now.
4. Presently, real estate is thought to be a good place to invest in an asset that should maintain current value or should grow in value. Real estate has historically been seen as a hedge against inflation
The big question is; are prices going up, down or staying level? Overall it appears that prices are inching upward slightly.
Eastvale is rapidly coming to be recognized as a desirable hometown. It is becoming a community of choice. It is a good time to consider buying a home or two in Eastvale.