Riverside: Key Market Metrics Guide Decisions

In Riverside, the current real estate landscape is defined by a critical balance of supply and demand. With a Months Supply of Inventory at 2.13, the market indicates a tight situation where buyers face competition due to low inventory levels. This is accentuated by a significant year-over-year increase of 19.66% in inventory levels, suggesting a gradual move towards a more balanced market and providing buyers with increased options.

Homes in Riverside are selling rapidly, typically remaining on the market for only 29 days. This quick sales pace is driven by the strong demand and competitive environment, evidenced by homes selling at an average of 99.4% of their listed price, indicating that properties are fetching near asking prices.

The median sold price stands at $675,000, reflecting the robust market conditions and the premium that buyers are willing to pay to secure a property in this competitive market. This pricing environment demands that buyers be prepared to act swiftly and decisively, often at or above the asking price, while sellers benefit from the market's dynamics to attract strong offers.

San Bernardino: Low Inventory and Rising Market Balance

In San Bernardino, understanding key market metrics is vital for buyers and sellers aiming to navigate the current real estate landscape effectively. The Months Supply of Inventory is presently at 2.42, a figure that highlights a relatively tight market. This level of inventory suggests a seller's market, where demand outpaces supply, leading to increased competition among buyers.

There has been a notable 12-month increase in Months of Inventory by 15.24%, pointing towards a shift to a more balanced market. This change provides buyers with more options and somewhat lessens the urgency to make quick purchase decisions.

Homes in San Bernardino are selling fairly quickly, with a median of 33 days on the market. This quick turnover is a result of the high demand coupled with the limited supply, which speeds up sales processes for sellers.

Furthermore, with a Sold to List Price Percentage of 99.7%, homes are selling very close to their listed prices, indicating strong market conditions that favor sellers, as buyers are willing to pay nearly the full asking price to secure properties.

The median sold price in the area stands at $500,000, reflecting the current market value and helping both buyers and sellers gauge the average pricing landscape. This price point underscores the competitive nature of the market.

Overall, the market dynamics in San Bernardino are characterized by limited inventory and strong demand, leading to quick sales and transactions that frequently close near the asking prices. Buyers should be ready to make swift and competitive offers, while sellers can leverage these conditions to achieve favorable sale outcomes. It's essential for all parties to remain well-informed and consider partnering with experienced real estate professionals to successfully manage their transactions in this active market.