Competitive Conditions Benefit Both Buyers and Sellers

Riverside’s real estate market is currently facing low inventory, with only 1.92 months of supply. This limited availability, combined with high demand, has led to a 12.94% increase in the time it would take to sell off the current inventory.Despite this, homes are selling quickly—averaging just 29 days on the market—showing that buyers are highly motivated and ready to make swift decisions. Sellers are seeing the benefits as well, with properties selling for an impressive 100.2% of their asking price, indicating strong competition and buyers willing to offer above list price.

The median sold price in Riverside is $650,000, a sign of the market’s robust performance. While buyers face competitive pricing and fast-paced sales, sellers can take advantage of high demand to secure top dollar for their homes.

Key Takeaway: Sellers can capitalize on Riverside’s competitive market by pricing their homes strategically, as properties are selling quickly and above asking price. Buyers, though facing fierce competition, still have opportunities to secure homes in a market showing strong value.

Low Supply and High Demand Drive Competitive Conditions

San Bernardino is experiencing a low supply of homes, with only 2.09 months of inventory available. This has created a seller’s market, where demand is outpacing supply. However, there’s a slight improvement in inventory, with a 1.95% increase in the number of homes available compared to last year, suggesting a potential shift toward a more balanced market in the future. 

Despite the low supply, homes are selling quickly, with a median of just 33 days on the market, highlighting strong buyer interest. Sellers are benefiting from this competitive market, with homes selling for an average of 100.1% of their list price. The median sold price in San Bernardino is $479,000, showing that the market remains stable and healthy.

Key Takeaway: For sellers, it’s still a strong time to list, with properties selling quickly and at or above the asking price. Buyers, while facing limited inventory, may see a gradual increase in available homes, offering a chance for more options in the coming months.

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