We have been working with a number of Buyer’s recently seeking to purchase a home. Over the last several weeks, it has become increasingly frustrating to find properties to show these Buyers. In looking into the market further some interesting facts for San Bernardino County Real Estate come to light. In this article I will focus on a general overview of market conditions in San Bernardino county and specifically by way of example only, the city of Highland. What analysis shows is that we are facing a dramatic decrease in available inventory and a corresponding increase in prices. The reason for this shift is something I will let the economists determine. I only present the picture of the Real Estate market as it exists in San Bernardino county through the end of April 2012.
Decline in number of homes for sale:
As can be seen from the charts below a tremendous decrease in both the number of properties for sale (down 42% annually) and a decrease in the months supply of inventory (down 70% annually) exists in San Bernardino County. (to view the chart in full-scale, simply click on it)
Now lets Examine the City of Highland just by way of example:
Corresponding Increase in Sales Price
Given the decrease in the number of properties available for sale, the market is seeing a corresponding increase in the prices of homes is being seen. San Bernardino county-wide we are seeing an increase in prices (up 7% on an annual basis).
What does all of this mean?
As can be seen above, the market appears to be rebounding from the excess in Inventory that has driven down the prices of homes over the past years. While still early to conclude that we are seeing a trend, there are indicators that would seem to so dictate. From a Buyer’s perspective, it is clear that there is increased competition for available units for sale. A prudent Buyer will act quickly when finding a home the Buyer is interested in and should be prepared to submit a reasonable offer immediately upon finding a property. From a Seller’s perspective, homes that are moving are those that are in good shape and ready for sale. Seller’s should now be experiencing and easier time in selling a property.
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