Let’s take a look at Rancho Cucamonga Real Estate it provides a good example of what is happening in the Real Estate market in the Inland Empire. For example, the number of properties for sale is down by about 49% over the last two years. Inventory has been steadily decreasing since May of this year.
We can see this trend particularly well in the following graphical example:
Consistent with this decrease in properties available for purchase, there has been a corresponding increase in the median selling price. There has been an increase in the May, 2012 median price of approx. $310,000 to $365,000 in September 2012. Over the last two years the increase has been approximately 11%.
In terms of supply of inventory it appears that Rancho Cucamonga has made the shift to a Seller’s market. As of September 2012 there is roughly 1 month supple of inventory in Rancho Cucamonga, this represents a decrease of 79% over the last two years. A one month supply is definitely considerred to be a Seller’s Market.
These numbers simply document what many Agents and Home Buyer’s are experiencing in the search for properties. Multiple offers are being presented and many at times are over asking price. If you are frustrated about dealing with the decrease in inventory, read this.