Jurupa Valley 92509

Residential Real Estate Market Update

September 2023

Area of Focus:

2-Sunnyslope (see map)

The following market update provides insights into the real estate landscape for homes

in the Sunnyslope area of Jurupa Valley as of the end of September 2023 (see area map). Below are key metrics that paint a comprehensive picture of the local residential market’s current status, emphasizing changes from the previous year.

 End of Month Active Listings:

The month ended with 7 active listings, marking a significant 75.9% decrease from a year ago. This sharp decline underscores a limited availability of homes, indicating a sellers’ market.

New Listings:

This area saw only 1 new listing in September, an 88.9% decrease compared to the previous year. This reduction may lead to increased competition among buyers.

Months Supply of Inventory:

The inventory supply stands at 1.6 months, a 74.6% decrease year-over-year.

This metric represents the number of months it would take to sell all the available homes on the market, given the current sales pace. A lower number indicates a seller’s market, where demand outweighs supply. In this case, the low value suggests that there is a shortage of available homes for sale, creating a favorable environment for sellers.  This trend highlights the escalating demand for homes in the Sunnyslope area.

Closed Sales:

There were 4 closed sales, indicating a 42.9% decrease from last year. Despite reduced inventory, some transactions are still taking place, albeit at a lower volume.

Average Days on Market:

Homes are now spending an average of 36 days on the market, up 50.0% from last year. This increase may suggest buyers are taking additional time to make decisions or sellers are pricing homes optimistically.

List to Sold Price %:

The list to sold price percentage is at 91.2%, marking a -7.2% change from a year ago, suggesting slight adjustments in pricing dynamics between buyers and sellers.

Average Sales Price:

The average sales price for homes in the area is $591,343, reflecting a -7.4% change year-over-year. This downward adjustment in price is in line with the increased days on market and lowered list to sold price percentage.

Average Price per Square Foot:

The average price per square foot now stands at $332, a -2.6% change from the previous year. This slight decrease is less pronounced than the change in the average sales price, indicating mixed pricing trends.

Summary:

The Sunnyslope area real estate market ending September 2023 is characterized by a significant reduction in listings and inventory, marked by a decrease in closed sales. The pronounced reduction in active and new listings underscores the need for potential buyers to act swiftly and decisively as a potential home may not be available tomorrow.

Prices have seen a moderate decrease, aligning with the national economic trends and localized market dynamics.

While the reduced average sales price and list to sold price percentage indicate some softening in the market, the drastic decrease in inventory suggests that demand remains strong, potentially leading to a rebound in prices in the coming months.

Looking Ahead:

For sellers, understanding the specific trends in the Sunnyslope area and pricing homes according to the current market dynamics is crucial. For buyers, the limited inventory underscores the importance of pre-approval and readiness to make competitive offers.

As we move into the final quarter of 2023, keeping a close watch on economic indicators, interest rates, and local market trends will be essential for making informed real estate decisions.

For expert guidance, strategic insights, or a detailed and personalized analysis of your home, or if you have any questions, feel free to contact me.  I am committed to providing accurate and updated information to assist you in all your real estate needs.

Manny Barba
Broker-Attorney-Realtor®
951-990-3998
mail@mbliverealty.com

MB Live Realty, Inc.
www.mbliverealty.com

Note: All data in this report is from California Regional Multiple Listing Service (CRMLS) All information should be independently reviewed and verified for accuracy. This report is for informational purposes only and not intended as financial or investment advice.