Area 14-Mira Loma-River Bend-Jurupa Valley Residential Real Estate Market Update-October 2023
Jurupa Valley 91752
Residential Real Estate Market Update
October 2023
Area of Focus:
14 – Mira Loma – S of 68th – River Bend (See Map)
This report provides an analysis of the residential real estate market as of the end of October 2023 for the River Bend tract in the City of Jurupa Valley.
End of Month Active Listings
Current Status: There were 5 active listings.
Yearly Comparison: This is a 66.7% increase from last year, indicating a significant rise in available properties.
New Listings
Current Status: The area saw 4 new listings during the month.
Yearly Comparison: No comparative data from last year is available.
Months Supply Inventory
Current Status: The inventory stood at 2.6 months.
Yearly Comparison: This represents a 52.9% increase from last year, suggesting more availability and potentially less competitive market conditions.
Closed Sales
Current Status: There were 6 closed sales.
Yearly Comparison: This is a substantial 500.0% increase from last year, indicating a significant boost in sales activity.
Average Days on Market
Current Status: Properties spent an average of 17 days on the market.
Yearly Comparison: This is a 183.3% increase from the previous year, showing that homes are taking longer to sell.
List to Sold Price Percentage
Current Status: The list to sold price percentage averaged 103.1%.
Yearly Comparison: This shows a 5.4% increase from last year, indicating that homes are selling for more than their listing prices.
Average Sales Price
Current Status: The average sales price was $855,167.
Yearly Comparison: This represents a slight decrease of 2.8% from last year, suggesting a minor drop in property values.
Average Price per Square Foot
Current Status: The average was $313 per square foot.
Yearly Comparison: This is a 36.1% increase from last year, indicating a significant rise in the value per square foot.
Interpretation and Market Implications
The River Bend tract in Jurupa Valley shows a dynamic and evolving market as of October 2023.
The increase in active listings and months’ supply inventory suggests a market with more available options for buyers compared to the previous year. This could be a result of new developments or changes in homeowner selling patterns.
The spike in closed sales is particularly noteworthy, demonstrating a robust demand despite the increase in supply. However, the longer average days on the market indicate that while demand is strong, buyers may be taking more time to make purchasing decisions.
The above-list price sales on average suggest a competitive market environment where buyers are willing to pay more than the asking price, possibly due to the quality of homes or a shortage of desirable properties despite the increased listings.
The slight decline in average sales price, contrasted with the significant increase in price per square foot, could indicate a shift in the types of properties being sold (e.g., smaller but more premium homes) or changes in buyer preferences.
Conclusion
In summary, as of October 2023, the River Bend tract in Jurupa Valley presents a more active market with increased availability and sales activity compared to the previous year.
The market appears to be balancing with more options for buyers, yet still maintaining a competitive edge due to the high list to sold price ratio and increased value per square foot. The slight decrease in average sales price warrants further observation to understand if it is a trend or an anomaly within an otherwise strong market.
For a comprehensive understanding of how these trends can impact your real estate decisions, contact me. I provide expert guidance and strategic insights and can guide you through these interesting times in real estate.
And for 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
MB Live Realty, Inc.
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.
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