Area 16-Mira Loma-Harvest Villages-Jurupa Valley Residential Real Estate Market Update-October 2023
Jurupa Valley 91752
Residential Real Estate Market Update
October 2023
Area of Focus:
16 – Mira Loma – Harvest Villages (See Map)
This report provides an analysis of the residential real estate market as of the end of October 2023 for the Harvest Villages tract in the City of Jurupa Valley.
End of Month Active Listings
Current Status: There was only 1 active listing at the end of October.
Yearly Comparison: This represents a 66.7% decrease from last year, indicating a significant drop in available properties for sale.
New Listings
Current Status: There was 1 new listing in October.
Yearly Comparison: This shows no change (0.0%) from the same period last year, suggesting a consistent rate of new properties entering the market.
Months Supply Inventory
Current Status: The inventory was at 0.8 months.
Yearly Comparison: This is a 57.9% decrease from last year, indicating a much tighter market with fewer options for buyers.
Closed Sales
Current Status: There were 2 closed sales.
Yearly Comparison: This is a 100% increase from last year, showing a notable improvement in sales activity.
Average Days on Market
Current Status: Properties stayed on the market for an average of 80 days.
Yearly Comparison: This is a 35.6% increase from last year, indicating that homes are taking longer to sell.
List to Sold Price Percentage
Current Status: The average list to sold price percentage was 94.5%.
Yearly Comparison: This shows a decrease of 5.5% from last year, suggesting that homes are selling for less relative to their listing prices.
Average Sales Price
Current Status: The average sales price was $852,500.
Yearly Comparison: This is a slight increase of 0.9% from last year, indicating a marginal rise in property values.
Average Price per Square Foot
Current Status: The average price was $313 per square foot.
Yearly Comparison: This represents a 25.7% increase from last year, suggesting a significant rise in the value per square foot.
Interpretation and Market Implications
The Harvest Villages tract in Jurupa Valley, as of October 2023, presents a market with significantly reduced inventory, as evidenced by the decrease in active listings and months’ supply inventory. This tight market condition is likely making it challenging for buyers to find available properties.
The increase in closed sales compared to last year indicates a revival in transactional activity. However, the longer average days on market suggest a slower pace in the sales process, possibly due to pricing strategies or changing buyer preferences.
The decline in the list to sold price percentage could be indicative of a market where buyers have more negotiation power, or it could reflect a mismatch between seller expectations and market realities.
The slight increase in average sales price alongside a substantial rise in the average price per square foot could point to a market where smaller or more premium properties are being sold, or it could reflect general market appreciation in the area.
Conclusion
In summary, the Harvest Villages tract in Jurupa Valley, as of October 2023, is characterized by a limited supply of homes and a slower sales pace, despite an increase in sales activity compared to the previous year.
The market dynamics suggest a need for sellers to adjust to the changing pace and possibly recalibrate pricing strategies. The substantial increase in the average price per square foot indicates a growing market value, making it an area to watch closely for future trends and opportunities.
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.
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
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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