Area 18-Mira Loma-Rancho Del Sol-Jurupa Valley Residential Real Estate Market Update-October 2023
Jurupa Valley 91752
Residential Real Estate Market Update
October 2023
Area of Focus:
18 – Mira Loma – Rancho Del Sol (See Map)
This report examines the residential real estate market as of the end of October 2023 for the Rancho Del Sol area in the City of Jurupa Valley.
End of Month Active Listings
Current Status: There were 4 active listings at the end of October.
Yearly Comparison: This is a significant 75.0% decrease from last year, indicating a substantial reduction in the number of properties available for sale.
New Listings
Current Status: The area saw 2 new listings in October.
Yearly Comparison: This marks a 50.0% decrease from last year, suggesting a slowdown in new properties entering the market.
Months Supply Inventory
Current Status: The inventory stood at 1.6 months.
Yearly Comparison: This is a 67.3% decrease from last year, indicating a tighter market with fewer options for buyers.
Closed Sales
Current Status: There were 2 closed sales.
Yearly Comparison: This is a 100.0% increase from last year, showing a notable improvement in sales activity.
Average Days on Market
Current Status: Properties spent an average of 8 days on the market.
Yearly Comparison: This is an 87.7% decrease from last year, indicating that homes are selling much faster.
List to Sold Price Percentage
Current Status: The average list to sold price percentage was 97.7%.
Yearly Comparison: This shows an 11.0% increase from last year, suggesting that homes are selling closer to their listing prices.
Average Sales Price
Current Status: The average sales price was $888,500.
Yearly Comparison: This represents a 42.2% increase from last year, indicating a significant rise in property values.
Average Price per Square Foot
Current Status: The average was $310 per square foot.
Yearly Comparison: This is a 9.4% decrease from last year, suggesting a shift in the types of properties being sold or market adjustments.
Interpretation and Market Implications
The Rancho Del Sol area in Jurupa Valley, as of October 2023, is experiencing a market with significantly reduced inventory, as seen in the dramatic decrease in active listings and months’ supply inventory. This suggests a seller’s market, where demand outstrips supply.
The notable increase in closed sales, along with the drastic reduction in average days on market, indicates a robust demand for properties in this area. Homes are not only selling faster but also in greater numbers compared to last year.
The substantial increase in the average sales price points to a strong market for sellers, with property values appreciating notably. However, the decrease in the average price per square foot could indicate a varying mix of homes being sold, perhaps including smaller properties or a shift in buyer preferences.
The rise in the list to sold price percentage further supports the idea of a competitive market, with homes selling closer to their asking prices.
Conclusion
In conclusion, as of October 2023, the Rancho Del Sol area in Jurupa Valley presents a dynamic real estate market characterized by a limited supply and a swift sales pace.
The significant increase in property values, coupled with a faster turnover of homes, makes it an attractive area for sellers.
However, the decrease in the average price per square foot warrants further observation to understand if it represents a market trend or an anomaly in the current market dynamics.
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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