Jurupa Valley 92509

Real Estate Market Update

September 2023

Area of Focus:

9- East of Van Buren Blvd/South of Jurupa Rd. (See Map)

Summary

As of the end of September 2023, the residential real estate market in the specified area of Jurupa Valley is characterized by a significant reduction in active listings, new listings, and closed sales. However, homes are spending fewer days on the market, and the list to sold price percentage has seen a slight increase. These dynamics indicate a market with high demand but limited inventory.

Key Findings

Active Listings: A dramatic 73.3% year-over-year reduction, with only 4 active listings at the end of September 2023.

New Listings: There were 3 new listings, a 40% decrease from the previous year.

Months Supply of Inventory: Stands at 1.5 months, showing a 72.7% decline, indicating a strong seller’s market.

Closed Sales: Only one sale closed, marking a 75% drop year-over-year.

Average Days on Market: Homes are being sold after an average of 4 days, 55.6% faster than the previous year.

List to Sold Price %: Homes sold at 101.7% of the listed price, a 5.9% increase, indicating a competitive market.

Average Sales Price: It has decreased to $650,000, an 18.8% reduction from the previous year.

Average Price per Square Foot: Increased by 9.3% to $328, pointing towards an increase in property value.

Analysis

The Jurupa Valley residential real estate market is showing typical characteristics of a seller’s market, where the demand is outpacing the supply. Active and new listings have substantially declined by over 70% and 40% respectively, pointing towards a constrained inventory. Despite the reduction in inventory, homes are selling at a brisk pace, evident from the average of 4 days on the market, indicating strong buyer interest and competition.

The decreased average sales price is an anomaly in this high-demand, low-supply environment. It may be attributed to the type of homes being sold or external economic factors. Conversely, the average price per square foot has increased, indicating that property values are on the rise. The current market conditions of quick sales and above-list selling prices confirm that buyers are willing to pay a premium for available properties.

Conclusion

For sellers, this is an opportune moment to list properties, as the high demand and low supply are driving up selling prices and reducing the time homes spend on the market. Buyers need to be prepared for competition and may need to act swiftly to secure properties, but can potentially benefit from the lowered average sales price.

Moving forward, monitoring the trend in the average sales price amidst the persisting inventory constraints will be crucial. The current conditions underscore the importance of strategic positioning for both buyers and sellers in the Jurupa Valley real estate market. A tailored, well-informed approach will be essential for optimizing outcomes in this dynamic market landscape.

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
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.