Chino Real Estate Snapshot for August 2010
by Leticia & Associates
These days it seems that news and predictions about the real estate market are everywhere. Knowing what is happening in your area can help both buyers and sellers understand and gain clarity of the real estate market and how it relates to them. Below is a real estate snapshot of the area for the Chino Hills area for August, 2010.
Homes Closed:
61 homes sold in Chino Hills in August 2010 (63 in July 2010). The prices ranged from $195,000 to $1,600,000.
Types of Transactions:
•Standard = 35
•Short Sale= 19
•Bank Owned= 7
New Listings:
127 homes hit the market in Chino Hills in August 2010 (140 in July 2010).
Total Active Listings:
324 homes currently for sale in Chino Hills, Ca as of 9/2/2010.
If we continue to see an average of 60 homes closing every month there is enough inventory for 5.4 months if….. NO OTHER HOMES HIT THE MARKET.
Price Reductions:
67% of homes sold (41) in August had price reductions
48% of homes sold (30) in July had price reductions
We studied and researched and asked what does all this mean?
***Leticia & Associates Aha moment in the month of August 2010***
The market is changing again, homes are sitting on the market longer, a large number of homes are having price reductions in order for them to sell and inventory is increasing. Is this market shift the beginning of the next crash, the facts point in that direction with the exception of decreasing bank owned properties and the influx of Short Sales flooding our communities we are bound to see more buyers purchasing homes at even lower prices.
What do you think the positive/ negative side effects of these changes will have on real estate market and Chino Hills Homes For Sale?