Real Estate report: The # of all cash home sales in Riverside and Corona CA
I work with a lot of home buyers and have been wondering how many of the home sales in Riverside and Corona are bought by all cash buyers. So I decided to research this issue myself and here are the results of that research. The home sale totals are for all types of residential sales; single family houses and condos/townhouses.
Riverside California
| Month/Yr | All Cash Sales | Total Sold Homes | Percentage All Cash |
| February 2010 | 93 | 313 | 30% |
| April 2010 | 111 | 410 | 27% |
| June 2010 | 99 | 395 | 25% |
| August 2010 | 100 | 387 | 26% |
| October 2010 | 105 | 341 | 31% |
| December 2010 | 124 | 432 | 29% |
| February 2011 | 84 | 274 | 31% |
Corona California
| Month/Yr | All Cash Sales | Total Sold Homes | Percentage All Cash |
| February 2010 | 72 | 243 | 30% |
| April 2010 | 64 | 338 | 19% |
| June 2010 | 69 | 343 | 20% |
| August 2010 | 58 | 267 | 22% |
| October 2010 | 60 | 292 | 21% |
| December 2010 | 69 | 306 | 23% |
| February 2011 | 64 | 212 | 31% |
(Information is from the CRMLS. It is deemed reliable but not guaranteed.)
Riverside housing market report Corona housing market report
Let me know if you are interested in receiving listings for Corona CA or Riverside homes for sale or if you are thinking of selling your Corona or Riverside home, contact me at 951-840-5212 or vicki@pedersen-team.com. Visit my website, Riverside and Corona Real Estate.
Written and posted by: Vicki Pedersen, ABR, Pedersen Real Estate, Riverside/Corona, California, DRE# 01435715, Phone: 951-840-5212
Copyright © 2011 by Vicki Pedersen, All Rights Reserved.*Real Estate Report: The number of all cash home sales in Riverside and Corona CA*
Vicki, Thanks for you research. I had heard recently that (if I am correct) this 30% maybe a more nationwide figure. This is one of the points of my article that I am currently writing to clients titled "The coming bottom in Real Estate". Some of the other points in my article that lead to a coming bottom in Real Estate are a recent 10% drop in the more stable beach areas in just the last year, while other entry level neighborhoods like North Long Beach, only dropped 3% year over year. The point of this is that now everything has had a significant correction, and the areas previously beat up like North Long Beach remained relatively stable (-3% year over year).
Were prices relatively stable in your neck of the woods, from 2010 to 2011? I would suspect so, because the inland empire was way ahead of beach areas in price drops.
A second consideration is relative valuations compared to rent. I use a simple calculation of PITI with 10% down times 75% and then compare that number to rent. The 75% of PITI, neutralizes the tax benefits when comparing the cost of ownership to rent. Right how I show the East Long Beach neighborhoods as 13% undervalued, the exact same calculation I saw in 1995, the previous bottom. At the peak of the market I had valuations 40% overvalued using this metric.
And finally sentiment. Here I don't think we (Long Beach) are there just yet. But maybe you are? In 1995 when I asked sellers what they thought their home was worth, every once in a while I would get "I don't know, I just home I CAN sell it". Now this is capitulation. The exact opposite of homeowners believing their home is made of gold during market tops.
What is market sentiment in your area?
Vicki, this is a new type of market report, focusing on all cash sales...what a great idea! :)
Vicki, every Realtor should post homes sales market reports show community YES there are still home buyers who can qualify