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|July 12, 2020|
Will spring reignite home bidding wars?
INLAND EMPIRE – (INT) – There’s more evidence that the meteoric rise in home prices is slowing. Last year found the smallest share of homes selling for above their list price last than in any year since 2016.
According to a Zillow analysis in the Riverside-San Bernardino-Ontario area:
• 22.9% of homes sold above list in 2019, down from 25.7% a year earlier.
• The typical amount above asking that those homes sold for was $5,000.
• The hottest city in the metro, which had the greatest share of homes sold above list, was Rialto, with 42.1%. The coolest market was in Palm Desert – 7.9% of homes sold above list there last year.
But, Zillow notes inventory is at historic lows, and this scarcity could mean bidding wars break out and put more money than expected in sellers’ pockets with the forthcoming home shopping season.
Story Date: March 24, 2020