Moreno Valley Real Estate Market Analysis
Situated in the Riverside County of California, Moreno Valley is a relatively new place that has emerged as one of the growing markets in the state for the real estate industry. People, who have not managed to locate a suitable property in Riverside, often opt for the ones located in Moreno Valley as it comfortably suits their budget and meets their other requirements as well.
On average, the price per square foot in Moreno Valley real estate in 2009 costs around $89. When compared to last year’s figures, this is a decrease of around 19.1%. The average price of homes for sale in Moreno Valley, CA from July 2009 to September 2009 was $143,000. When compared to the statistics of the previous year, home prices have gone down by 20.1%, or around $36,100. During this period the number of properties that were sold decreased by 33.2%.
The real estate market in the Valley suffered a setback due to the sub prime mortgage crisis. The prices of homes for sale in the Valley dropped considerably, and the number of deals closed dropped proportionally. This indicates that people were much more cautious before making any kind of real estate investment. Even the fall in prices was not sufficient enough to make them more inclined to purchase.
The economic crisis has also had an effect on foreclosed properties and the resale of homes. There are many homes for resale in the area. A large number of properties are in the process of beginning foreclosed upon.
All in all, it seems that though the real estate market in this area had undergone a setback, it is slowly trying to come out of the slump. Credit for much of this revival goes to Moreno Valley realtors who have left no stone unturned to ensure that they get more and more people to invest in properties in the region.