Instead of useless words and insignificant opinions, let's put real numbers on the table and see where that leads us.
248 homes have sold in Corona in the last 30 days. That's up 120% from the same period a year ago. Sold price is down 32% for the same period leaving us an average cost per square foot of $152. That being said, houses in Corona are sitting on the market for about 15 days longer than one year ago.
Now let's look at Riverside for the same period.
257 homes have sold in Riverside in the last 30 days. That's up 43% from the same period a year ago. Sold price is down 36% for the same period leaving us an average cost per square foot of $154. That being said, houses in Riverside are sitting on the market for about 8 days longer than one year ago.
So, that's where the market's been, but where is it going?
I don't know. But maybe a few more facts can help you draw your own conclusions.
It would take 178 days to sell out the existing houses for sale in Corona given the pace of sales in the most recent 5-week period. In Riverside it would take 281 days.
The most interesting thing to note, however, is that Corona has 646 pending sales! That's 40% of the inventory. By most definitions that makes it an extreme Seller's market.
And in Riverside? There are 724 pending sales in RIverside, but that's only 28% of the inventory. Meaning Riverside is still a Buyer's market.
I don't have a crystal ball, but not even an MBA can argue with thse numbers. I suspect inventory will remain stable for the next year or so as the rest of the short sales convert to REO sales. The $20 question is whether or not demand will remain high. If so, prices are likely to rise.
But remember, this is traditionally the boom season for real estate. By historical measures demand should fall. And if that coincides with rising interest rates or continued liquidity problems in the capital markets we could see lower prices.
So what's a buyer to do? Simple.
Buy a house that meets your needs at a price you can afford in a neighborhood where you'd like to live. And than let the economists and MBAs argue the details while you create a warm and healthy home for your family.
If you'd like the data that I used for this answer, or similar answers for any other Inland Empire city, feel free to contact me directly at 951-571-9229 or firstname.lastname@example.org
Thanks for the opportunity to answer your question!