Moreno Valley is a city located in Riverside County, California, and is part of the Riverside-San Bernardino-Ontario Metropolitan Area. A relatively young city, its rapid growth from the late 1980s to the early 2000s made it the second-largest city in Riverside County by population, and one of the Inland Empire‘s population centers. As of the 2010 census, the population was 193,365. The city is closely tied to Riverside, California, the county seat and largest city in the county, which borders Moreno Valley directly to the west. Moreno Valley is also part of the Greater Los Angeles area.
The city derived its name from the small community of Moreno, which became part of the city of Moreno Valley when the city was incorporated in 1984. Frank E. Brown, one of the people that established the town of Moreno in 1882, declined to have the town named after him, so to honor him instead, the town was named Moreno, Spanish for brown.
The questions most often asked of us by Moreno Valley home sellers are “How much will my home sell for?” and “How quickly will it sell?”. Of course, the answers are quite property specific, but the below charts show the local market average for the last year.
Another major factor for Moreno Valley buyers and sellers should be listing competition. The charts below show market trends for new listings as well as the current number of active homes for sale.
These next charts are perhaps more useful for us Brokers, but are key market indicators nonetheless. Months of Inventory estimates how long it would take to sell all the homes currently on the market if no new listings were added. Most brokers still consider six months to equal a “balanced market”. Less than that is a “sellers’ market”, more is a “buyer’s market”.
The number of pending sales indicates the actual number of properties under contract. This data is particularly helpful when compared to the number of listings.
Lastly, potential buyers regularly ask about buying foreclosure properties (in search of a better deal). Since recovery from the great recession of 2008, foreclosures have remained at record lows.