Stability and Growth in the San Bernardino Real Estate Market – Feb 2024

The San Bernardino real estate market is experiencing stability and modest growth. Median property values are consistent, while foreclosures, pre-foreclosures, and auctions present unique investment opportunities due high avg values.

authorWritten by Manuel MartinezMar 1, 2024

The San Bernardino, California real estate market is displaying signs of balance and modest growth over recent periods. A significant trend to note is the stable median transaction value, which has consistently been around $430,000 over the past six to twelve months. This indicates a robust market, free from volatile swings that could deter buyers or sellers.

San Bernardino House Prices Feb 2024
San Bernardino House Prices Feb 2024

Properties currently on the market illustrate a slightly higher median value, at $457,125 with a value per square foot average of $330. This could reflect a trend of rising property values or possibly a batch of higher-valued properties hitting the market during this time. More telling is that the recently sold properties have a median value of about $462,176. This uptick implies that homes are being sold for a bit more than what the active listings might suggest, perhaps due to bidding wars or the high quality of the homes sold.

Delving deeper, the number of foreclosures in the market might typically be a cause for concern. However, the data shows that in San Bernardino, the properties in foreclosure hold a median value of $476,750—actually surpassing the general market median. Although foreclosures represent a minuscule 0.18% of the market, their higher value could signify a unique opportunity for investors or buyers seeking higher-end properties at potential discounts if those foreclosures result in below-market sales.

A somewhat unusual trend is observed in the realms of pre-foreclosure and auction properties. Their median values—$469,725 for pre-foreclosures and $488,250 for auctions—outstrip the active market median. This contradicts the common perception that distressed properties are less valuable, suggesting either a crop of high-value distressed properties or a potential upward pressure on foreclosure-related sales.

Looking at bank-owned properties can also be telling of market conditions. With a median value of $434,525, these properties are not significantly underpriced compared to the general market, indicating that they are competitively priced and might not represent the steep discounts some buyers expect from REO (real-estate owned) properties.

For those listing their homes, the median list price of $469,995 reflects seller optimism, sitting higher than the median value of active listings. This differential could portray seller confidence or an attempt to capitalize on a perceived seller’s market where demand is outpacing supply.

Sub-Market and Nearby Areas

Looking into the sub-markets , the zip code 92407 stands out with a high median list price of $555,000 and a median sales price of $510,000. This suggests robust market conditions with properties fetching near their asking prices, pointing towards a seller’s advantage in this area.

San Bernardino 92407 House Prices 2024
San Bernardino 92407 House Prices 2024

Conversely, zip code 92401 shows a different story, with a median list price of $279,444 and a median sales price significantly less at $116,250. These numbers could signal a buyer’s market with ample room for negotiation or might be reflective of the types of properties and conditions that dominate this zip code.

In nearby areas, the trends are equally diverse. Crestline, with an average property value of $350,000 as of January 2023, presents a more affordable option when compared to Rialto’s higher average value of $535,394 in the same month. This variance underlines the diversity of the surrounding real estate markets, allowing for different buyer categories to find appropriate value propositions.

Assessing the Overall Market Health

Taking a step back to assess the overall health of the San Bernardino real estate market, we see a dynamic scene. The preponderance of recently sold properties—making up 80.7% of the market—indicates a vigorous and active marketplace where listings move to the sold category regularly. This implies that demand is keeping pace with supply, a key factor in maintaining market stability.

In summary, the San Bernardino real estate market is showing resilience and steady growth. Property values are stable with a slight upward trend in sold property prices. The higher median values in foreclosure, pre-foreclosure, and auction listings may represent unique buying opportunities, while the diversity across different zip codes indicates a range of options for potential buyers. The real estate landscape showcases a healthy mix of properties moving from listing to sale, pointing to a well-functioning market capable of satisfying a variety of housing needs and investment appetites.

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