Loma Linda is an Ideal Town to Raise a Family
Loma Linda is a city in San Bernardino County, California, United States. During the late 1890s, a group of businessmen and physicians from Los Angeles bought the hotel and reopened it as a convalescent home and health resort. They called it Loma Linda, meaning “pretty hill” in Spanish. The city was incorporated in 1970. Loma Linda is located in the Inland Empire and borders Riverside County, Redmond CA and San Bernardino. The population was 23,261 at the 2010 census, up from 18,681 at the 2000 census. Loma Linda is home of the prestigious Loma Linda University and Loma Linda University Medical Center.
Loma Linda Real Estate Predictions:
Sales are Up and Property is High in Demand
Loma Linda’s residential home sales are up! Loma Linda property is in high demand. Last month the average time before an offer was accepted on a home listed for sale was just 18 days, this is down from 38 days just one year ago. Based on this trend, this is a good time to look into Loma Linda homes for sale before they get too expensive.
Although demand is high, we are not seeing people overpaying for the property, and 100% of the homes sold in February sold for at list price. Compared to 1 year ago the median home price was at $388,750, where as for February 2018 the median home price was at $321,000.
The total closed sales for February 2017 and February 2018 are the same relative to the total closed transaction volume for February 2017 and February 2018. Sales are down approximately $300,000. This is mainly due to a large number of lower price point homes being bought or sold at $300,000 for February of 2018.
At the market’s highest point, in 2007, the median price was $425,000 for a home in Loma Linda, according to Associate Broker Jessica Bouzane. Yucaipa and Highland peaked at about $375,000 the same year. Redlands had a peak at just under $400,000, and San Bernardino the lowest at a little over $300,000.
“Loma Linda has a market that cycles, and it cycles 10 to 11 years,” she said. “I’ve traced it clear back to the ‘70s.”
Except for a dip in 2008, sales activity has remained steady in Redlands, Highland, and Yucaipa, averaging around 750 sales per year since the early 2000’s. On the other ends of the spectrum, Loma Linda receives little sales activity, and San Bernardino has been active, with a peak in 2010 of about 2,000 sales and most other years showing 1000 – 1500 sales.
Buying a Home in Loma Linda
Right now the hottest market is the $300,000 to $400,000 range, Jessica’s data shows.“Sometimes as high as $450,000, but there is the bulk of your transactions, and they’re selling extremely quickly,” she said.
The luxury market, which gets a steady pace of activity, also seems to pick up momentum. “We expect the luxury market to pick up a little more this spring and into summer,” Jessica said. “It’s a little slower now, but we are seeing more buyers shopping for homes at and above $600,000.”
Of all of the active listings now, “very, very few are distressed. I would say 2 to 3 percent.” Of the most recent closed sales in Loma Linda, 9 out of 314 were distressed, or 2 percent.
Interest Rates Are Expected to Rise Throughout 2018
One thing that may be changing the demand is the expectations of the interest rate rising this year. Mortgages have been around 4 percent for a few years. It went down into the 3s at one point but has since increased to the high 4s on the average today. “It can change in a day,” said Jessica. A rate change will not directly affect home values, except that it affects activity.
“When interest rates started to rise, or when there is talk about interest rates rising buyers get panicky. We see a lot of transactions,” said Jessica. “Right now interest rates are on the rise, and we are seeing a lot of activity with homes going into escrow in as little as three days.”
It is Time to Look at Loma Linda Homes for Sale
“They are going up, but we do not know how much only estimates,” she said. “It’s an interesting market right now,” she said. “We have upside to go.”
To get a jump start on your search for Loma Linda homes for sale, check out our Home Search tool. It is customized to find the perfect home for your family. It will also correspond with you as new property meets your requirements.