Here is my July 2011 Temecula Real Estate market article for your data. Summer time is heating up and so is the scorching Temecula real estate market! As at all times, I drill down my evaluation on single household, detached Temecula homes priced under$1,000,0000.
Just before I show my July numbers, I wish to mention that I have noticed another recent trend I want to share. During the last month I have received a number of phone calls and emails from house buyers concerned over the Temecula real estate market. In most circumstances they are concerned with the nationwide news that real estate house prices are going to fall another 20%. I wish to highlight that although that may be true domestically speaking, I am not seeing that occurring as of yet. Actually, it is the opposite where quite a few consumers are struggling to compete with numerous properties getting instant and several offers over asking cost when they are put on the market. I have one client who is placing $85,000 down (over 20%) with 800 Fico scores who continues losing homes when offering complete selling cost!
When I attempt to clarify local market circumstances to prospective buyers or investors of Temecula real estate, I usually hear real estate brokers CONSTANTLY report that the market is excellent. Well, I don't and if I see a negative trend being established, I report it so you can have the most precise nearby Temecula real estate facts accessible. If you ever have any inquiries, please shoot over an e-mail or phone call and I can answer your questions! Now on to the Temecula Real Estate stats for July 2011:
- Total # of Actively homes on the Market - 380
- Avg. home Listed Price - $358,600
- Total # of Temecula homes Sold in May - 160
- Avg. Sold Temecula property Price - $293,900
- Avg. Days on Market of Sold - 66 Days
This is a great month for comparing Temecula homes sales in opposition to June numbers! We are seeing some very vital elements! Right away the active supply has shrunk approximately 15% from 451 in June to roughly 381 in July. That is a vital contraction of supply. In the meantime the typical list cost of Temecula real estate is up 2.1% from $351,000 to $358,000. Additionally, the quantity of houses bought rose 24% from 129 to 160! I believe a huge component is the fact that school starts off the following month and Temecula attracts several new home buyers because its schools are top-notch and people wish to get settled in before the school year starts.
Last but not least, a big indicator is the average days on market for homes sold and that has substantially dropped! It fell around 25% from 87 days in June to 67 days in July. That is further confirmation that supply is tightening for Temecula real estate. This can be a sneaky amount though because of the substantial amount of Temecula short sales at present on the market.
Overall, these are all fairly significant numbers of a shrinking supply of homes and simply put, there are more Temecula home prospective buyers than available Temecula homes in the short term. We will have to see how this works out when considering the worries I have heard primarily based on domestic news, the national debt predicament, and how the market adjusts when the school year starts.
That finishes off my Temecula real estate trends update for July 2011. Hopefully, this data can be valuable in your evaluation of either buyer or selling Temecula properties!
