What a scorching April this is turning into! It looks like we have jumped right over Spring and straight into Summer here in the Temecula Valley. You won't believe what is going on with Temecula's real estate market. As soon as I saw the figures, I knew this had been a really intriguing month. Let's get right in so I can show you what has happened! As always, my stats are for single family residences, detached, with 3+ bedrooms and 2+ baths. Here we go:
• Total # Actives Listed On Market in April: 249
• Average Temecula Home Listed Price: $ 373,566
• # of Temecula Homes Sold in March: 157
• Average Sold Temecula Home Price: $ 311,364
• Average Days On Market Of Homes Sold in March: 84
Immediately, I noticed a large change with all of the figures for this month. What is going on in Temecula? Looking at the actives for this month first, we can see that the number of homes listed has plummeted from 305 properties in March to about 250 properties in April. That is an 18.5% decrease in supply. In March there was also about a 50 home drop in the number of listed homes from February. Putting all of that together, we have dropped over 100 properties in the amount of actively listed homes in the past two months! If supply continues to decrease like this, Temecula's real estate market is going to have a serious problem. The active listed price for these homes also increased from $350,000 in March to $373,566 in April. That is a growth of 4.69%. As the number of homes decreases drastically, the listed price for these properties will be growing little by little.
Now looking at how March closed, we can see that the amount of properties sold in Temecula grew by about 29%. That is a considerable difference from month to month. With the supply dropping so much and the number of homes sold increasing more than the supply is, Temecula's real estate market is going to be affected tremendously. The price at which these homes sold at also rose from $289,939 in February to $311,000 in March. That is a 7% increase in avg price. The days on market also grew from 80 days in February to 84 days in March. That is a 5% growth in number of days on market. Overall, more properties were sold at a larger price in March. I am interested to see how Temecula's real estate market will respond in May after seeing April's figures.
That concludes my Temecula CA market analysis for April 2012. I hope you are as interested by this month's statistics as I am. If you have any questions or want to talk about the market, feel free to contact me. I hope I leave you happy and healthy this month. See you in May!
by Stefan West