Dec. is here and all things Xmas are taking place - children are visiting Santa Claus (I recommend the Lake Elsinore Outlet by the way - no wait and an excellent Santa Claus), folks are getting time off their jobs, and tons are out going to the malls shopping! But that is not all that folks are shopping for this year! I pulled the figures for Dec. and the sales info for Nov. and we can see a holiday season surprise this December.
I will keep this projection quick because I also have some shopping of my own to get done soon! As per the norm, my report is based on single family houses that are 3+ bedrooms, 2+ bathrooms, and detached - i.e. no condos or townhomes. No offense to those properties however I think gathering a regular dataset is essential to knowing developments and the basic Single Family is important in Temecula Real Estate Analysis. So let's see what the holidays are bringing the Temecula real estate industry:
Hmmmmmm.... what is going on here but a change in Temecula real estate sold from Oct to November 2011! We went from 140 in both Sept and October to 160 homes sold in Nov, the month of Autumn! That is a rise of 14.3% in what is ordinarily a slow down month. The even more intriguing aspect is that we haven't seen that many closings since Aug and June which were around 170 and 160 respectively. That is pretty extraordinary.
Thinking about the other numbers, the number of active Temecula real estate on the market fell from 352 in November to just 315 in Dec, a drop of 10.5% in supply. Having said that, the typical listed cost slightly changed at all, staying at the $347,000 range. As for the precise sales or closing price, it went up from $295,890 in October sales to $297,764 in November sales, a marginal growth. Lastly, the days on market (DOM) has pretty much remained identical changing from 81 days for Temecula Valley October sales to 86 days for Nov sales.
I will certainly forecast that we may watch a slow down in sales this month than in November. Santa is a giving guy but it is still the holiday season and I anticipate that people don't have the time or desire to buy homes as aggressively as they did in November. However, I }wouldn't~would not} have expected November to be such a sound month either. I will tell you I remain active and have 2 properties closing just before January as do a number of my agents - so we will have to see :).
That finishes my December report for the Temecula Real Estate Advisory and Trends. I hope you and your family members have a terrific Christmas and Happy New Year! See you in 2012!
Stefan West, Broker/Owner of West Realty