It is update time again! Just when you are starting to wonder how the Temecua real estate market is doing, here is my timely Temecula market report - Taddaa!
As always, I focus on single family Temecula Homes that are at least 3+ bedrooms and 2+ bathrooms, priced under $1,00,000 and they must be detached. I believe condos and townhomes through off the numbers as do multi-million dollar estates.
Let's get into the numbers:
- Total # of Listed homes on the Market - 453
- Average Home Listed Price - $351,000
- # of Temecula Homes Closed in May - 131
- Avergage Sold Price - $291,500
- Days on Market Before Sale - 88 Days
While the number of homes actively on the market has barely changed, other numbers have changed more than I expected. When breaking down these numbers two things jump out immediately. One, the amount of homes sold in May dropped by almost 20% from April sales. We went from 161 Temecula homes sold in April to 131 homes sold in May. That is signficant.
The second thing I noticed was a significant drop in the price of sold homes. In May, the average sold home price was $291,500. In April it was $310,000 - another significant drop. This could be due to short sales tweaking the market averages. We will know more as we see more stats in the month ahead but it is something to keep an eye on.
The rest of the numbers are pretty much in-line with previous months. However, and ironically, the average price of homes on the market went up from $346,000 to $351,000. So we are selling less but charging more? That might be a blip and something I will also watch.
I hope you enjoyed the update and have a wonderful day!
Best Regards,
Stefan West, Temecula Real Estate and Temecula Homes Specialist.
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