I recently did extensive research on a particular neighborhood. I'm sure the local residents have a name for their corner of Hemet, but I am sorry to report I do not know it.
It is a unique area, surrounded on two sides by senior mobile home communities - ‘Panorama Village' to the east (east of Lyon) and 7 Hills to the south (south of Stetson). The north is separated from adjoining lands by railroad tracks. The community runs west to Kirby, although some could argue that it actually extends all the way to Sanderson. However, the homes on the west of Kirby are typically newer and larger, even if only by a few years.
I was trying to find comps on a 2 story home of approximately 1550 square feet in the area, and amazingly, I could only find one. Because the information I was tasked with uncovering had to be precise and within a 25% range, I was limited to search for properties between1164 sq ft and 1938 sq ft. I extended my search several times in several directions - ultimately I opened it up to the entire 92545 zip code and believe it or not I only found 3 additional active listings in this range. I had to exclude one of them because the home was built in 2003; where my subject was built in 1987 and the 2 other comps I found were built in 1991 - much closer to the same style home as my subject.
Once I had my active comps, I had to find 3 sold properties that were similar. For this research, I included the neighborhood west of Kirby to Sanderson, north of Stetson and east to Lyon with the railroad tracks dividing the northern boundary of the area. I searched back 6 months, from late May through late December, 2006.
There were 15 SOLD homes during the 6 month period, with the average Sq Ft at 1729 and the average days on market (DOM) was only 80.46 days. The average SALE PRICE was $330,313 and the average age year built of these homes was 1990. The market has been rather stable, although it is seasonally slow right now. In May & June there were 2 closed sales; July had 1 and August reported 3; September was quite with nothing closing and then October was busy with 4; November reported 2 and one so far in December. In analyzing the same data for the same period last year, we actually have more sales this year. Last year, there were only 10 sales of 2 story homes in this area, during this time period. Last year the average DOM was only 30. Last year, June, August, & September each had 2 closed sales, July was blank and November & December both had 1.
Because my curiosity had the best of me, I went back and examined all of the 2 story homes actively listed in the MLS in the area and found 7.
The average DOM is currently 110. The Average Yr Built is 1996; however only 2 homes were built before this (1987 & 1989); 4 were built in 2000 and one in 2001. The average Price for these homes is $372,186 with a low price of $299,500 to a high of $424,000. The average Sq Ft of the Active Listings is 2027, with the smallest home at 1551 sq ft (same as my subject).
I hope you have enjoyed this snapshot of a Hemet community and how it is currently being affected by the trends of the real estate market.
If you would like information about your neighborhood, please drop me an email and let me know what you would like to know about.
Until next time,
Have a Blessed Day,
John Occhi, Hemet Realtor