It seems as if I am keeping up with a newly established "New Year Tradition" or analyzing data from the MLS to get an understanding of where the market has been, where it is today so that I can do my best to stay ahead of the curve in order to best serve my real estate clients - whether they be first time home buyers, sellers, investors or someone who is in trouble with their mortgage.
As I dig deeper into the data, I will be releasing information that I find interesting. As of this point, I have downloaded both the SoCalMLS as well as the MRMLS. The data that I have downloaded is strictly for residential listings. I am not considering land sales, multi-unit sales or mobile homes that are listed in the MOBILE results.
The SoCalMLS is the MLS that is used by the local Hemet San Jacinto Association of REALTORS® (HSJAOR). Although it is the 2nd largest MLS in the Country and dominates much of the State of California, it only services a relatively small portion of the Inland Empire. Most of South West Riverside County is serviced by the Multi-Regional MLS (MRMLS).
Of course, both MLS's look at the same data in completely different ways. My biggest challenge so far has been ‘mapping' the data so that I could create my own spreadsheet that will be able to analyze all of the data as one set - drawing conclusions based on the entire market and not just a segment serviced by only one MLS - as I had done in the past.
My first task was to scrub my combined list of multiple entries for the same property. This is because listing agents may belong to both MLS's and enter their properties on both MLS's as unique entries.
What I discovered is that there are a total of 1,048 ACTIVE LISTINGS currently on the market, as of 3:00 a.m. January 1, 2008 in Hemet CA. I scrubbed 214 duplicate entries 0r 20.8%.
Of the 1048 ACTIVE LISTINGS - 544 of them are listed exclusively on the MRMLS. Add the 214 I scrubbed and you have a market penetration of the secondary MLS in the market of 758 ACTIVE LISTINGS, representing 72% of our market in Hemet.
This leaves only 504 ACTIVE LISTINGS in the SoCalMLS or 48% of the ACTIVE LISTINGS in the Hemet real estate market. If there are 214 listings that have been scrubbed, matching SoCalMLS listings, this means only 290 ACTIVE LISTINGS are being marketed exclusively in the local MLS or just barely 27% market share in our own market.
Fortunately, both MLS's do share data in a very simple format, known as the Alliance MLS - combining minimal amounts of information to help an agent find property for sale or comps when accessing a property value. I just think it is a shame that there is more activity in our market from agents outside our market then the agents who live here and work here every day.
ZIP CODE BREAK DOWN
Hemet is divided into 3 zip codes. 92543 is the central portion of Hemet. 92544 is the East side of Hemet and includes a large unincorporated land base and a substantial proportion of the population. 92455 is the West side of Hemet - mostly in the City of Hemet city limits, but there are some portions of the zip code that have rural land that is unincorporated.
Typically speaking the 92543 zip code has much of the older structures - most of which are a bit smaller. 92545 has most of the new construction and most of the new retail centers and the newer schools. This area is the closest to the freeway and all of the various commuter routes out of the valley. 92544 is considered by many who have lived here for any period of time to be the best part of Hemet. The schools rank higher. The homes may be a bit older, but here you will find many custom or semi-custom homes. Lot sizes are larger and it is just a quieter lifestyle.
In looking at the current data, the ACTIVE LISTINGS are broken down as follows, by Zip Code:
92543 - 173
92544 - 407
92545 - 468
Now lets look at the MEDIUM PRICE (this means the price that is in the middle of all of the listings so the medium Price for 11 different items would be #6 if you arranged them in price sequence from the lowest to the highest) for each Zip Code:
92543 - $199,900
92544 - $275,000
92545 - $275,900
The PRICE RANGE in each zip code unfolds as follows:
92543- From $35,000 to $795,000
92544 - From $94,900 to $2,500,000
92545 - From $72,900 to $1,149,000
And the AVERAGE PRICE for each Zip Code reveals:
92543 - $226,967
92544 - $325,236
92545 - $286,003
As of New Years Day, 2008 the average time on market is getting longer and longer. Let's take a look at how each zip code stands:
92543 - 103.7 DOM
92544 - 121.3 DOM
92545 - 103.7 DOM
I already mentioned that the homes in the center of town tend to be a bit older - lets take a look at when each area developed:
MEDIUM YEAR BUILT
92543 - 1970
92544 - 1983
92545 - 2001
The AVERAGE YEAR BUILT looks a bit different:
92543 - 1969
92544 - 1980
92545 - 1996
Perhaps one of the most important aspects of buying a home in Hemet, CA is considering how large the actual home is...or how much living space it has. Let's now look at the SQUARE FOOTAGE of homes in each of the zip codes:
MEDIUM SQUARE FOOTAGE
92543 - 1250
92544 - 1637
92545 - 1872
And the AVERAGE SQUARE FOOTAGE of homes for sale in each Hemet zip code looks like the following:
92543 - 1348
92544 - 1748
92545 - 1877
The BEDROOM & BATHROOM count is always a very important factor to consider when comparing homes. So lets take a look and see if there are any substantial differences by zip code in Hemet, CA.
The AVERAGE BEDROOM & BATHROOM count is as follows:
92543 - 2.6 Bedrooms & 1.9 Bathrooms
92544 - 3.2 Bedrooms & 2.1 Bathrooms
92545 - 3.2 Bedrooms & 2.3 Bathrooms
Hemet is not a community that typically has a lot of homes with Home Owners Associations or dues that must be paid monthly - but there are some. First we'll look to see how many ACTIVE LISTINGS will require the new homeowner to contribute to their HOA, then we'll look at the AVERAGE CONTRIBUTATION.
HOME OWNER ASSOCIATIONS
92543 - 40 Homes of 173 Active Listings have an HOA
92544 - 16 Homes of 407 Active Listings have an HOA
92545 - 176 Homes of 468 Active Listings have an HOA
AVERAGE MONTHLY HOA CONTRIBITATION
92543 - $122 monthly
92544 - $127 monthly
92545 - $93 monthly
The LOT SIZE is another very important factor to consider when shopping to buy a home in Hemet. You must know what is important to you - low maintenance or a big yard for a pool or other family recreation. Unfortunately, not all of the listings have accurate data to analyze as far as lot size, so I've just used what I have - adjusting all of my numbers accordingly. I have also excluded all parcels over an acre - as the purpose is to determine what size lot you'll find when looking at typical home sites and ao couple of 10 acres spreads can really through the numbers off completely.
AVERAGE LOT SIZE
92543 - 140 Properties Considered - Average Lot Size = 7,708 Square Feet
92544 - 325 Properties Considered - Average Lot Size = 10,544 Square Feet
92545 - 369 Properties Considered - Average Lot Size = 6,565 Square Feet
Well, this should cover all of the basic questions you could have about the Hemet Real Estate market, giving you the opportunity to see exactly what is available for sale today.
I have the rest of each MLS downloaded and will spend time crunching those numbers as well and when I am done with the snapshot of 2007, I'll start to compare to the data I had collected for 2006.
Until then, if you have a specific question about the Hemet Real Estate Market, p[lease don't hesitate to contact me directly and I'll be more than happy to help you get the answer you need.
Have a Safe and Prosperous New Year,
Author of "What You Need to Know...About Foreclosure and How You Can Stop It!" - If you are a Hemet or San Jacinto Homeowner.
This blog and the contents written here is the intellectual property of John Occhi, Hemet California REALTOR®. The views and opinions expressed are just that - views and opinions of John Occhi and those who comment. Please note that I am not an attorney or a tax professional and any time I discuss either topic, I suggest you consult with the proper professional for relevant assistance.
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