HEMET MARKET ANALYSIS - By Zip Code - JANUARY 2007
by John Occhi, Hemet CA REALTOR
Real Estate - Hemet, CA

My last article I took a close look at all of the properties that sold in Hemet CA during the month of January, 2007 and compared to January 2006 & 2005 as well as the December preceding each January.

In this article, I want to look at the demographic differences between the three zip codes that make up Hemet - 92543, 92544 & 92545.

First I should define each zip code geographically to help the visitor understand the lay of the land.

Starting in the east, zip code 92544 covers all of the unincorporated area of both Valle Vista and East Hemet.  The zip code expands briefly into the incorporated area of the City of Hemet, east of San Jacinto Avenue.  Just as a pointer, if you are on Florida Avenue and wondering where the ‘city' is and where the ‘county' area is, you can tell by the address.  All city addresses have four or fewer digits to the address while all county addresses have 5 digits.  It is not uncommon to be on one side of the street with a 4 digit address and right across the street is a building with 5 numbers in the address.  Hope this helps someone.

The center of Hemet is covered by zip code 92543.  The geographic area extends from San Jacinto Avenue in the east and runs all the way west to Lyon Avenue.  Like all of the zip codes, the north border is the City of San Jacinto and the southern border of the zip codes extends south into the rural mountain areas.

Zip code 92545 picks up in the west at Lyon and extends past Warren Avenue on an irregular line.  The zip code covers the city limits to the west and I do not believe it includes any of the unincorporated land west of the City of Hemet, CA.

So, lets look at what sold and where...

We'll start in the west, zip code 92545.  This is the area that has seen the most growth.  All of the big box stores that have come to town and found their way to West Hemet.  This is the area that is closest to the  freeways, whether it is Interstate 10, Interstate 215 the 60 Freeway or Highway 79  and Highway 74 traveling south to Temecula or East to Lake Elsinore.

Not only have all of the retail and restaurant giants found their way to West Hemet, so have the new home builders.  Trust me, many more homes sold in West Hemet, then what is reported to the MLS, since the builders typically do not list their homes and report their sales to the local Board of Realtors for reporting to the MLS.

During January 2007 there were 16 homes sold that were reported to the MLS.  These were the newest homes sold, with an average year built of 1989.  They averaged 1599 square feet and each had, on average 3.06 bedrooms and 2.17 bathrooms.  These homes took the longest to sell, with an average Days on Market (DOM) of 95.4 days.  The average sale price was $290,714

Moving to the center of Hemet is the older part of town, which is covered in zip code 92543.  Here we will find homes 100 years old or more.  I would say most of the true center of town was built after World War II with a good portion going back 70 to 90 years.  There are also some large mobile home parks and other senior housing areas, which tend to sell for a lot less than comparable homes in other parts of town.

Last month, only 9 homes sold from this zip code.  They were the oldest homes, the smallest homes and the least expensive homes, on average.  The typical home sold in the 92543 zip code last month was built in 1970 with 2 bedrooms and 1.83 bathrooms.  These homes sold on average for $211,500 - but they did command the highest price per square foot at $209.20 for each of their average 1,83.89 square feet of living space.

The other advantage these lower priced homes had over the rest of Hemet, CA Real Estate is the fact that they sold the quickest - only 72.2 days.  I am sure it is because they are the most affordable, so they go the quickest.

 The east end of Hemet has traditionally been the most sought after.  Yes, there are pockets of old and small homes, but much of the area is still very rural.  The largest parcels of land and the most expensive homes are typically found in zip code 92544.

Here you will find that the average home sold last month was built in 1981 with 1747 square feet that is broken down into 3.28 bedrooms and 2.06 bathrooms per home.  The 25 homes that sold from this area last month sold for the highest average price - $352,832, or $196.31 per square foot of living space.

The average home of the 25 sold sat on over an acre of land - 50,712 square feet of lot to be specific.80% (20) of the sold homes were all single story.

I hope this helps paint a picture of Hemet and lets you know a little bit about what is taking place in the local market.  If you have any question, please do not hesitate to click on the link below and follow it to my contact information.

Now Have a Blessed Day,

John Occhi, Hemet CA REALTOR
http://www.johnocchi.com/