It's another beautiful day in Temecula, Ca. The high is supposed to be 78 degrees (http://www.weather.com/weather/today/Temecula+CA+USCA1136?lswe=temecula,%20ca&from=searchbox_localwx). What a great day to enjoy some family time at the park and top it off with some steaks on the grill!
I recently posted the number of closed sales in Temecula, Ca. This made me think...what is happening in some of our neighboring cities? Today I will cover the closed sales for Murrieta, CA. I will throw out the disclaimer now, these numbers are provided by our local Multiple Listing Service (MLS), MRMLS and are deemed reliable and correct. The data I pulled represents the Western Hills of La Cresta to as far East as the French Valley Airport. These numbers represent single family homes and condos from every zip code in Murrieta.
So, do you think Short Sales topped out the list? Or did Standard Sales edge them out? We can't forget the REOs. There were a total of 223 closed sales within the last 30 days in Murrieta, Ca. Of those 223 closed sales, 86 of them were Short Sales which make up 39% of the market. Standard Sales came in second with 72 closed sales, or 32% of the action. REOs continue to drop and accounted for 65 sales, or 29% of the marketplace.
As I stated before, I would anticipate short sales to lead the way through 2010. In my opinion, REOs will dwindle down even more due to the increasing efforts to head off foreclosures by way of short sales and loan modifications. As the market stabilizes look for Standard Sales to lead the way, but I think we have some time until this happens. If you ask me, I believe Short Sales will dominate our market for most, if not all, of 2011.
If you're interested in learning more about the real estate market within Temecula Valley, you can contact me at ryan@yourrealtorryan.com. For up to date information regarding Short Sales, visit: http://www.theshortsaleminute.com If you're behind on your mortgage, or will be in the near future, and don't know what to do, visit: http://www.dontforeclose411.com I want to help as many people avoid foreclosure as possible. My business has been established on results, not theory.
This is Ryan Smith signing off, until next time!
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