Murrieta - California: Real Estate Market Conditions: November 2010

By
Real Estate Appraiser with BAYER APPRAISALS

Appraiser Adjustment Matrix

Area              Murrieta, CA                                  Date 11/23/2010

Square Footage

0-3 Months

4-6 Months

Difference

2800-3000

$286,350

$275,000

$11,350

2600-2800

$261,000

$265,100

$-4100

difference

$25,350

$9900

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2400-2600

$264,000

$260,000

$4000

difference

$-3000

$5100

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2200-2400

$252,000

$245,000

$7000

difference

$12,000

$15,000

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2000-2200

$230,000

$249,000

$-19,000

Difference

$22,000

$-4000

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1800-2000

$221,000

$223,000

$-2000

Difference

$9000

$26,000

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1600-1800

$215,000

$205,000

$10,000

Difference

$6000

$18,000

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1400-1600

$198,750

$200,000

$-1250

difference

$16,250

$5000

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1200-1400

$175,000

$192,500

$-17,500

difference

$23,750

$7500

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Difference TOTAL

$111,350

$82,500

$-11,500

Divide by 8

$13,919

$10,312.5

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Divide by 9

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$-1278

Divide by 200 sq'

= $ per Sq' $70

= $ per Sq'  $52

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Divide by 90 days

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= $ per day $-14

Data used is median sales prices in the area - for either current to 3-months or 4-6 months; by house square footage ranges.  In the gray boxes in the difference between the 2 median prices per the adjacent ranges.  Data shows the difference in prices per square foot in the most recent 3-month period in Murrieta was $70 (that is a market derived adjustment per square foot).  Between the 2... 3-month periods the median prices went down on average $14 per day (that is a loss of over $400 per month).    

 

Total Number

% Standard

% REO

% Short Sales

Active Listings

689

37%

16%

43%

Pending Sales

140

36%

41%

22%

Closed Sales

147

39%

29%

29%

Sold 1-year ago

236

29%

45%

25%

Median sold prices

Standard Sq'

REO per Sq'

Short per Sq'

Standard DOM

REO DOM

Short sales

DOM

2009

$116

$103

$98

45

21

123

2010

$122

$95

$101

50

52

106

                     

Chart above show the decline in the number of homes sold in a 1-month period in 2009 (236) vs. 2010 (147) that is a decline of almost 38%.  Most sales last year were REOs - this year most sales are standard sales.  Most of the current listings are short sales, with the short sales taking the longest to sale.  Additional research between listings and 1-month of pending sales were now have about 4.5 months of standing inventory; there was about 2.5 months of inventory at the end of April 2010.  So we have dropping prices, increasing inventory and fewer sales.

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