Good Afternoon! It's a wonderful Spring day in Temecula featuring 74 degree weather and no clouds! This is the first report from my new blog I plan to write each month. The goal is to keep a consistent and fundamental Temecula real estate update for Temecula homeowners, potential buyers, and future Temecula residents
Each month I am going to be reporting information about the Temcula real estate market if a few different categories - namely:
- The number of Temecula Homes that are actively listed
- The previous month's number of Temecula homes sold
- The average time it took to sell the homes, known as days on market.
- And both the average listing price in the current month and the average closing price of the previous month.
This information will give you a great helicopter view of our market as we move through the year. I will also include additional information so you can learn something interesting about Temecula each time you visit! For instance, did you know that during 2002-2007 South Riverside County lead the nation with year over year appreciate of 29%. That's right, homes appreciated 29% on average for 5 years straight! Probably a big reason we are now back at 2003-2004 pricing at this time. I say that tongue in cheek but last year we were at 2002 pricing, so things are looking better!
There is your tidbit of Temecula community information (ahem) a community of 101,650 residents approximately and 27,150 households BTW. Ok enough tidbits, let's get into the numbers. For good statistical reporting, these numbers are pulled for Single Family Homes in Temecula. It will exclude condos and townhomes and also any estate homes priced over $1,000,000.
Here are the stats for my Temecula Real Estate Update (05/2011):
- There are 442 Temecula homes currently listed
- The average list price is $346,680
- In April, 161 homes in Temecula were sold at an average price of $310,000
- And the closed homes were on the market for approximately 80 days.
The average day number is higher than reality because many of those homes are Temecula short sales. Often they are left on as active listings until the banks agree to the purchase offer. For instance, I am showing several short sales tomorrow to a wonderful couple who has moved from Oklahoma to join our great community. Several of them have multiple offers while awaiting bank approval. Whereas new Temecula bank owned homes can sell in a day or less!
There you have it - your Temecula real estate update for May 2011. If you are considering moving to the great Temecula community, please do not hesitate to contact me or my team. We love to welcome new people to our home and always strive to exceed your highest expectations!
Sincerely,
Stefan West, Broker of West Realty
Specializing in Temecula Homes and Temecula Real Estate
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