Temecula median price versus the entire County of Riverside County. What's the difference for a home in Temecula compared to the average price of a home looking at all of Riverside County?
There is approximately $100,000, difference the average price of a Temecula home as opposed to mixing in all of the sales together from every City in Riverside County.
Why is Temecula Higher than the Average Riverside County, City? Our prices are down and we have gone through a double dip and our prices are half of what they were in 2007.
A. People love Temecua, we have the wineries, hot air balloons, horse property, Wine Country Homes on acreage, low crime rate according to City-Data.
B. Temecula prices are also half of what one can purchase in our neighboring Counties, (Orange County, and San Diego County).
C. Temecula Schools have the highest ratings in Riverside County, California
Because of A, B and C above ~ we have lots of buyers right now, in fact May and June our our busiest months.
It would appear that our prices have really tumbled even more than these have but it our market is more complicated than the general public eye can see.
This graph shows Temecula's average price for a home during the last twelve months to the present, May 2011!
Prices are higher in Temecula than the average price if looking at statistics for all of Riverside County:
Below is a graph that shows all of Riverside County statistics for the same period, the last twelve months!
Public sites such as Redfin, Trulia, Zillow, don't show the entire picture, they lump all different types of listings together as one. Many never sell for the list price, they sell for much higher or much lower depending on the condition of the home.
And as far as judging sold comparables those are all mixed up too. There are recordings from cash tax sales mixed in with traditional sales that are mixed in with trustee's deeds! It's really complicated and appraisers look at different types of sales differently. But each type of sale is categorized behind the scenes and appraised accordingly.
The public only sees active listings all mixed together. Short sales are listed low and most never sell for the list amount. The reason that short sales are listed low is because short sale listing agents need that initial offer to begin the short sale process. THE PROBLEM IS THAT ALL SHORT SALES ARE "SUBJECT TO", BANK APPROVAL...Here's whats happening...a consumer puts in an offer on a short sale at "LIST PRICE", several months later, the bank comes along and does a BPO, Broker Price Opinion, and wants more than the list price...they want, Market Value, which may be $10,000, $20,000, $30,000 over the list price. The buyer has the option of walking or paying more money. Either can and does happen.
Contact me via the methods below for information about living and playing in Southwest Riverside County, California!
Jane Grant Southwest Real Estate Telephone: 866 621-0155
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