HEMET MARKET REPORT: Expireds, Solds and the Asking Price
by John Occhi, Hemet REALTOR
Well, I have been looking at the numbers for the past couple of years, trying to make heads and tails out of them. Now please don't get me wrong, I am NOT a statistician any where close. I am just a Realtor who is trying real hard to get control of my market and understand all of the nuances.
As I learn, I write and share. Hopefully, I am sharing with my clients and future clients and not educating my competition. This is hours and hours of work that can get to be very tedious, but as the numbers fall into place, it is a beautiful thing that they teach me.
I wanted to start off with a short article and a quick look at some of the obvious that jump off the page at me. Now by reading my previous posts, you know I have been looking real hard at the EXPIRED listings. Well, now I am ready to compare them to the homes that actually sold during the same periods.
Once again, in Hemet, we have 3 zip codes - 92543, 92544 and 92545. You can read elsewhere about the differences in the different distinct areas. For here - we are just looking at the numbers.
Starting in zip code 92543, in 2005 there were 73 listings that expired compared to the 416 that closed escrow and were reported to the Hemet MLS. Now the average list price of the Expireds was $277,226 while the homes that sold were listed for an average of $244,506 and actually sold for 246,396. I guess it's no wonder why the homes that EXPIRED never sold - they were way over priced.
The numbers were even further off in the 92544 zip code. In 2005 there were 152 EXPIRED listings and 709 sold deals. The Expireds average asking price was $362,691 while the solds only asked $325,307 but actually brought in $an average of $340,543. That was definitely a different market than what we have today.
The third zip code in Hemet, 92545, again had similar results. The Expireds average asking price was $320,858 and yet those that sold only asked $298,561, on average. They too received more than they asked at $309,068.
The numbers for 2006 were very similar - just not as many homes (unfortunately). Zip code 92543 had 141 listings expire compared to the 297 that sold. The Expired asking price was $288,752 and those that sold asked $273,154 and brought $270,008 to the table.
Zip code 92544 had 291 Expired listings for the year 2006 with an average asking price of $391,621 even though those that sold asked $343,109 and brought $338,883 to the sellers.
Finally, zip code 92545 had 216 listings expire in 2006 while asking an average list price of $354,553 while the 465 that actually sold asked an average price of $317,068 while finally closing for $317,068.
The lesson here is that the homes that are overpriced just do not sell. So when you are ready to sell your home, work with a REALTOR who can provide you with the accurate data necessary to help you adjust your price so you get the most for your home and yet it sells in a reasonable amount of time.
I hope that you have found this little bit of information helpful. I promise there is more coming. In the meantime, have a Blessed day,
John Occhi, Hemet REALTOR
www.JohnOcchi.Com
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