What a beautiful day it is in the city of Murrieta today. It's already starting to feel like Summer. Even though the weather feels like Summer, Murrieta's home market isn't trending like usual during the Summer. In fact, I saw some extremely interesting figures in April that are not typical. Jumping right into it, my statistics are for single families, detached homes, with 3+ bedrooms and 2+ baths. Here it is:
• Total # Actives Listed On Market in April: 257
• Average Murrieta Property Listed Price: $ 328,320
• Number of Murrieta Properties Sold in March: 157
• Average Sold Murrieta Home Price: $ 273,269
• Avg Days On Market Of Homes Sold in March: 88
It seems Murrieta's real estate and the cities that surround it are all mirroring a certain pattern regarding supply. The amount of properties actively listed has decreased dramatically. In March there were 325 homes listed and in April there are 250 properties actively listed. That is a 20.5% fall in the amount of properties. Supply is being hit pretty hard. The price at which these properties are listed at increased from $322,000 to $328,320. That is a 1.87% growth. Minute but still something to keep in mind when considering the other statistics.
The closed stats are also keeping with a certain trend in all of these cities. The total amount of properties sold rose from 141 homes in February to 157 homes in March. This 11% growth shows the demand rising. The price at which these homes sold also increased from $270,000 in February to $273,000 in March. That is about a 1% growth in average price. So while the demand for properties is increasing, so is the price. The avg days on market increased from 75 days to 88 days. That keeps to the same exact pattern that Temecula's and Menifee's real estate markets have brought forward.
If the supply continues to drop and the demand continues to grow, I believe the avg sold price as well as the avg listed price are going to jump up within the next couple months. Higher demand and smaller supply makes for ideal price increasing weather.
Well that was my Murrieta CA Homes Market Projections for April 2012. As always, I am available if you have any questions or concerns. May you and your family have a healthy and happy April. Hopefully we meet again in May!
Stefan West
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