Hello folks of Wildomar! April showers are coming and going as are the properties in Wildomar’s real estate market. The figures for the month of April have been pretty interesting. Supply is decreasing while sales are increasing. I will explain to you what I mean. My figures are based on single families, detached homes, with 3+ bedrooms and 2+ baths. Here are my stats:
• Total Actively Listed On Market in April: 42
• Average Wildomar Home Listed Price: $ 248,785
• # of Wildomar Properties Sold in March: 34
• Average Sold Wildomar Property Price: $ 230,260
• Average Days On Market Of Homes Sold in March: 72
I want to look at the active stats first because they are the most telling about what is going on with Wildomar’s real estate market this month. The total number of properties actively listed on market dropped from 65 homes in March to 42 properties in April. This 34% drop in supply is very disconcerting. If supply keeps dropping this way, we will have a serious problem. The price at which these homes are listed grew about 4.5% from $237,000 in March to $249,000 in April. With less homes being listed, it would be understandable that the price would begin to rise.
Now taking a look at the closed figures, the total amount of homes sold rose by 13.33%. This 4 property increase may look minute, however with the supply decreasing like it is, a 13% growth in demand begins to make a difference. The sold price for these properties also grew by about 13%. In February, the avg sold price was $200,000 while in March the average sold price was $230,000. Here you can see the smaller supply and higher demand bringing up the average sold price. Lastly, the number of days on market decreased from 110 days in February to 70 days in March. That is a 35.7% drop in avg days on market.
Supply is going, demand is rising, and prices are growing. Will May continue on this path? This is my Wildomar Homes Market Projections for April 2012. If you have any questions or additions to my report feel free to email me. I hope I leave you and your family happy and healthy. See you in May!
Stefan West
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