The Hemet San Jacinto Valley is actually a very difficult market to analyze effectively. The problem is our local board, The Hemet San Jacinto Association of REALTORS® (HSJAOR) belongs to the second largest MLS in the country-TEMPO.
Unfortunately it seems like every other board within a 50 mile radius belongs to IMRMLS. Therefore, the data entered into IMRMLS never appears in TEMPO. The two do share a common platform known as ALLIANCE.
ALLIANCE is very simple in it's search criteria and functionality. It is OK, at best when searching for a home based on it's minimum standards-but don't think you can look for stuff like lot size or number of garages. It's not happening.
Unfortunately, there is roughly 60% of listings in our area that are listed by agents who only use the IMRMLS. It is nearly impossible to pull data from ALLIANCE in an efficient manner. To really crunch the numbers, you have to download your search results into a spreadsheet from both MLS's and then cross reference the headings-a daunting task, at best.
So, for the purpose of this report, the data is down and dirty collected from TEMPO exclusively. Realize it represents roughly 40% of our market-but who has the time to do it right?
JUNE 2008-HEMET SAN JACINTO VALLEY a la TEMPO
92 Closed Sales-Total
64 REO Closed Sales-70%
From this point I am only analyzing the REO Sales and the percentages are based on the 64 REO's as being 100%. These statistics are 100% Single Family Residences and do not knowingly include any mobile homes.
Average Sale Price: $169,799
Price Range: $49,900 to $370,000
Average Price per Square Foot: $99.27
Average Home = 3.1 Bedrooms, 2 Baths and 1749 square feet of living space
16 Homes (25%) Sold within 1 Week of being entered on the MLS.
41 Homes (64%) Sold for OVER List Price
14 Homes (22%) Sold for UNDER List Price
All of the homes sold in June were built between 1900 and 2006
23 Homes (36%) were built since the year 2000
22 Homes (34%) were built prior to the year 1980
The Hemet-San Jacinto Valley real estate market has always been a Southern California haven for the real estate investor since it is undisputedly one of the most affordable markets in all of California.
With today's declining market nearly every home on the market will generate a positive cash flow, taking tax benefits as well as vacancy, rehab, and maintenance into consideration.
Blessings to all who read,
John Occhi, REALTOR®
Century 21 Crest - CrestREO
CrestREO.Com
Hemet - San Jacinto Valley
951-927-9473
Servicing THE REO Needs of Asset Managers, Banks and Lending Institutions in the Hemet - San Jacinto Valley, Temecula, Murrieta, Winchester, Wildomar, Menifee, Sun City, Perris, Lake Ellsinore, Moreno Valley, Romoland, Homeland, Nuevo, Banning, Beaumont, Cherry Valley, Yucaipa, Redlands, Mentone, Loma Linda and throughout South West Riverside County and The Pass Areas of The Inland Empire in Southern California. If you are a buyer, investor, first time home buyer or are just interested in REO real estate, please contact us at the above website or phone number.
This blog and the contents written here is the intellectual property of John Occhi, Hemet California REALTOR®. The views and opinions expressed are just that - views and opinions of John Occhi and those who comment. Please note that I am not an attorney or a tax professional and any time I discuss either topic, I suggest you consult with the proper professional for relevant assistance. This blog is part of the ActiveRain Real Estate Network, which is a social network highlighting the best of Web 2.0. Information is provided with the intent of educating and assisting home owners, home sellers, home buyers and real estate investors with information the can be used to make better real estate decisions. I am proud to be a full time REALTOR® with Century 21 Crest and the CrestREO Division who is proud to be a contributing member of the ActiveRain community.
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