Time to get out your sunscreen and bathing suits because August is going to be a hot one! I could say the same for the housing market in Murrieta. With that being said let’s dive right in. As always my stats are based on single family residences, detached, with 3+ bedrooms and 2+ baths.
· Total # of Actives Listed on the Market in August: 167
· Average Murrieta Home Listed Price: $413,160
· # of Murrieta Homes Sold in July: 150
· Average Sold Murrieta Home Price: $276,101
· Average Days on the Market in July: 85
If we look at the number of Murrieta homes sold on a quarterly basis, you’ll notice a big difference in active listings. In March there were 324 active listings vs. 167 in August. That is a reduction of -48%. Additionally, the average listed price went from $322,278 in March to $413,160 in August, a sizable increase of 28%.
However, when examining February 2012 closes to July there is only a slight difference of 141 in February to 150 in July. This might raise questions but you need to look at supply. Simply put, there are not enough homes for the amount of buyers out there. Even with only
half the supply of homes available we are still higher in sales. That is why we are seeing the average list price and sold price move up. The market is appreciating due to more demand than supply.
If you have any questions or if you are ready to enter the market please don’t hesitate to contact me anytime.
Stefan West - Owner/Broker West Realty