Here is my July 2011 Temecula Real Estate market report for your information. Summer is cooking and so is our Temecula real estate market!  As always, I focus on my analysis on single family, detached Temecula homes priced under $1,000,0000. 

Before I roll out my July numbers, I wanted to mention that I have recognized another recent trend I want to share. During the lat month I have taken a few phone calls and emails from home buyers concerned over the Temecula real estate market.  In most cases they are repeating the domestic news that real estate home prices are going to drop another 20%.  I just want to point out that while that may be true domestically speaking, I am not seeing that on the ground at all as of yet.  In fact, it is the opposite where many buyers are struggling to compete with many homes getting immediate and multiple offers over asking price when they hit the market.  I have one buyer who is putting $85,000 down (over 20%) with 800 Fico scores who keeps missing homes when offering full listing price!

When I try to explain local market conditions to buyers or investors of Temecula real estate, I often hear the real estate agents ALWAYS report the market is good.  Well, I don't and if I see a negative trend developing, I report it so you can have the most accurate local Temecula real estate information available.  If you ever have any questions, please shoot over an email or phone call and I can answers your questions! Now onto the Temecula Real Estate numbers for July 2011:

• Total # of Actively Homes on the Market - 381 
• Avg. Home Listed Price - $ 358,500
• Total # of Temecula Homes Sold in June - 160 
• Avg. Sold Temecula Home Price - $ 294,000
• Avg. Days on Market of Sold - 67 Days

This is a great month for analyzing Temecula homes sales against June numbers!  We are seeing quite a few important factors!  Right off the bat the active supply has shrunk approximately 15% from 451 in June to 381 in July.  That is a significant contraction of supply.  Meanwhile the average list price of Temecula real estate is up 2.1% from $351,000 to $358,000.  Additionally, the amount of homes sold is up 24% from 129 to 160!  I assume a large factor is the fact that school starts next month and Temecula draws a lot of new homebuyers because its schools are top-notch and people want to get settled in before the year starts.

Finally, a big key indicator is the average days on market for homes sold and that has really dropped!  It went down approximately 25% from 87 days in June to 67 days in July.  That is additional confirmation that supply is tightening for Temecula real estate. This can be a sneaky number though because of the significant amount of Temecula short sales currently on the market. 

Stefan West, Broker of West Realty Temecula