We are half way through August and things remain extremely active in the Temecula Real Estate Market. It is mostly a case of things remaining much the same with few increases. As usual, my numbers (first time viewers) are based on single family, detached homes that are priced under $1,000,000. Steady data pulls are the ideal way to see what tendencies and shifts are affecting the market.
Let's get into the basic numbers:
- Total Number of Actively Listed on the Market - 379
- Average Home Listed Price - $ 366,274
- Number of Temecula Properties Sold in July - 148
- Avg. Sold Temecula Property Price - $ 305,048
- Avg. Days on Market Ahead Of Sale - 57 Days
Evaluating July to August, active listings on the market fell just by three listings! But we are still seeing a price boost from an average listed price of $358,625 in July to $366,274 in August. That represents a 2.13% active price boost from month to month. This has been a trend in July as well which also had a 2% cost boost.
Nevertheless, the number of Temecula properties bought has decreased from 161 in June to 148, a decrease of 7.45%. I am not astonished by that difference because honestly it is proving extremely challenging to get people into houses. I have shown several houses lately and more often than not, the standard and bank-owned (if decent) have gone very quick with numerous offers.
This buyer demand is continually evidenced by the growing average sales price for Temecula Valley homes. In July, it was an average purchase price of $293,890 and in July we are seeing $305,048, a difference of 3.80% in a single month. That is additional to a 1.34% increase last month. Lastly, the average days on market has also continued to fall an additional 13.63% from the month before. In June the average days on market dropped 25% from sales in May. So that is a substantial move and is in line with active price, sold price, and tighter supply of Temecula properties.
As I said, real estate seems like a rather good investment at this moment. But I am eager to see whats in front of us as summer time is over for the kids and numerous parents will stop looking as the school year begins. Actually, the market is moving very fast right now that I have numerous prospective buyers unable to get into houses because of several offers, rising costs, and challenging short sales.
As a home owner, I love an appreciating market and the growing home values. But it is extremely difficult to watch my clients getting annoyed when waiting months on short sales not getting approved or making offer after offer and being penalized simply because they are VA and FHA loans going against cash or conventional offers. That is a large component to the market right now.
I hope you enjoyed your Temecula real estate update for August 2011. As usual, I am available if you have any inquiries regarding Temecula houses for sale or just want market facts!