We are well into the month of August which means the kids are back in school and the routines have set in again. In this month’s report I will be pulling the active numbers currently as well as the closes that we had in July for Temecula and comparing them to April’s numbers. As always my stats are based on single family, detached residences, with 3+ bedrooms and 2+ baths.
- Total Number of Active Listings in Temecula in August: 527
- Average Listed Price of Temecula Homes: $470,570
- Total Number of Closes in April: 158
- Average Price of Homes Sold in Temecula: $422,586
- Average Days on the Market: 69
Looking right away at the amount of active listing we have a total of 527 for Temecula which is only 42 more homes than in May. However, that shows us that there is quite a bit of inventory out there and with fewer buyers it’s proving to make this a difficult market. We aren’t seeing much of a change in the average listed price of homes with only about a $15,000 decrease since May. Sellers are seeing their homes stay on the market for about 2+ months on average.
Moving onto what has been selling in Temecula, we had 158 closes in July. A 15% increase from April’s 137. The average selling price of these homes has only shifted about $20,000.
To wrap up, I think that the most concerning number I’m seeing is how many homes we currently have listed. With that many homes it makes is tough for sellers to get their asking price. I’m seeing my own sellers having to lower prices just to get potential buyers into see their homes. Having open houses on the weekends to get traffic through is even proving to be a difficult task at the moment. I’m hoping that in the months to come that we will start to see things moving a little faster on the market.
As always, if you or someone you know is looking to sell, buy, or even just wanting a simple market evaluation of their home I would be more than happy to help. I hope you have a fantastic upcoming Labor Day weekend!
By: Stefan West – Owner/Broker of West Realty