What a beautiful day it is in Murrieta today. It's already starting to feel like summer. Even though the weather feels like Summer, Murrieta's real estate market isn't trending like usual during the Summer. In fact, I noticed some very interesting numbers in April that are not normal. Jumping right into it, my statistics are for single families, detached homes, with 3+ bedrooms and 2+ baths. Here it is:
• Total # Actively Listed On Market in April: 257
• Average Murrieta Property Listed Price: $ 328,320
• Number of Murrieta Properties Sold in March: 157
• Average Sold Murrieta Property Price: $ 273,269
• Average Days On Market Of Homes Sold in March: 88
It seems Murrieta's real estate and the cities that surround it are all following a certain pattern regarding supply. The number of homes actively listed has dropped intensely. In March there were 324 homes listed and in April there are 257 homes actively listed. That is a 20.68% decrease in the number of homes. Supply is being hit hard. The price at which these homes are listed at increased from $322,278 to $328,320. That is a 1.87% growth. Minute but still something to keep in mind when looking at the other statistics.
The closed numbers are also following a certain trend in all of these cities. The total number of homes sold increased from 141 properties in February to 157 properties in March. This 11.35% growth shows the demand rising. The price at which these homes sold also increased from $270,051 in February to $273,269 in March. That is about a 1.19% increase in average price. So while the demand for properties is increasing, so is the price. The average days on market grew from 75 days to 88 days. That follows the same pattern that Temecula's and Menifee's real estate markets have set.
If the supply continues to drop and the demand continues to rise, I feel that the average sold price as well as the average listed price are going to shoot up within the next few months. Higher demand and lower supply makes for perfect price increasing weather.
Well that was my Murrieta CA Homes Market Projections for April 2012. As always, I am available if you have any questions or concerns. May you and your family have a healthy and happy month. Hopefully we meet again in May!