As we are fast approaching the summer months the real estate market is starting to pick up. I haven’t done a monthly update for the city of Murrieta in 8+ months and looking quickly at the numbers I can already see there is a lot of inventory currently on the market which means buyers have more of an option when looking for their next home. In this article I will be comparing the month of April to that of August 2013. As always my stats are based on single family, detached residents, with 3+ bedrooms and 2+ baths.
- Total Number of Active Listings: 380
- Average Murrieta Listed Price: $419,452
- Number of Homes Sold in March: 132
- Average Selling Price for Murrieta in March: $357,408
- Average Days on the Market: 61
I can immediately see that the number of homes on the market in April had increased quite a bit. From 253 back in August of 2013 to now 380 a difference of 127 homes. That’s a 50% increase in our inventory! In comparing the average listing price I am only seeing a slight difference of on $6000 in the last 8+ months. With more homes available, it’s making it tough for sellers to get their homes into escrow as quickly as they were in the previous months.
Moving onto the closes for the month of March I see right away that there is little change in the average selling price of homes in Murrieta. I’m literally only seeing a $1000 difference in 8+ month’s. Because of the amount of homes currently listed the average days that homes are staying on the market has increased from 44 in August to 61 currently.
If you are looking to enter into the real estate market, please contact my office and we would be more than happy to assist you in either buying or selling a home. I hope you are all having a wonderful month. Make sure to check back on my site for up to date real estate trends in your area.
By: Stefan West – Owner/Broker of West Realty