We are well into the month of July and things are really heating up here in the valley and I don’t just mean the temperature. The real estate market is particularly hot. In this month’s Temecula market trends report I will be pulling the numbers from my last report in April and comparing them to the current month. As always my stats are based on single family, detached residences, with 3+ bedrooms and 2+ baths.
- Total Number of Active Temecula Listings in July: 399
- Average Price of Listed Homes in Temecula for July: $558,831.
- Number of Closes in June: 178
- Average Temecula Price of Homes Sold in June: $467,730
- Average Days on the Market: 53
Well I can see right away that our numbers are increasing quite a bit over the last few months. In April we only had 273 homes listed for sale and currently there are 399. That’s an increase of 46% in just a few short months. We are seeing a lot of inventory in the higher price points and those are tending to stay on the market longer with fewer showings. The market that is hot is the $350,000 range. Those are being listed underpriced as agents are trying to create bidding wars amongst buyers. The average list price currently in Temecula is $558,831 which is just under $1000 more than in April.
As far as what’s closing in Temecula, there have been fewer closes in June than in March. We had 270 homes close in March and in June there were only 178. That’s a decrease in closes by 34%. The average price that homes are selling for hasn’t changed much. We were at $450,972 in March and June was $467,730. The average day’s homes are remaining on the market is 53 this month which is a slight improvement from March’s 59 days on market.
If you or anyone you know is looking to buy or sell a home in the area please give me a call as I would be happy to help with any of your real estate needs.
Have a great July!