Summer is just around the corner which means the real estate market will soon be in full swing with buyers and sellers eager for their next adventure in real estate. There is already a lot of inventory out there for buyers to choose from. A total of 144 more homes on the market than there were 8+ months ago to be exact. In this month’s report I will be contrasting August 2013 to April 2014 for the city of Temecula. As always my stats are based on single family, detached residences, with 3+ bedrooms and 2+ baths.
- Total Number of Active Listing in Temecula: 407
- Average Temecula Listed Price: $492,311
- Number of Homes Sold in March: 141
- Average Selling Price for Temecula in March: $416,087
- Average Days on the Market: 61
Looking right away, I can see that there is quite a few more homes currently on the market in Temecula. There were only 263 homes active back in August of 2013 and now there are over 400. That’s an increase of 54%! This increase in inventory is sure to make buyers happy with more of a selection. Just 6 months ago buyers were competing with multiple offers and above asking price offers in hopes that theirs would be the one accepted. The listing price on homes has remained pretty much the same as it was back in August 2013 with a $8,000 decrease in price.
Moving onto the closes in March, I am seeing a decrease from 190 homes in August 2013 to now only 141. That’s a difference of 25%. The selling price like the listing price is not changing to much with a small gap of about $10,000 over the last 8 months. Homes are staying on the market slightly longer than they were last year by about 2 weeks.
I hope this finds you all having a wonderful month! Make sure to check back in the following months for updated market trends in Temecula.
If you are looking to buy or sell a home in the area please contact my office and I would be more than happy to assist you with any of your real estate needs.
By: Stefan West – Owner/Broker of West Realty