What a hot April this is turning into! It seems we have skipped right over Spring and straight into Summer here in Temecula. You would not believe what is going on with Temecula's real estate market. As soon as I saw the numbers, I knew this would be a very interesting month. Let's jump right in so I can show you what has happened! As usual, my statistics are for single family residences, detached, with 3+ bedrooms and 2+ baths. Here we go:
• Total # Actively Listed On Market in April: 249
• Average Temecula Home Listed Price: $ 373,566
• # of Temecula Properties Sold in March: 157
• Average Sold Temecula Home Price: $ 311,364
• Avg Days On Market Of Homes Sold in March: 84
Immediately, I noticed a drastic change in all of the numbers for this month. What is going on in Temecula? Looking at the actives for this month first, we can see that the number of homes listed has plummeted from 305 homes in March to 249 homes in April. That is an 18.36% decrease in supply. In March there was also about a 50 home decrease in the number of listed homes from the month before. Putting all of that together, we have dropped over 100 properties in the number of actively listed homes in the past two months! If supply continues to drop like this, Temecula's real estate market is going to have a real problem. The listed price for these homes also grew from $356,812 in March to $373,566 in April. That is an increase of 4.69%. As the number of homes drops dramatically, the listed price for these homes is growing little by little.
Now looking at how March closed, we can see that the number of homes sold in Temecula increased by about 29.75%. That is a significant difference from month to month. With the supply dropping so much and the homes sold increasing more than the supply is, Temecula's real estate market is going to be impacted tremendously. The price at which these homes sold also increased from $289,939 in February to $311,364 in March. That is a 7.38% increase in average price. The days on market also grew from 80 days in February to 84 days in March. That is a 5% growth in number of days on market. Overall, more homes were sold at a higher price in March. I am interested to see how Temecula's real estate market will react next month after seeing April's statistics.
That concludes my Temecula real estate market analysis for April 2012. I hope you are as intrigued by this month's numbers as I am. If you have any question or want to talk about the market, feel free to email me. I hope I leave you happy and healthy this month. See you in May!