Temecula Real Estate Market Report for June 2011

Each month this year I will be doing an update and analysis on the Temecula Real Estate market in the form of a what Temecula homes have sold, for how much, and what is currently on the Temecula Real Estate market.

For the purpose of this Temecula real estate report, I will be focusing on Temecula homes and properties that are under $1,000,000, 3+ bedrooms, 2+ bathroom, and are detached homes. Temecula condo and townhomes will be excluded because the best indicator of a real estate market are single family dwellings.  Also, Temecula is a bedroom based community where people move here so they can purchase standalone homes versus a San Diego or Orange County condo.

With that said, here are the Temecula real estate market numbers for June 2011:

• Total Homes Actively Listed on the Market - 452
• Average Home Listed Price - $351,516
• Number of Temecula Homes Sold in May - 129
• Avg. Sold Temecula Home Price - $290,354
• Avg. Days on Market Before Sale - 89 Days

Taking a look backward, the Temecula real estate market has only 10 more homes on the market then it did in May.  Not much of a summer surge there.  Next, only 129 homes were sold in May versus 160 homes sold in April.  That is a pretty big difference of 31 homes or aproximately 20%.  That is surprising as the market feels very busy right now.

But that number is further backed up by the average sale price of Temecula homes sold.  In May, the average was $290,354.  But in April it was $310,000 which is a $20,000 difference in a month.  Ironically, the average actual list price has gone UP from $346,681 in May to $351,516 in June.

Lastly, the average days on market for Temecula real estate was up from 84 days in May to 89 day in June.  That is a pretty minor change but something to watch if a trend develops.  Overall, it looks like we might be seeing some softness in the Temecula real estate market - BUT I am not seeing that with my clients right now.  There are lots of buyers looking but when they get tied up in short sales that can delay the marketing from recognizing the demand.

Food for thought and I look forward to seeing how things trend out next month.  Have a great day and I hope this information was helpful to you!

Sincerely,

Stefan West, Broker of West Realty - Temecula Real Estate Specialist.