Temecula / Murrieta Market Update – March 2014

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Spring has sprung, and the “hot” season for sales is coming, so here is an update of current Temecula/Murrieta market conditions.

The Market In General*

Median Sales Price

The Median Sales Price (MSP) for homes in Temecula/Murrieta at the end of this month is $368,100 – up $10,350 from February MSP, and up $47,095 year-to-year in the past 12 months (from $321,005 / +14.67%).

Over the last 24 months, MSP is up $89,500 (from $276,000 / +33.37%). Dollar and percentage increases even at these large upward movements are still below the increases (month to previous year’s month) seen in May 2013 of $74,859 (+25.71%), but March saw prices match 12 month highs (May 2013), possibly setting the stage for a strong summer market.

Temecula continues to outpace Murrieta in MSP at $400,000 compared to Murrieta MSP of $340,875

Listing Price vs. Median Sales Price

The Median Sales Price (MSP) this month was $24,000 less than the Listing Price (-6.33%) which is about average for the last 12 and 24 months, and far less than the $45,000 below Listing Price of March 2013.

listprice-vs-salesprice

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory And Number Of Sales

Inventory levels have increased 108.67% over last March’s levels, but have decreased since February 2014 by 7.26%. Currently, in the Median Price range (=/-20% of Median Price) there is a very low level of 2.77 months of inventory.

The Number of Sales has increased 31.04% over last March’s levels, and have also increase since February 2014 by 8.9%. There were 159 sales in March 2014 compared with 121 in March 2013.

Absorption Rate 03-2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 Sales Price vs. Days On The Market

dom vs. sale price YTD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Higher End

Bald Eagle in Flight
In the Top 10% Price Range (Approximately $550,000+) there are 7.87 months of inventory, and in the high-end ($1MM+) there are 19.12 months of inventory (94 active listings/1closed sale). The highest priced property on the market is listed at $6.788mm (13br/13ba, 12,000 sq. ft.) The highest priced property sold this month was $1.937mm (6br/8ba. 7586 sq. ft., days on the market=175)

*Note: All Stats Based On Single Family Dwellings, Standard Sales (Not Short Sales, REO’s, etc.)

More Homes Hit the Market in Time for Spring

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SunflowerInventories of homes for sale have increased 10 percent year-over-year, signaling growing seller optimism and a strong, early start to the spring home-buying season, according to realtor.com®’s latest National Housing Trend Report, which tracks 146 markets.

The median list price edged up 76 percent higher in February compared to year-ago levels. The nationwide median list price is $199,000, realtor.com® reports. The median age of inventory also rose 6.5 percent year-over-year to 114 days.

“Overall, these figures indicate a continued reinforcement of steady gains and market stabilization that we’ve been watching since late last summer,” says Steve Berkowitz, CEO of Move Inc. “Seller confidence is the factor to watch as we head into the spring home-buying season, and these are very encouraging indicators—not only are more homes coming onto the market, but typically we don’t see a rise in asking prices this early into the year. This is the market these sellers have been waiting for.”

Still, realtor.com® notes that inventories are still low by historical standards.

About 99 of the 146 markets that realtor.com® tracks saw year-over-year gains in inventory levels. Sixty-three of those markets saw levels rise by 10 percent or more.

California markets saw some of the biggest rises to inventories. For example, Stockton, Calif., has twice as many homes listed for sale on realtor.com® than it did a year ago, according to the report. Also, Fresno, Bakersfield, Riverside, and Oakland also reported 40 percent or more year-over-year increases in the number of homes for sale.

Meanwhile, inventories remain tight in Denver and Chicago, particularly. “The inventory deficits in these markets will likely continue to put significant upward pressure on housing prices going into the 2014 home-buying season,” the report notes. Denver’s median list prices are up 19.6 percent year-over-year, and Chicago has seen median list prices rise 14.3 percent in the past year, according to realtor.com®.

Source: realtor.com®
via More Homes Hit the Market in Time for Spring | Realtor Magazine.