A look at the Temecula Real Estate Market, February 2019

I am definitely excited to announce that I am seeing an improving market as opposed to the lackluster fall we just experienced! I'm seeing homes going under contract relatively FAST compared to the last 4 months.

In December, the average sales price for a single family, detached, 4+ bedroom home was $542,282.

In January, that same criteria of home had an average sales price of $607,813.

(I did not use square footage as a factor)

If we look at the days on market or DOM, we can see an increase from December to January from 55 days to 65 days for the 4+ bedroom homes which is not as great news for those homeowners waiting on buyers.

Conversely, DOM for 3 bedroom, single family homes decreased from 52 DOM in December to 41 days in January...and I'm seeing that trend continuing as recently listed homes in all categories are going under contract in 1, 2, 3 days and within 2 weeks is showing me there is positive movement for home sellers again...with shorter wait periods.

...BUT, the prices dropped a little bit in the month of January for the average sales price for 3 bedroom, single family, detached homes in Temecula from $429,081 to $417,562 in January.

Since January 2018:

Temecula average sales price for ALL styles of homes (attached/detached, all sizes) have increased +1.3%.

4+ bedroom detached homes average sales price increased +5.7%

3 bedroom deatched homes average sales price decreased -7.5%

Technically, due to our months of inventory hovering at 3.2 for January for 4+ bedroom homes and 2.7 for 3 bedroom homes, we are still in a seller's market using this psychology. We have certainly increased inventory since January 2018 when we started out with only 1.8 months supply for 4+ bedroom homes, and 1.1 month for 3 bedroom homes!

Tip: Months of inventory means that if no new homes came onto the market, it would take that much time to sell all of the available houses before no more homes would be available...smaller months of inventory means a market that favors sellers - more months of inventory means the market favors buyers.

Also, if you are curious about when these homeowners sold their homes in 2018 for peak prices, those months were March, May and October for our 4+ bedroom segment of homes. If you owned a 3 bedroom home, those months for peak prices were February, March, June and September.

As you can tell, there is definitely some good news out there in our markets as we are heating up for spring.

If you have any specific questions about statistics, please feel free to reach out to me, I am always happy to help!

If there is anyone you know that you feel could benefit from this info, please feel free to forward it along!

Thanks for checking this out, I hope you have an awesome weekend!