Temecula and Murrieta Market Update, March 2019
/I am seeing some great activity within the Southern California real estate market and am excited to announce that interest rates are still very low...and would you believe me if I told you they actually dropped???
Check out this artice I received from a lender resource this week, Cooler home spring buying market? Not necessarily with rates now at 12-month lows.
With rates staying low and home prices slashed by some sellers who have been hanging around on the market since listing in the fall, I believe it's a great time to buy a home. I think many buyers have caught onto the price reductions and lower interest rates, and will continue to drive sales.
Temecula's Closed Sales Update
4+ bedroom home sales increased from 60 units in January to 65 in February
3 bedroom home sales closed units increased slightly from 35 to 37 January to February
We see a very large increase of average sales price in 3 bedroom detached homes in Temecula from January's $417,562 to February's $493,292!!!
4+ bedroom detached homes saw an average sales price decrease though, from January's $607,813 to February's $563,615.
Murrieta's Closed Sales Update
Murrieta is going to be where we will notice significantly more activity. We see an increase in closed sales in all of Murrieta's 4+ bedroom detached homes jump from January's 61 units to February's 86 units!
3 bedroom detached homes closed in Murrieta rise from January's 26 units to February's 37!!! An increase of 25 more homes!
Average sales price for Murrieta's 3 bedroom homes grew exponentially in 92562:
92562 in January: $369,154 to $421,121 in February
92563 in January: $391,515 to $401,479 in February
Sales price averages for Murrieta's 4+ bedroom homes saw a decline along with Temecula, from:
zip 92562 in January: $597,528 to February: $554,915
zip 92563 in January: $458,313 to February: $452,338
DOM (Days On Market)
Temecula 3 bedroom homes were at 41 DOM in January and increased to 58 in February
Temecula 4+ bedroom homes DOM have remain unchanged between January and February at an average of 65 days.
Murrieta DOM:
92562 DOM for 3 bedroom homes was 47 in January and increased slightly to 53 in February
92563 DOM for 3 bedroom homes in January was at 49 and jumped quite a bit to 74 in February.
92562 DOM for 4+ bedroom homes in January was 81 and then dropped to 71 in February.
92563 DOM for 4+ bedroom homes in January was 75 and then dropped to 63 in February.
3 bedroom homes have taken the lead in both Temecula and Murrieta
Even though we see the 4+ bedroom prices decreasing the last few months, we should remember that many of these homes have had price reductions after having been listed in the fall and are trying to chase after home buyers when the interest rates increased. Many homes are being re-listed after having now expired, and are re-listing at their original prices. I don't know the future, but I believe we might yet see prices increase over the next month or two in that 4+ bedroom bracket as sellers and new home sellers ask higher prices and buyers moving to buy while interest rates are low.
Please share this with anyone you know who may be thinking about selling their home or getting into the market to buy one.
I am also sending out specific area updates to clients in Orange County and San Diego. If you feel that those areas would interest you, please send me an email and I will be sure to add you in to the interest list.