The Temecula Real Estate Market Update for April 2013 is ready for your reading enjoyment. Â Two things are really starting to heat up in Temecula...the weather and the housing market. Â As I write this it's unseasonably hot...the fourth straight day above 90 degrees!!! Â I'm glad cooler weather is in the forecast. Â I betÂ home buyersÂ wish there was a cooling trend with Temecula's housing market, but that doesn't seem to be in the forecast. Â Sellers are taking advantage of this upswing and rightfully so, it's been years since we've seen the market this hot.
Take a look at some of these numbers for April 2013:
Total Units Sold: 181
Avg. Days on Market: 29
Median Sales Price: $350,000
Standard Sales: 125
Short Sales: 43
Bank Owned Properties: 12
New Properties Listed: 250
Months Supply of Inventory: 1.1
The median sold price is up almost 9.4% fromÂ last monthÂ and a whopping 29% compared to April 2012! Â Standard sales in Temecula make up 69% of the closed sales in Temecula while Short Sales only account for 24% and Bank Owned homes are the lowest at 7%. Â The housing market is definitely rebounding!
April 2013 also reported the most properties under contract (in escrow within the past 12 months) at 226. Â The average days on market is the lowest it's been during the past three years at only 29-days! Â Another trend that is great for sellers but not so great for buyers is the months supply of inventory. Â It's reporting at only 1.1 months! Â There is a definite inventory shortage in Temecula.
With the upswing in equity we're seeing people that were upside down and their only hopes were a Short Sale now have the option of selling their home as a Standard Sale. Â If you know someone that is late on their mortgage or experiencing financial difficulties, have them contact us to see if they qualify for a discounted commission listing to help them get out of trouble.
We are still offering ourÂ Guaranteed SOLD Within 14-days or We'll Pay You $2,500 programÂ to Temecula, Murrieta, Winchester, Menifee and Lake Elsinore homeowners. Â Call us today and we'll have your home SOLD tomorrow.
This is Ryan Smith of the The Blasic Smith Team signing off until next time.....................