There are many areas in Temecula that will see appreciation within the next five years. This area was impacted greatly with the housing bust, which cut housing prices by up to 50%. This has created great affordability for many buyers.
There is a strong demand to buy in Temecula which has pushed the median home values up (since hitting the bottom) and I believe prices will hold steady and increase in the coming months. Surprisingly, standard sales have edged out short sales and bank owned sales in the past 3 of 4 months. February 2012, broke this trend with 53 Short Sales closing compared to 50 Standard Sales and 33 Bank Owned or REO sales.
The Avg price for a Standard Sale in Temecula in February 2012, was $318,872 or $132.90 per sq ft.
Buyers are surprised to learn that Temecula is not suffering a lull in the market like many other areas. Yes, I know it's hard to believe, but you shouldn't buy into all you hear in the media. HaHa!
I think Temecula will continue to see prices increase due to a variety of reasons, but I think the top three reasons are:
1. Affordability. You simply get more for you money compared to neighboring San Diego County
2. Top notch school district. Temecula Valley Unified School District has been ranked #1 within Riverside County.
3. Family Friendly. This is a great place to raise a family because of the school district and emphasis on family activities.
My wife and I moved our family from Orange County to Temecula back in 2003 and we haven't looked back since.
If you're looking for more info on Temecula please don't hesitate to contact me or visit this blog: http://www.livetemeculavallley.com