|May 2014 Vail Ranch – Temecula Real Estate Market Update Including Graphs and Analysis
Vail Ranch continues to be one of the most stable communities, with the strongest numbers, that I track. As expected, the year over year appreciation numbers have slowed and I expect to continue to see fluctuations month over month. In April the average sale price declined 2.5% to $341,000 which is 5% higher than where Vail Ranch prices were a year ago. The lowest sale for the month in Vail Ranch was $310,000 and the highest was $427,900.
Listings were up slightly, as expected, but the 100% jump in the number of sales month over month was a suprise. Granted that only represents 10 closed transactions, but that is the highest we have seen since December and on par with what we saw last August/September.
As the number of homes for sale has increased, buyer have been able to be a little more patient before deciding to write offers. As such, it is no surprise that the days on market has increased, but the 46 days we saw in Vail Ranch is still well below the Temecula average of 60 days.
With sales activity up sharply and listings relatively flat it is no surprise that overall inventory fell. We are currently at just under a two month supply, lowest it has been in the past few months. This constrined inventory will help push price appreciation further into positive territory.
The continued decline in distressed properties is one of the best indicators of how much our Vail Ranch Real Estate Market has improved. 10% of the sales in April involved distressed properties compared to 33% in April 2013.
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