South Temecula Homes for Sale and Sold Report for June 2014

South Temecula Homes for Sale and Sold Report for June 2014
South Temecula, CA Homes for Sale saw average sales prices increase month over month as well as year to year and the number of homes for sale continue to rise. Buyer activity remains strong although the total number of resale closings did decline both month over month and year over year. Average days on market remained strong at 58 days. Distressed properties represented 12% of all closings in May 2014 compared to 22% of closings in May 2013.


The Numbers Month to Month and Year to Year

The average sales price for South Temecula, CA Homes for Sale was $410,000 in May 2014, an increase of 9% month over month and 12% year over year.

The number of South Temecula, CA Homes for Sale that sold in May 2014 was 68, down 4% month over month and down 24% compared to May 2013.

 

There were 215 South Temecula, CA Homes for Sale in May 2014, which is up 12% from April 2013 and 32% more than were on the market in May 2013.

A few highlights of the current South Temecula, CA Homes for Sale are shown below and represent a nice cross section of properties available, in contract and that have sold.

This Months Most Expensive Listing

The most expensive South Temecula, CA Homes for sale this month is listed at $1,050,000and includes 5 bedrooms, 4.5baths and has 4,153sqft. on a 1/2 acre lot.(schedule a showing).

This Months Least Expensive Home for Sale

The least expensive of all South Temecula, CA homes for sale came in at $190,000 for a 2 bedroom, 2 bath condo with 1,103 sqft.(schedule a showing).

This Months Most Expensive Sale

The most expenseive South Temecula, CA home sold in May 2014 was $855,000 for a 5 bedroom, 3.5 bath …

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Below are highlight properties for South Temecula Homes for Sale and Sold Report for June 2014. See more at the full report:
Market Report VIDEO Highlights Maps & Local Schools
Status: Just Listed
32950 Anasazi Dr, Temecula
$445000
4 BEDROOMS
3 BATHROOMS [ 3 FULL ]
LISTING MLS ID: SW14114363
Listing Courtesy of: Keller Williams – Andrew Smith

Status: Active
44876 Corte Rodriguez, Temecula CA
$319000
3 BEDROOMS
2 BATHROOMS [ 2 FULL ]
LISTING MLS ID: SW14106826
Listing Courtesy of: First Team Real Estate

Status: Under Contract
34039 Tuscan Creek Way, Temecula, CA
$415000
3 BEDROOMS
2.5 BATHROOMS [ 2.5 FULL ]
LISTING MLS ID: SW14076194
Listing Courtesy of: kwls kwls

Status: Just Sold
32628 Ritter Ct, Temecula
$357,000
4 BEDROOMS
3 BATHROOMS [ 3 FULL ]

Status: Make an Offer
32797 Hupa Dr., Temecula
$500,000
5 BEDROOMS
3 BATHROOMS [ 2 FULL, 1 (3/4th) ]

Status: For Sale by Owner
46555 Peach Tree Ct, Temecula
$395,000
4 BEDROOMS
3 BATHROOMS [ 2 FULL, 1 HALF ]

See the Full South Temecula Homes for Sale and Sold Report for June 2014
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Andrew Smith
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Information valid as of June 9, 2014. Please contact us for the most current information and status of these properties.

Temecula, CA Homes for Sale and Sold Report for June 2014

Temecula Homes for Sale and Sold Report for June 2014
Homes for Sale in Temecula, CA continue to increase as inventory recovers from the record lows we saw last year. Buyer activity remains strong fueled by continued low interest rates as well as more choice in both the resale and new construction homes. The City of Temecula recently annouced that the number of new building permits issued in 2013 was the highest level since 2006, further evidence of the housing recovery that we have been speaking of for the past several months. Distressed sales also continue to decline respresenting just 11% of May home sales compared to 25% of home sales in May 2013.

The Numbers Month to Month and Year to Year

The average sales price for Temecula, CA Homes for Sale was $427,000in May 2014, up 10% from April 2014 and 9.4% from May 2013.

The number of Temecula, CA Homes for Sale that sold in May 2014 was 190, which is up 11% month over month, but down 17% from May 2013. As mentioned above, the increase in the number of new homes for sale was a major factor in the year over year decline in resales.

There were 660Temecula, CA Homes for Salein May 2014, an increase of 8% from April 2014, but up 31% from May 2013.

A few highlights of the current Temecula, CA Homes for Sale are shown below and represent a nice cross section of properties available, in contract and that have sold.

This Months Most Expensive Sale

The most expensive of all Temecula, CA Homes for salethat closed in May was $2,000,000 for a 5 bedroom, 5.5 bath home that featured 5,487 sqft on 5 acres with a pool and spa. (Click Here to View)

This Months Least Expensive Sale

In contrast to the home above, the least expensive of all Temecula, CA …

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Below are highlight properties for Temecula Homes for Sale and Sold Report for June 2014. See more at the full report:
Market Report VIDEO Highlights Maps & Local Schools
Status: Active
31941 Red Pine Way, Temecula, CA
$320000
3 BEDROOMS
3 BATHROOMS [ 2 FULL, 1 HALF ]
LISTING MLS ID: SW14075348
Listing Courtesy of: Andrew Smith

Status: Active
25105 Carancho Road, Temecula CA
$1095000
4 BEDROOMS
4 BATHROOMS [ 4 FULL ]
LISTING MLS ID: PW14110792
Listing Courtesy of: Prudential California Realty-Cosner

Status: Pending
45442 Saint Tisbury, Temecula, CA
$559000
4 BEDROOMS
3 BATHROOMS [ 3 FULL ]
LISTING MLS ID: SW14081482
Listing Courtesy of: Andrew Smith

Status: Just Sold
28961 Savannah Dr., Temecula, CA
$429,000
4 BEDROOMS
3 BATHROOMS [ 2 FULL, 1 HALF ]

Status: Make an Offer
46330 Sawtooth Lane, Temecula, CA
$450,000
4 BEDROOMS
3 BATHROOMS [ 3 FULL ]

Status: For Sale by Owner
32215 Via Berjarano, Temecula, CA
$585,000
5 BEDROOMS
4 BATHROOMS [ 4 FULL ]

See the Full Temecula Homes for Sale and Sold Report for June 2014
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Homes For Sale in Temecula School District

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Mortgage & Refinance

Andrew Smith
Keller Williams
888-447-9650
Andrew@AndrewSmithHomes.com















Information valid as of June 6, 2014. Please contact us for the most current information and status of these properties.

May 2014 Wolf Creek – Temecula Real Estate Market Update

May 2014 Wolf Creek – Temecula Real Estate Market Update Including Graphs and Analysis

Over the past couple of months I have mentioned that I expected listing inventory to increase, sales activity to increase and the rate of price appreciation to slow. While these things have been happening I didn’t expect the average sale price to fall as much as it did month over month. In April the average sales price in Wolf Creek declined 16% from the month before to $346,000, which is actually 11% lower than the average sales price in April 2013. I do not believe this is a trend or anything to be overly concerned with as the underlying market factors remain strong and I would never read too much into one months worth of numbers. The lowest sale for the month in Wolf Creek was $270,000, for a condo, and the highest sale came in at $436,000.

As you will see from the graph above, the number of listings coming to market has been increasing over the past few months at a pace that exceeds the increase in sales activity. Listings increased 14% month over month to 42, the highest level we have seen in the past year, while sales increased 25% month over month to 13. Wolf Creek has seen a larger influx on property coming to market as many people, previously unable to sell, found themselves able to after the appreciation of last year. The increase in supply was greater than the increase in demand, which put, what I feel is temporary, downward pressure on pricing.

On a positive note, the days to sell fell to 46 (Temecula overall is averaging 60) as buyers rushed to take advantage of the best values on the market.

Overall inventory levels also declined to just under 3 months. With supply becoming more constrained, especially as we enter the busy season for buying, we will see appreciation move back into positive territory.

The continued decline in distressed properties is one of the best indicators of how much our Wolf Creek Real Estate Market has improved. 7.5% of the sales in April involved distressed properties compared to 23% in April 2013.

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May 2014 Vail Ranch – Temecula Real Estate Market Update

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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May 2014 Redhawk – Temecula Real Estate Market Update

May 2014 Redhawk – Temecula Real Estate Market Update Including Graphs and Analysishttp://youtu.be/ONmmeWLxtCE

Although I was expecting the rate of appreciation to flatten going forward, I will admit that I was suprised by the large fall in average sales price from March to April. The average sales price declined 9% month over month to $386,000 which is only 1% higher than April 2013. Fluctuations in the average sales price from month to month are normal and the underlying trends continue to be positive. I see no reason to be overly concerned here and fully expect to see us gain some of this back next month. The lowest priced sale for the month in Redhawk was $245,000, for a condo, and the highest sale was $544,990.

Listings, after rising steadily the past couple of months flattened out in April, but are well above year ago levels which helps explain the slowing pace of appreciation. Sales activity jumped 58% month over month to the highest level we have seen in the past year. Favorable interest rates and more homes on the market to choose from caused buyer activity to jump.

Buyers have had a little more time to look over the past few months with the number of listings increasing. Even so, days to sell did not increase very much coming in at 61, just above the 60 day average being experienced for Temecula overall.

With sales activity up sharply and listings relatively flat it is no surprise that overall inventory fell. We are currently at just over a two month supply, lowest it has been in some time. This constrined inventory will help push price appreciation back into positive territory. 

The continued decline in distressed properties are one of the best indicators of how much our Redhawk – Temecula Real Estate Market has improved. Only 4% of the sales in April involved distressed properties compared to 20% in April 2013.

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May 2014 Morgan Hill – Temecula Real Estate Market Update

May 2014 Morgan Hill – Temecula Real Estate Market Update Including Graphs and Analysis

Morgan Hill continued to forge its own path this past month with the numbers going in the opposite direction of what we saw in most of Temecula. While many areas saw the average sales price decline in April, Morgan Hill saw the average sales price jump by an impressive 12% over the previous month to $559,000. Unlike months past, the new homes were not the main reason for the jump, but two higher priced resale homes. The lowest sale for the month was $425,000 and the highest was $705,000.

 

Most areas saw an increase in both listings and sales activity in April. In Morgan Hill active listings actually declined slightly to 25 and sales were unchanged at 7 closings. The relatively few number of closings within the community each month is one of the reasons the numbers seems so volatile compared to other areas.

The days on market fell slightly in April to 62 days, which is one area where Morgan Hill is very close to the overall Temecula average of 60.

 

As listings to sales were relatively unchanged month over month we didn’t see much of a change in the amount of overall inventory available. For April we were at a 3.6 month supply which is just slightly higher than the overall Temecula average. 

 

For the second straight month there were no distressed property sales within Morgan Hill. Distressed sales have fallen across the board which is a key indicator that our market continues to improve.

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May 2014 South Temecula Real Estate Market Update

May 2014 South Temecula Real Estate Market Update Including Numbers and Analysis

One of the things that we have been expecting to happen is for the rate of appreciation to settle from the rapid increases we saw last year. There was a larger than expected drop in the month over month average sales price, down 5% in April to $375,000, which is 6% higher than where we were in April 2013. I have been expecting appreciation for 2014 to end up between 8% and 12% and expect that we will continue to see fluctuations in the month over month numbers going forward. Pricing is largely influenced by supply and demand and you will see on the next graph that supply growth is currently outpacing demand growth, which is not a bad thing for the South Temecula real estate market. The lowest priced sale in April was $230,000 for a condo and the highest priced sale was $720,000.

Although listing activity was flat for the month it has been trending upwards the past few months and there were 23% more properties for sale this April compared to a year ago. Sales, on the other hand, were up sharply 32% month over month and 9% higher than a year ago. There has been quite a bit of pent up buyer demand and while interest rates remain low I believe we will see a busy Spring/Summer selling season here in South Temecula. The continued rise in the number of properties for sale will also help appreciation from getting out of control.

With total listings unchanged from the prior month and sales activity up we saw the days on market decrease slightly to 57 days. Most areas of Temecula that I track have been seeing an average of 60 days so we are right in line with that number.

With sales up and listings flat month over month it naturally follows that total inventory fell. For Aprill we came in at a 2.66 month supply, which is relatively tight. A full month above where we were a year ago, but will below the 6 month level that is generally considered balanced.

One of the best indicators of our recovering housing market here in South Temecula continues to be the decline in the number of distressed properties (bank owned and short sales) that we are having to deal with. Distressed properties represented 5.5% of April’s closings compared to 25% of the closings in April 2013.

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May 2014 Temecula Real Estate Market Update

Here is your May 2014 Temecula Real Estate Market Update Complete with Graphs and Analysis

While it is common to see fluctuations in the average sale price from month to month, and I have been expecting the pace of appreciation year over year to flatten, the average sales price drop experienced in April took me by suprise. Month over month the average sales price fell 7% from $410,000 to $383,000. This average sales price for Temecula is only 2% higher than we were in April 2013. New listings were up, as you will see in the next graph, and it appears as though many sellers got a liitle ahead of themselves and were priced high to begin with, which forced those needing to sell to lower their list price. The lowest priced sale in Temecula in April was $58,000 (mobile home) and the highest was $1,250,000.

While many communities in Temecula saw sales activity increase in April, compared to the year before, Temecula itself did not. Although total sales were up 6% month over month activity was 9% lower than a year ago. Listings, on the other hand, were up for the third straight month and were 8% higher month over month and 24% higher year over year. With new listings outpacing sales activity buyers had more choice than they did a year ago and didn’t have to rush to make offers. This is the main reason we saw the larger than expected decrease in average sales price. As sales activity in many other areas was up, I expect to see the year over year price trend for Temecula move back up in the months ahead.

Days to sell has been relatively stable for the past 5 months. For April we came in at an average of 60 days, which is less than 10 days more than we were last year. This isn’t bad at all considering the number of homes for sale is quite a bit higher than a year ago. 

The amount of inventory available trended up slightly to a 3.5 month supply, one month more than we were seeing a year ago, but still a fairly constrained market overall considering a 6 month supply is generally considered the benchmark. As one might expect, available inventory is lowest amongst the lowest priced homes and increases as the price point goes up.

The health of the overall real estate market in Temecula continues to improve. This is best demonstrated by the number of distressed properties we are seeing in the marketplace. In April, distressed properties (short sales and foreclosures) represented 9% of all closings compared to 32% of all closings in April 2013.

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