| 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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Tag Archives: temecula california
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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