How’s the Market?
I would say the number one question asked to Realtors is “how is the market”? Knowing what is available to sell or what has sold is a great indicator on what’s happening in the market. When you hear the word inventory you may be visualizing a Grocery store bag boy counting can foods. Well not quite the same. Housing inventory is when properties are listed to be marketed and the number of days they stay on the market until sold. What did the end of 2015 look like?
Let’s talk numbers
November 2015: Temecula had 121 standard or REO homes close
December 2015: Temecula had 161 standards or REO homes close
January 2016: Temecula had 100 homes close
Today we have 334 active homes in Temecula and 224 homes in contract.
Real estate values
Real Estate values depends on supply and demand and that is why looking at the current inventory is important. If not one more home were to become available for sale then we would sell our entire current inventory in approximately 3.3 months. This is a pretty healthy supply right now and explains why we are seeing what I will call more of a buyer’s market (for the time being). In the spring months last year we saw the monthly closings in Temecula, CA jump to 225 homes/month, which is over twice as many as January! You can interpret this information anyway that you like, but my suggestion is that it is a great time to buy with low competition from other buyers. (Don’t even get me started on the awesome Interest rates available right now)!
Happy House searching!