“How is the housing market doing in Temecula, Murrieta, French Valley, or Menifee?” Is it a Buyer’s or a Seller’s market?
Real estate is way too ‘local’ to give a general response of ‘good’ or ‘bad’ because each community or neighborhood has it’s own characteristics which drive home values, buyer activity, and days on market.
And we all know that most data on a national level is basically useless because it’s typically 6+ months BEHIND in tracking and reporting local market trends, right? No bueno.
That’s why I asked eight of Temecula Valley’s most trusted, knowledgeable, and experienced Real Estate Brokers/Agents to comment on the Temecula Valley real estate market through October, 2013 in 2-3 sentences.
Temecula Valley = Real estate in cities of Temecula, Murrieta, French Valley, Winchester, Wine Country, Menifee, Canyon Lake, Wildomar, Lake Elsinore.
Gary & April Greer – Realtors®, Century 21 Wright: “Temecula housing prices to continue to march sideways in a more ‘normal’ market. This should bring relief to buyers after a summer of multiple offers and steep price increases. This will put buyers on more equal ground with sellers to negotiate acceptable terms for both parties in home transaction.”
Troy Sage – Broker/Owner, TSS Realty Group: “The Temecula area market is stabilizing yet still leaning towards a strong sellers market. The market is being dictated by a lack of inventory and an abundance of buyers. Home prices have increased on an average of 29%-33% since the bubble burst of 2007 and days on market are an average of 30-40 days.”
Andrew Smith – Realtor®, Keller Williams: “Average sales price for September was $425k, which is an increase of 25% YTD and 26% YOY. One reason for this increase is the decline of distressed properties in the market. 84% of all September closings were standard sales and overall inventory remains fairly low at just under a 3 month supply.”
Stefan West – Broker/Owner, West Realty: “While the market has grown dramatically over 2012 and through most of 2013 to the tune of 30%+ in home values, we are now seeing a little pull back in pricing. Additionally, inventory levels are up for the first time in almost two years so I anticipate a definitive slowdown in our market until spring of 2014.”
Sidney Kutchuk – Broker/Short Sale Agent, Realty Works: “Last year inventory was high and at bargain pricing. This year prices increased and inventory evaporated. This created a pent up demand for homes, sellers got into bidding wars, and prices rose quickly. Currently, the market has cooled down, inventory levels are coming back, and pricing stabilizing.”
Tiffany Ayers – Realtor®, Solutions Real Estate: “Many Temecula and Murrieta home buyers are jumping at the chance to buy a home in 2013: prices have stabilized, inventory has increased (motivated sellers) and interest rates are low. If you have a home to sell, having a full-time, professional agent with a strong marketing plan can get your home sold.”
Josephine Sharma – Broker/Owner, Legacy Homes Real Estate: “Investors have backed out of the market considerably which means buyers have a better chance of getting their offers accepted. With the rapid increase in home prices and fewer investors, the market is now more balanced than what we have been experiencing the past few years.”
For a more detailed market analysis of your home’s value or wanting guidance on buying a home, I would highly recommend you speak to one of these agents or ask your question down below in the comment section.