Temecula Real Estate Trends and Projections December 2011

Dec. is here and all things Xmas are taking place - youngsters are seeing Santa (I propose the Lake Elsinore Outlet by the way - no wait and a wonderful Santa Claus), folks are taking time off, and lots are out going to the malls shopping! But that is not everything that folks are purchasing in 2012! I gathered the figures for December and the sales info for November and we can see a holiday season surprise this December.

I will keep this advisory short and sweet because I also have got some shopping to get done today! As usual, my advisory is primarily based on single family houses that are 3+ bedrooms, 2+ bathrooms, and detached - i.e. no condos or townhomes. No offense to those properties however I believe pulling a standard dataset is crucial to knowing developments and the basic Single Family is king in Temecula Real Estate Analysis. So let's see what the holiday season is bringing the Temecula real estate market:

• Total Number of Actively Listed on the Market - 315
• Average Temecula Valley House Listed Price - $ 347,400
• Number of Houses Sold in Nov - 160
• Avg. Sold Temecula Home Price - $ 297,760
• Avg. Days on Market Prior To Sale - 85 Days
  
  

  Hmmmmmm.... what is going on here but a bump in Temecula homes sold from Oct to November 2011! We went from 140 in both Sept and October to 160 houses sold in November, the month of Autumn! That is a growth of 14.3% in what is generally a slow down month. The more fascinating aspect is that we haven't seen many closings since Aug and June which had been close to 170 and 160 respectively. That is rather impressive.

  Paying attention to the other numbers, the number of active Temecula homes on the market dropped from 352 in Nov to just 315 in December, a drop of 10.5% in supply. However, the typical listed price slightly shifted at all, staying at the $347,000 range. As for the actual sales or closing cost, it grew from $295,890 in Oct sales to $297,764 in Nov sales, a marginal improvement. Lastly, the days on market (DOM) has pretty much stayed identical changing from 81 days for Temecula October sales to 86 days for Nov sales.

  I will definitely forecast that we may watch a decrease in sales this month than in November. Santa is a giving guy but it is still Christmas and I assume that people do not have the time or inclination to shop for houses as aggressively as they had in Nov. Nevertheless, I }wouldn't~would not} have expected November to be such a good month either. I will say I continue to be busy and have a couple houses closing before the end of the year as do a number of my agents - so we will have to wait :).

  That finishes my December advisory for the Temecula Valley Real Estate Analysis and Projections. I hope you and your family have a fantastic Christmas and Happy New Year! See you next year!

  Happy Holidays!

Stefan West, Broker/Owner of West Realty