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Southwest California Homes Sales - 5/08. Gettin' Better All The Time

6-18 05 comps
Temecula, Murrieta & Lake Elsinore Home Buyers
May numbers
LOOK AT THOSE NUMBERS!
I’m not trying to tell you the slump is over – we're going to keep piling on bank repo's for another 12 to 18 months. But the numbers speak for themselves and this is the 2nd month in a row where the number of homes sold has exceeded last year. Murrieta's sales volume was over 4 times what it was in May 2007 and Temecula nearly doubled. Lake Elsinore had a little dip last month but overall the numbers are very positive and close to 2006 levels. 

Prices are still dropping, and that's not good for private Sellers. Our sales prices right now are being driven by institutional Sellers (banks) and they have deep pockets and great incentive (to keep from going broke themselves). Prices will continue to drop  until sales whittle away the inventory we've built up. If sales stay strong, prices will stabilize and the rebound won't be far behind as pent-up demand pushes the market. Great deals out there now with some single family homes now selling under $200,000. First-time homebuyers are in luck - if they can find a lender to work with. I've got the lenders so call me.

Obviously 2 months doesn’t make a trend but keep your eyes on these numbers and if you want to take advantage of the BEST BUYERS MARKET IN 20 YEARS, give me a call. This dip has already lasted two years and signs of recovery are starting to show. You've already seen the FED worrying about inflation numbers so don't be surprised if interest rates start creeping up again in a few months (after the election). A 1/4% increase in your interest rate neutralizes a price decrease of $5,000 so don't wait too long to make your move. This is the window of opportunity you swore you wouldn't pass up next time. DON'T
Gene Wunderlich - Selling Southwest California Homes including Temecula, Murrieta & The Southern California Wine Country
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Remember, Don't wait to buy real estate - Buy real estate and wait.
Posted Thursday Jun 19
( 06/19/08 08:43PM ) — Bill Exeter (1031 Exchange Expert)

Hi Gene,


You are so right.  We have seen a slow pick-up in 1031 exchange business since the last week in February.  I think we can say that we have now passed the bottom of the market in terms of volume and are now crawling our way out of the bottom.  I think we still have a little way to go before we have reached the bottom of the market in terms of price, but we are close. 


Hope all is well.

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