Hi! We are Lisa and Goran Forss with Come2Temecula.com. We get asked all the time “What is happening in our current market?” We are here to tell you that the market is transitioning. Over the past 12 months, the average inventory has been 1 month. This is a record low! Within the last month, the inventory has risen to 1.7 months. This, of course, depends on the price range.
The median price range in Temecula is up 30% over the past year to $370,000. If you look at the lower price range, the inventory is incredibly low. Right now we only 10 to 15 homes available for home priced at $300,000 or less for about only 2 weeks of inventory. For homes priced at $750,000 and above, we have 12 months of inventory. A drastic difference!
What does this mean for buyers and sellers in the market?
With increased inventory, buyers’ are getting more options. If a buyer has credit issues, then they will be more likely to find a home willing to work with them as opposed to competing with numerous buyers over the few homes on the market. For sellers’ this is when an agent shows their worth. With higher inventory it is crucial that your agent is doing the best marketing possible for you. This is often the difference between a home selling quickly and sitting on the market for months.
If you have any questions about our current real estate market, or if you are interested in buying or selling a home, please give us a call at (951) 760-6027. Thanks and we look forward to hearing from you!