Spring brings beautiful flowers and warmer weather every year, but this spring also heralds good news and hopefulness to the Temecula real estate market. Home sale prices are up and a variety of other market indicators are pointing to a positive spring outlook for local home sellers.
Temecula Home Prices Rising
If you’ve been waiting for home prices to increase before you place your home on the market, this spring may be a good time to enjoy the fruits of a strengthening market. While overall sales volume has dipped a bit in Temecula, median home prices continue to increase.
La Jolla-based real estate tracking firm DataQuick carefully monitors sales data throughout California. Despite a drop in most other Southern California areas, The median sales price has consistently been on the up-and-up for almost two years. The rise in price has ranged between 10.8 to 28.3 percent, which is a significant rise in such a short period of time. However, Temecula sales outperformed many other Southern California markets in February, leading to a promising spring real estate market. Compared to February 2013, home sale prices increased in all of Temecula’s main zip codes in February 2014.
- Median prices for single family homes rose 14.8 percent in Temecula’s 92592 zip code.
- An even bigger 17.9 percent increase was realized for owners of single family homes in the 92591 zip code.
- The most significant gains were made in the 92590 zip code, where single family home prices increased tremendously.
Homeowners selling their condominiums and townhouses enjoyed similar progress:
- The median price of Central Temecula condos rose 10.7 percent to $239K in February 2014.
- Condos on the city’s east side showed a remarkable 54.6 percent increase to $235K during the same time period.
Gains on the Foreclosure Front
Even foreclosures experienced a slight jump in prices this year, according to the well-published foreclosure tracking firm RealtyTrac. The company reported the January 2014 median sales price of Temecula foreclosures rose two percent over January 2013, even though the overall number of foreclosures in the area declined by nine percent.
Asking vs. Selling Price
Over the past year, the gap between the seller’s asking price and the actual purchase price has been closing. Last spring, the chasm between the original listing price and final selling price was around $70K; by the first of April this year, that gap shrunk to about $30K. It takes skill and balance to price your home competitively, so if you are poised to take advantage of Temecula’s positive springtime real estate market, be sure to consult an experienced local real estate agent.
Determining the best time to place your home on the market can be tough. Rising prices and positive gains on asking price retention may mean that spring is a good time to sell your home. Please do not hesitate to contact us if you have any further questions about selling this spring. If you are still researching, feel free to consult our Ebook: The Definitive Guide to Selling Your Home.