There are many great Temecula area homes for sale. Click here to perform a full home search, or if you’re thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today’s market. You may also call me at (951) 760-6027 for a FREE home buying or selling consultation to answer any of your real estate questions.
What is the Current Real Estate Market Like in Temecula
Today we wanted to give you a February 2014 market update for Temecula. The median price for the month of February is about $380,000, which is a 16% increase year over year. It’s also worth noting that the homes that amount of homes undergoing contract are up 60% from the previous month making now a great time to sell! A large component of this is the inventory levels; inventory is currently sitting at an average of 3.4 months. This means that if nothing else comes onto the market, it would take 3.4 months to sell every home.
How did we come up with this average? We considered all price points and I will give you the low end and the high end. Under $250,000, there is 1.5 months’ of inventory or 15 homes on the market. To figure this average, ten of those homes will sell in a month. As for the million dollar market, there 52 active homes and with two homes selling per month, this equates to a 26 month inventory.
Another home buying and selling is the interest rates. Interest rates have almost reached lows by sitting close to the low 4% range. However, most experts are predicting that interest rates will rise to 5% in the summer and continue to increase. The reason behind this is because the Federal Reserve will be backing off purchasing mortgage-backed securities forcing interest rates up. This makes now a great time to buy a home! Also, March is a great time to sell your home; the most homes close in March!
Stay tuned for our next video! We can be reached at (951) 436-9900 or email@example.com and firstname.lastname@example.org. Thanks and have a great day!