Temecula Market Update for November 2012 – Allison James Estates and Homes
The number of homes for sale declined dramatically, from 854 to 429, a 50% drop!
The number of homes that went under contract increased from 158 to 186, 18% increase. As you can see, the number of homes that are available have dropped dramatically while the homes that are going under contract increased.
This obviously affected the available inventory, to a large extent. The inventory plummeted from 3.9 months down to 1.0 month, a whopping 79% reduction. Please refer to graph below which shows the inventory over the past 12 months:
From having more than 850 homes on the market, there are now less than 360 homes on the market, of which almost half are under contract.