Temecula Market Update – May 2012
Temecula market has hit a record low when it comes to inventory. At the end of April of 2012 we’re down to a record 1.1 months worth of inventory. A normal market (in equilibrium) has approximately 6 months of inventory. A slow market can be more than 12 months. Well, here we’re down another 77% from last month and effectively down to 1.1 month.
What does that mean for a home buyer and a home seller in Temecula?
If you’re a home buyer it will be a little more challenging to get your offer accepted. We recommend to use a very skilled Realtor who is trained at writing offers (without overpaying) and who sells a lot of homes, especially in this market.
If you’re a home seller, congratulations! Provided your home is in good condition, and your home is marketed well with photos, virtual tours and video, you should be able to get multiple offers and sell for top dollar. The last home we listed and sold, we had multiple offers in 3 days and we sold it at $34,000 above appraised value (the buyer agreed to waive the appraisal contingency)
The market in Temecula is very hot and there are several reasons: Temecula is ranked 2nd safest city in America, schools are highly ranked top 20% in the nation, where Great Oak was ranked top 3% in the nation, American Lung Association has ranked Temecula as “A”, and it’s still very affordable.
There are, however, still homes available on the market. Here’s a complete list of almost 300 AVAILABLE single family homes in Temecula, ranging from $113,000 to $11,500,000 as of 5/9/12:
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