Monthly Housing Market Update

April 2021

Transcript:

[Andrew] 

Hey guys, It’s Andrew and Justin with Andrew Lewis Homes again coming to you with our April 2021 Market Update.


It was another crazy month of sales and buyer activity… Let’s jump into the numbers!


[Justin] 

First and foremost we want to talk about Closed Sales, what happened last month. 375 homes sold.


We were lower 20 homes. The month before, we sold 395. This time 375. A couple less people decided to list.


[Andrew] 

That number fluctuates depending on the amount of inventory that we’ve got. 


The next number that we always look at, Days On Market - how long does it take you to sell your home? For Temecula and Murrieta, the average is just 12 days which is the same as prior months. That is actually for the market as a whole.


If we’re looking at numbers under the $700,000 range, the reality is, they’re selling in just one weekend.


[Justin] 

Better get it before it’s gone!


The other aspect we want to talk about is the Month’s Supply. That means, if not another home is listed today, how many months would it take, or days would it take in this case, for buyers to take up all of the inventory. And on this one, just one month! 


Up from half a month last month. You get a little more time!


[Andrew] 

Little more time not but listings continue to come on the market as we speed into our busy season of real estate. 


We also love to chat about the List Price to Sales Price Ratio. It’s one that we love to hang our hats on because it means more money in the pockets of our sellers and that number has jumped up a full percent which is a big deal when it comes to money in your pocket.


Now when you list your home you can expect, on average, 104% of your list price.


[Justin] 

That's crazy because that number means that within 30 days we saw the average seller net 7,000 less. Now it's 7,000 more. Just in 30 days. That's insane!


The other aspect we want to talk about is the Average Sales Price.


In the area right now, Temecula is at $725,000 Average Sales Price. And in Murrieta, slightly lower, we're at $605,000.



[Andrew] 

Another number we love to touch on because it used to be the median price for Murrieta and Temecula is how many homes are actually for sale under $450,000. It used to be a normal number, that's where we had a huge bulk of our inventory...



[Justin] 

You see me cringing now!


[Andrew]  

As we mentioned last month, that number is almost non-existent. 


Last month there was one under $450,000. And currently, there are three homes under $450,000, and just so you know, they're at $449,000... So they are definitely selling for more than $450,000.


[Justin] 

It's a trick!


[Andrew]

That just gives you an idea, a snapshot of exactly where those numbers have headed here over the last month.


Hey guys, we always love to wrap these videos up and hash out what this means for buyers and what it means for sellers.


On the seller's side, I'm sure you're incredibly encouraged by the numbers that you've seen here. The reality is that anybody could honestly list your home now and get you offers. It's just the reality of the supply and demand right now.


What you really need to look for in an agent to list and sell your home is someone who can sus out those offers and find where somebody might be fibbing a little bit [or] hiding something from you in a contract.


Believe it or not, we're seeing that happen! People are removing appraisal contingencies and coming back later asking for price reductions.


[Justin]

*nods head* Yup!


[Andrew] 

We do the work beforehand to make sure that doesn't happen to you. That the person that puts that thing in the offer will actually be able to perform on it.


[Justin] 

Yup! And that they're held to their word.


The other aspect that we want you to know is, as a buyer in this market I know that it seems incredibly discouraging on the flip side because this is the promised land over here, but on this side, you're like, "Man, I'm in Mordor or something right now. Everything is stacked against my home search!" but the reality is a good agent can guide you along the way to get you the results you're actually looking for to buy a home.


You need an agent who is going to be proactive. They're going to educate you, and here's the other part... you have to listen! You have to be coachable.


The other one thing that I really want to point out is, you need an agent who networks all the time with other agents in the valley.


[Andrew] 

*Points to Justin*


[Justin] 

We have wonderful relationships with agents all across the valley and they will tell us when homes are coming to the market, and we'll do the same for them because we want to work with buyers who are represented by great agents and so do they.


Just know, there is hope on both sides.


You can sell your home and sell it well if you pick an agent like Andrew. And you can still buy your home and love your experience if you go with someone like me as an agent.


Thanks so much for watching!


[Andrew] 

*Waves goodbye*


Interested in selling your home? Or have plans to sell soon? 

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(951) 338-5828