Monthly Housing Market Update

May 2021

Transcript:

[Andrew] 

Hey guys, It’s Andrew and Justin with Andrew Lewis Homes again coming to you with our Monthly Market update for the month of May 2021.

[Justin] 

The first thing we want to start off with for you is the amount of activity on the market. 477 housing units sold in the entire Temecula Valley last month. That’s up from 375 the month before.

You might be thinking that maybe there’s more supply, but we sold 100 more listings but they went off the market so fast, our supply stayed the same, one month.

[Andrew] 

It was an absolute wash. Higher activity, a little more listings, we see that coming into this time of year anyway.

We always love to talk about Days On Market, how long it takes to get a home under contract…

[Justin] 

How long does it take?

[Andrew] 

Only 11 days this last month. That is down one whole day from 12. I don’t know how much lower it can get from that, honestly.

[Justin] 

Ten, nine, eight, seven, six…

[Andrew] 

It can get exactly that much lower, but it is dropping. Homes are selling very quickly.

And we always love to talk as well about the List Price To Sales Price Ratio, how much extra money you’re getting. The average for Temecula Valley has gone up to 105% of the List Price. Up a full percent from last month. That’s basically saying whatever the list price is, you better expect on average to pay 5% more than that when you put in your offer.

[Justin] 

I don’t know if you’ve ever heard, but this is a decent time to sell your home it sounds like.

[Andrew]  

Uh, yeah! I’d say so.

[Justin] 

The other thing we want to look at is the Average Price. Not too much change on that. Normal fluctuation. Temecula was $712,000 as the Average Home Price. Down a little bit from $725,000. Situationally, that could be a couple of larger homes sold in Temecula last month or the month before rather. Just normal fluctuation there. Murrieta, $597,000 is the average sales price there and it’s down a little bit from $605,000. Again, situational difference, not too much to note there.

[Andrew]

And the one fun we love to rub in everyone’s face is home prices under $450,000 because that use to be our average sales price.

[Justin]

Insert crickets here. *cricket chirps*

[Andrew] 

Insert crickets here. Chirp Chirp. Crickets on the sides.

But that is down to one home under $450,000.

[Justin] 

And let me guess the price on that one. We’re going to go for $449,050

[Andrew] 

You’re close! $439,000. But that is only one home under $450,000, just showing you how quickly the market is moving forward.

[Justin] 

Thank you so much for watching. We appreciate it! As always, even when there’s a little change, a lot of change, skyrocketing market, or settling, we just want you to know we’re here to help you navigate any market no matter what it is.

[Andrew] 

Talk to you next month! *Waves goodbye*

[Justin] 

Thanks so much!

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

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