Monthly Housing Market Update

June 2021

Transcript:

[Justin] 

How’s it going guys? I’m Justin…

[Andrew] 

I’m Andrew.


[Justin] 

And we’re here for another market update.

[Andrew] 

For June 2021


[Justin] 

It’s June already!


[Andrew] 


[Justin] 

Awesome! We’ll jump right in. Closed Sales last month clocked in at 573. We’re up on activity, up on listings, and up on activity by about 100 (listings) but it went off the market about as fast as it came on.


[Andrew] 

We always love to chat about the Days On Market, how long it takes to sell a house before it enters into escrow. That number slid up just slightly this month.


[Justin] 

Shocking!


[Andrew]  

Shocking right? It’s been on a steady decline. It was 11. It went up to just 13 days on market.


[Justin] 

13 days. And that’s not going to be every single home by the way. Most price points are still going to be lower but that is the average on the market.

The other aspect is how much month’s supply do we have? What that means in simple terms is, if not another home went for sale tomorrow how long would it take for buyers to eat up all the inventory until we have nothing left.


[Andrew]

How long?

[Justin]

1 month


[Andrew] 

That’s it!


[Justin] 

That’s it!

[Andrew] 

30 days.


[Justin] 

Or 31 depending on the month.


[Andrew] 

How about List Price to Sales Price Ratio? That’s the one that everybody wants to know. This one might be a little bit surprising to you as this number has been steadily climbing as well, but the list price to sales price ratio last month has fallen just 1% down to 104%. Kind of an interesting statistic.


[Justin] 

An especially interesting statistic, given the fact that the average sales price skyrocketed last month more than we’ve actually seen in the last few months.

We saw Temecula go up to $749,000 is the average price of a home in Temecula. Murrieta is $650,000. Those are both up give or take $30 to $40,000, which is crazy given that last stat.

[Andrew] 

What we’re seeing there is sellers listing their homes for more and buyers being a little bit more reluctant to go as crazy as they have been over the asking price. We’re still ending up with the same results just sellers are a little bit more brave right now with their asking price.


[Justin] 

One market segment that we’re not seeing a slow down as far as over asking price offers is going to be the one Andrew is going to talk about right now.

[Andrew] 

We always jump into how many homes are under $450. That is the stat that we have been watching steadily decline. As of today, zero homes under $450,000 in Murrieta/Temecula.


[Justin] 

Sorry home buyers.

[Andrew] 

We’re going to have to change that stat now! We got to stop calling it $450. We bumped up to $475, one home under $475,000.


[Justin] 

The new $450.

[Andrew] 

That’s the new $450. If you’re just going “hey, what does it look like even higher than that”, go under $500,000 there are only nine homes available currently.


[Justin] 

Nine homes. So what we will tell you, we don’t know fully what’s going on in the market as far as some of the little variations there, that’s super normal. You’re going to see that from month to month, it’s situational.

What we can tell us is on the buy-side as you’re seeing offers, don’t go insanely over asking price, depending on the house. What we will tell you is, as you see that little window of opportunity jump through it buyers. You know we’ve been waiting for this time. Whether you want to call it the summer slowdown or buyer fatigue, jump in the market!

[Andrew]

And for sellers, again, we’re still seeing a little bit less of the List Price to Sales Price Ratio but the overall sales prices have skyrocketed so now it’s really a great time to jump in and get top dollar for your home.

[Justin]

No matter what the situation is we really appreciate you taking the time to watch us! And as always, if you’re looking to buy or sell a home, please consult with us we’d love to help you no matter what the market is doing.

[Andrew]

We’ll see you next month.

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

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