Monthly Housing Market Update

January 2021

Transcript:

[Justin]

Hey guys! How's it going?

[Andrew]

Hey guys!

[Justin]

This is Justin... And this is Andrew. Andrew Lewis Homes.

[Andrew]

It's the both of us.

[Justin]

We're reaching out to you guys today wanting to give you your Market Update for the month of February.

Looking back at Closed Sales in January. Just to start off with a bang for you, we had 150 closed sales across the valley. We were down...

Is that your home alone face?

[Andrew]

*screams "Ahh" with hands covering cheeks*

[Justin]

The reason why is, we were down about 100 sales, give or take, on average, due to Christmas. That happens every year.

We in California aren't as affected by the weather but on holidays we want to take a break, we get it. 100 closed less sales last month, but not to freight because the market hasn't slowed down at all which Andrew is going to talk about in a second here.

[Andrew]

You'll see that as we continue just to go through statistics and what things look like.

Days on Market that's another statistic we like to look at to show you how fast homes are coming off the market.

For last month we were at 20 days on market average for the market area, for Murrieta, Temecula. That may seem like a lot compared to what you've been hearing from other people. Let's take into account that we also have Temecula wine country and La Cresta stuff that tends to stay on the market a little bit longer, but 20 days average for our area.

[Justin]

That means if you list your house start packing!

[Andrew]

Start packing right away!

Our team average is as we continue to humbly, or not so humbly, brag. We're at five days on market right now. Every single listing we put upsells on the first weekend well over asking price.

[Andrew]

You guys are awesome! You partner with us and marketing absolutely matters how we represent your home.

The other aspect that's going to be on there, Months Supply. An average market where buyers and sellers are evenly matched where no one has any leverage, we're talking six months of stuff staying on the market or rather six months where if nothing was listed tomorrow, six months to run through all the inventory to meet all of the buyer needs.

Right now we've got less than a month. We've got point nine months of buyer inventory, meaning... If we stopped listing houses tomorrow, things are going to be sold outright around 20 days.

[Andrew]

Absolutely crazy! At an all-time low for inventory. If you've been looking for homes you've probably seen that on your own.

If you're a seller, that's really great news. And what we're finding is a lot of sellers going, I'd love to sell my home because the next sat we're going to talk about is the Average List Price to Sells Price.

When you list your home on average in Murrieta/Temecula right now it's bringing you 101% of your asking price.

[Justin]

If you're asking it, you're getting it.

[Andrew]

If you're asking it, you're getting it. That part's easy, but the hard part right now comes into I'd like to sell my home, but where do I go? And again what we've had some huge success doing over just the last few months is connecting buyers with off-market properties... We just this month set up four of those.

We've got some sellers who never had to put their home on the market. We brought them a buyer and they're out looking and we're connecting them with homes that are not yet on the market. It saves you the hassle and we're helping people that are feeling stuck with their house get unstuck.

[Justin]

The thing is people are doing their home search for a long time and the average price keeps piling up so what do you do? You need an agent that's going to be able to act fastly for you to get you into a property because time is of the essence. Literally, time is money, right?

What we're seeing is the average sales price, just to show you, and this is going to scare you, but the average sales price in Murrieta has gone up $20,000. The median home price $560,000 in Murrieta.

Temecula, we're up $30,000, a little bit hotter. that's $660,000 is the average price there. Those are insane stats.

The market literally every 30 days is costing someone in Murrieta 20 grand and someone in Temecula, a month of looking for a home could cost you $30,000 if you're either not with the right agent or not positioned with the right info to buy a home in the market.

[Andrew]

Absolutely.

We're really huge now on educating our buyers to know exactly what it takes. everybody out there is looking for a good deal and honestly what we'll tell you right now is the good deal is to get into a home right now. It may be $20,000 over asking price. It may be some crazy terms but getting into a home right now, you're going to ride this appreciation wave of what we're looking at for eight to 10 percent appreciation this year.

If you buy a $600,000 home you're talking about putting $60,000 in your pocket. Absolutely amazing!

[Justin]

Real estate pays off.

Thank you so much for letting us be your advisors on that and we would love to help you with anything, whether you're on the buy side, the sell side, or both, reach out to us. We want to see if March is your month.

[Andrew]

Look forward to hearing from you

[Justin]

Thanks, guys!

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