In this video we will be reviewing the 3rd quarter real estate market for the Murrieta Real Estate Market………….My name is Tom Olsewski and i’m the Team lead at Team Olsewski with Coldwell Banker.
Today we’re reviewing five points you need to know about the Murrieta, CA housing market. Over the past 12 months the average sales price has increased by 12.4 percent to $597,864. During the month of September the average list price to sales price ratio was roughly 102.6 percent. Meaning the average seller received almost 1.3 percent above their listed price. But when we look at the third quarter of this year the average seller in Temecula received almost 5 percent above the listed price. So this is a sign that there are fewer multiple offer situations in the market and there’s a general cooling.
During the month of September in Murrieta we saw 158 homes go pending with an median sales price of roughly $580,000 and 266 homes closed escrow with an average price per sq ft of $306 which is up 27% So far this quarter we’ve seen 289 active listings and 261 new listing come on the market. This is leaving 9.69 percent of the homes listed for sale unsold so will all of these homes sell? No ….and the reason i’m pointing this out is because there’s this narrative here that there’s no opportunity in the market and there is. We need to be reminded that generally a hundred percent of homes never sell. There are homes that are left unsold every month and recently we are seeing more.
Murrieta home sellers you have an incredible market with prices that have never been higher and motivated serious buyers. However, there’s one thing to consider…. People are starting to realize they can choose from more options now than before which is normalizing the market.
A normal real estate market sounds good to me and if you’re a home seller you may be thinking it’s time to be a buyer yourself and take advantage of the opportunity to move up move down or maybe move away. Home buyers are continuing to see more options and with more options come opportunities. Interest rates are at historically low levels and history would tell us at this time next year homes will not only be more expensive, but so will mortgage rates.
So if you’ve been thinking about buying or selling real estate. We’d love to sit down with you and help you create a strategic plan to navigate the challenges and opportunities that we’re finding in today’s real estate market. You can go to our website and fill out our contact form or simply email me at [email protected]. Remember its important who you work with…..
Thanks this is Tom Olsewski with Team Olsewski signing out. Make it a great day
