Monthly Housing Market Update

March 2021

Transcript:

[Justin]

Hey guys, I’m Justin and this is Andrew and we’re from Andrew Lewis Homes. We wanted to do this quick message for you guys first and foremost to say thank you so much!

Q1 results are in and we’ve sold over 30 homes and we’re incredibly grateful. We couldn’t have done it without you guys.

[Andrew]

Absolutely! As always, we’re here to bring you the information as far as what happened in March 2021. The 2021 market update for March.

We always start off with the interesting stat of Closed Sales. How many homes closed here in Murrieta/Temecula. The total number for that this last month was 395 sales, which is up 50 from the previous month.

[Justin]

Nice! By the way, that has gone up, but you know what has gone down is the Days on Market.

Once again, we’re here to report that 23 days was the stat last time we did this for you.

[Andrew]

*Makes plane crashing sound*

[Justin]

Yup. That’s about how it goes. We’re at 12 days now. Almost half.

12 days on market.

So if you see a home on market, guess what, it’s getting an offer in about three hours, and they’re going to be in escrow within 12 days. Most likely much sooner than that to be totally honest with you.

[Andrew]

And that’s including luxury markets.

Things under $700k, they’re just flying off the market.

The next thing we love to talk about is Month’s Supply.

Another number that is just plummeting right now. It tells you whether we’re in a buyers market or a seller’s market.

Right now we have a half month’s supply. Meaning if no new homes come on the market in 14 days we’d be absolutely sold out of inventory. And like we said last month, it would be just like a toilet paper shortage.

[Justin]

We’re seeing that in cost, right? So what you’re seeing right now is the average home is selling for 103.5% of the list price. What that means is, if you have a $400,000 - $500,000 house right now, you’re going to get about $15 to $20,000 in your pocket extra just for timing your move.

[Andrew]

That’s just average. That’s every home seeing that right now. That’s jumped up a full percent and a half from last month.

We’re continuing to see those crazy numbers right now on every house.

[Justin]

I wonder why that is.

[Andrew]

Because of the supply and demand.

The next thing we always love to talk about is the Average Sales Price for Murrieta/Temecula. Those numbers just continue to creep up.

Murrieta actually took a small dip to $645,000, which is still a huge number for what Murrieta was just a year ago.

Temecula has jumped up $18,000 up to $725,000 as the average sales price for last month.

[Justin]

What you’re seeing on that is absolutely like Andrew said. He alludes to toilet paper but it’s no joke. Supply and demand are ruling the market. It always does, right?

What we’re seeing is, if I were to for homes $450,000 and under… let’s call it homes, single-family residences - townhomes and condos - there are 14 condos and townhomes in the entire valley under $450,000.

And folks, there’s one home!

One single-family residence under $450,000 in the valley. We need your home! Andrew is going to speak a little bit about that and wrap it up for you.

[Andrew]

Absolutely!

And that one home is listed for 448 and as we said, 103% of the list price. It’s going for over 450.

That price point is almost none existent in our market right now, but along those lines, the market is desperate for inventory.

…The people who are really taking advantage right now are the people who are moving out of state. If you’ve ever thought about leaving the state… we love California, we’re partial to it, we live here, but if you’ve thought about it now is the amazing time to cash out, [and] get the terms you want.

Potentially rent back for long periods of time so you can cash out and get out of the state.

[Justin]

With that guys, if you’ve had any thought of selling, please give us a call. We’d love to strategize with you!

If you’re a few months out, we’d love to strategize with you on that as well. It’s never too soon to plan.

Thank you for trusting us with your plans. We absolutely appreciate you!

[Andrew]

See you next month!

[Justin]

Have a good one!

Interested in selling your home? Or have plans to sell in the near future?

Give Us A Call, we’d love to help!

(951) 338-5828