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Southern California July 2016 Home Sales Volume Dips, however-
Median Sale Price Steady Month to Month and Up Year Over Year (*Median Price 7-15/7-16)
The typical mortgage payment that Southern California home buyers committed to in July 2016 was $1,662, down slightly from $1,683 in July 2015. Adjusted for inflation, the July 2016 payment was 43.6% below the $2,946 in July of 2007.
Cash Buyers accounted for 19.6% of July 2016 home sales. That is the lowest level for any month since October 2008. Cash sales peaked in February 2013 at 37.5% of the market. The monthly average for cash buyers since 1988 is about 16%.
Absentee buyers (investors and second home purchasers) bought 19.9% of South land homes sold in July 2016. The peak was 32.2% in February 2013. The monthly average for absentee buyers since 1988 is about 18.0%.
The median price paid for all Southern California homes sold in July 2016 was $465,000. That was the highest for any month since August 2007 when it was $500,000.
Home Sales of $500,000 or more accounted for 45% of all sales in July 2016, up from 40.6 in July 2015. The July share of homes selling for $500,000 or more was the highest for any month since the credit crunch hit in August 2007 when the $500,000-plus share was 49.4%.
*Median Price=half more/half less. * All information deemed reliable but not guaranteed. For tax, ownership or investment advice we suggest you contact an attorney or certified public accountant. Taken from CoreLogic.com
Looking to make a move in or out of Temecula, Murrieta, Wildomar, Hemet, Winchester, Menifee, or Lake Elsinore? We’re your answer to how to keep it stress free. Call, text or email with any questions to firstname.lastname@example.org or (951) 522-0518.
This entry was posted in Buying and Selling Homes, California Real Estate, Lake Elsinore, Menifee, Murrieta, Real Estate Data, Temecula, Wildomar, Winchester and tagged California, Hemet, Menifee, Murrieta, Real Estate Data, Riverside County, Temecula, Wildomar.
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April Home Sales and Price Report
Statewide median home price climbs,
breaking $500,000 for first time in nine years!
April’s statewide median home price was $509,100, up 5.3% from March and 5.1% from April 2015.
C.A.R.’s Unsold Inventory Index, which indicates the number of months needed to sell the supply of houses currently on the market at the current sales rate, slipped to 3.5 months. A 6-to-7 month supply is considered typical in a normal market.
According to C.A.R.’s sales to list price ratio, tight inventories appear to be driving final sold prices closer to listing prices, with sales prices rising to 99.3% of listing prices statewide.
The median number of days it took to sell a single-family home fell in April to 27.7 days, compared to 29.9 days in March.
Taken from CAR.org 5-18-16 All information deemed reliable but not guaranteed. For tax, investment or ownership advice we suggest you contact an attorney or certified public accountant.
Median = half more/half less
Find out what this means to the value of your home in Southwest Riverside County. Temecula, Murrieta, Menifee, Hemet, Winchester, Wildomar, Lake Elsinore & French Valley. We are available by phone, text and email (951) 522-0518, email@example.com
This entry was posted in Buying and Selling Homes, California Real Estate, Hemet, Lake Elsinore, Menifee, Murrieta, Real Estate Data, Selling Tips, Temecula, Wildomar, Winchester and tagged California, California Association of Realtors, Hemet, Lake Elsinore, Menifee, Murrieta, Real Estate Data, Riverside County, Selling Tips, Temecula, Temecula Valley, Wildomar, Winchester.
With the winter chill in the air it is not uncommon for those of us in the real estate business to meet sellers who say, “I’m going to wait until spring to sell.” Spring is the busy time of year in real estate. That being said, spring is not necessarily the best time to sell a house. Here are 4 reasons why winter might just be the very best time to sell your home.
1. Serious Buyers – It gets dark out by 5 o’clock in the afternoon and it’s cold (by our standards). Buyers that are out looking at homes this time of year are serious buyers. They have narrowed down their search so that they can avoid wasting time in their very short days. Sellers that list their home now may have less showings than spring months, but every buyer through the door is potentially THE buyer for the home.
2. Competition – There is less home sale competition in the winter. Less competition means you have greater access to the pool of potential buyers. Why sell a home when everyone else is? If you are looking to gain maximum value for your home, the easiest way to do that is to sell when there is very little competition.
3. Interest Rate Certainty – If you are selling your home so that you can buy a new place right away, then moving forward now makes the most sense because you know what the rates are right now (or can find out by calling your loan consultant). Rates are volatile and there is no saying what they will look like months from now. Eliminate the uncertainty by moving now.
4. Non-Contingent Buyer – Let’s say that you are planning on buying another house. You could sell your house now and move into temporary housing until spring. This gives you huge leverage when you go to buy a house next. Because you will not have to make offers that are “subject to selling a house.” In the spring, the market gets more competitive so buyers who have to sell a house are pushed to the low end of the totem pole when there are more buyers making offers. If you don’t have a house to sell, you will have an easier time buying your next house. OR if you do want to move from one house to the next- your subject to selling offer may be more welcome by Sellers in winter.
There is no absolute perfect time to buy or sell a home. We work with customers all year long through every season. If you are considering buying or selling a home, call us. Together we can design a strategy that is best for YOU and your family alone.
We have been putting qualified Buyers and Sellers together in the Temecula Valley since 1998. Put our experience to work for you today! (951) 522-0518 or firstname.lastname@example.org Gary and April Greer
This entry was posted in Buying and Selling Homes, Menifee, Murrieta, Selling Tips, Temecula, Wildomar, Winchester and tagged Hemet, Lake Elsinore, Loan and Finance, Menifee, Murrieta, Selling Tips, Temecula Valley, Winchester.