Friday, September 10, 2010

Temecula, CA 92592 Housing Trends

In the Temecula, CA zip code of 92592, and when considering the median $/Sqft, property values have fluctuated over the past year but are steady overall and indicate a stabile property values trend.  There have been less than 10 months of housing inventory each month over the past year, indicating a stable demand/supply trend.   The median marketing time for sales has been less than 90 days each month over the past year indicating a marketing time trend of less than 90 days.

Statistics indicate historically high foreclosure activity which suggests that future declines from bank sales and other potentially distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicates that the risk of property value declines will continue into the near future.

Sales & Foreclosure / Short Sale Related Statistics:
(all residential properties)

Past 30 Days (MLS)
* 144 Total Sales
* 23% of all sales were bank sales
* 38% of all sales were short sales

1 Year Ago (MLS)
* 132 Total Sales
* 48% of all sales were bank sales
* 24% of all sales were short sales

Currently:
* 363 Bank owned homes (CoreLogic)
* 556 Properties in foreclosure (CoreLogic)
* 359 Properties with mortgages 60+ days late but not in foreclosure (CoreLogic)
* 98 Bank owned property listings in MLS (active, in escrow, and awaiting bank approval)
* 73% of bank owned homes not actively listed in the MLS
* 8 Months of current and potential bank sale and short sale inventory from bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last month’s bank and short sales in the local MLS.

Brian Ward
brianwardappraisal@gmail.com

 

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