Saturday, June 26, 2010

Hemet, CA 92583 Property Value Statistics

Statistics indicate that while property values have fluctuated over the past year, they have remained overall steady.  The demand/supply trend is in balance and nearing scarcity, indicated by 1.1 months of current inventory.  The marketing time trend is less than 90 days, indicated by a median marketing time of 22 days over the past 90 days.

Foreclosure activity is historically high.  In the zip code 92544 there are currently 275 bank owned homes, 275 homes that are in foreclosure with auction dates set, and 227 homes with mortgages 60 or more days late, but that are not in foreclosure.  In the MLS, there are 79 bank owned listings of unsold properties which suggests that 71% of all bank owned homes are not being actively marketed.  In my opinion, these statistics indicate that future declines from bank owned homes are possible and they supports that banks may be maintaining properties off of the market, presumably to influence market stabilization, and property value statistics may not be credible as they may not reflect natural market forces.

Brian Ward
(951) 345-6542