Wednesday, January 26, 2011

Hemet, CA Market Conditions

Property values have changed less than 1.7% over the past year indicating a stable property values trend.  There are currently 3.2 months of housing inventory, indicating a balanced supply and demand trend.  Homes sold after a median of 40 days over the past 3 months indicating a marketing time trend of under 3 months.  The CARETS indicates there were 82 closed sales during the past 12 months and 63 of those sales were either foreclosures or short sales which is 77% of the total transactions in this market area. Prior Months 7-12: 52 Sales; 40 foreclosures or short sales ; 77% of sales for this period. 4-6: 14 Sales; 10 foreclosures or short sales; 71% of sales for this period. 0-3: 16 Sales; 13 foreclosures or short sales; 81% of sales for this period.  There is not a reliable method of extracting bank sale and short sale listing histories from the local MLS, but my sampling of historical listings indicates that over 50% of all listings are bank sales or short sales, which is a consistent minimum ratio over the past year indicating ongoing downward pressure on property values from non-resident-seller listings.