Salutations from Salt Lake City! I am visiting for a few days and getting a lot of market research done so I can pass along updated real estate information to you. While I am enjoying the fair weather, I also get to look around at beautiful trees and snow-capped mountains. Not a bad way to get work done!
In fact, these stunning mountains with their jagged peaks remind me of our real estate market. Murrieta home prices are climbing. Over the last two months, many areas of Murrieta have had a VERY nice climb in value. After doing a thorough evaluation of the market and future closings in the next 30 days, I can report a solid 4-6% valuation growth across most communities in Temecula and Murrieta from 1st quarter pricing.
Why the strong growth? There is still a shortage of homes compared to buyers wanting to buy. For a couple of weeks, we had quite a few homes come on the market and start to even out supply and demand. However, when there are communities with six homes in escrow and only two active homes, our turnover rate is superb. While this is really tough on good buyers, it is excellent for sellers.
Not only is lack of supply driving this, but interest rates remain very low. They started to climb but strong reactions to the ongoing, contentious presidential politics causes feelings of uncertainty in the market. This uncertainty causes many to invest in the safety of bonds, which often drives down interest rates.
Overall, the conditions are superb for sellers. If this keeps up, we may be hitting our highest sales prices of the year in June or July as opposed to May. Keep an eye on interest rates and the politics of the day. Those two issues go hand-in-hand and are a huge reason that buyers can afford these higher sales prices.
As always, I am here and standing by if you or anyone you in your family, neighborhood, workplace, or church needs help buying or selling a home. I promise that my team and I will take exceptional care of them! To all my military clients – thank you very much for your service as we celebrate Memorial Day in your honor and enjoying the protection you provide us.