Who’s ready for a market update for the month of May!!?? I know it’s been a while since you’ve heard from me so I will get right down to it. As always my stats are based on single family, detached residence, with 3+ bedrooms and 2+ baths.
• Number of Active Listings in Murrieta: 243
• Average May List Price: $510,646
• Number of Murrieta Homes Sold From 4/15-5/15: 175
• Average Price of Murrieta Homes Sold in: $421,001
• Average Days on the Market: 34
Well, the market has changed quite a bit since last October. We are seeing an unusual low inventory for this time of year. As we head into the summer months, typically we will see more homes listed for sale. There are currently only 243 homes for sale in the city of Murrieta. The average list price of these homes is $510,646. I believe that home prices are at their peak and we should start to see them level off over the next few months.
Moving onto the closed homes in the city of Murrieta, there were 175 homes that sold from April 15th through May 15th. The average sold price of homes is $421,001. Houses are moving very quickly in this market because the inventory is so low. When something hits the market, we are seeing above asking price with multiple offers. Homes are averaging about 34 days on the market before going under contract.
If you know someone that is looking to purchase a home or sell a home in the area, please pass my info along to them as I would be more than happy to help. If you would like a market valuation of your home please give me a call!