Murrieta Market Snapshot | July 2019 | Murrieta Ca Housing Market

Okay so the July 2019 numbers are in!
Lower mortgage rates, continuing price increases, slower inventory growth and
the challenge of finding affordable price points in many markets, including
Murietta, made for a busy July. I’m gonna give you the numbers, break it all down
for you and we are starting right now. Hi, I’m Jessica Genung with Realty One
Group Southwest. I am a 10 year resident and Realtor here in Murietta California.
I am starting a video series once a month where I’m going to be giving you
an overview of the real estate market, telling you what’s going on with the
numbers here in Murietta. If you haven’t yet, don’t forget to subscribe to my
channel so you don’t miss these updates as well as other interesting videos that
I post to help you get to know the area. It’s important to understand that there
are two different market segments to consider. The high end market versus the
middle to low end market. Inventory being tighter in the low to middle and market,
it’s looking more like a seller’s market. With stronger inventory in the high
end market, it’s more of a buyers market. In July prices gained at a slower rate
in Murietta revealing evidence of the start of a much needed pricing
correction. Real estate experts remain optimistic about the last half of 2019
with lower mortgage rates, we’re seeing more Millennials enter the market and
we’re hopeful for an increase in new construction, which will improve overall
home sales. Ok so now we’re gonna dive into the numbers. We are going to start
with average home sales price. So as you can see by my nifty chart here the
average sales price of a single-family home in Murietta, we’re talking
detached single-family homes, one year ago in July 2018 was $479,159. Compare that to this July in 2019 where the average
sales price is $489,571. That is an increase in sales price of 2.2 percent, a modest increase.
Next we’re going to be talking about days on market. How many days since the
home first hit the market did it take for them to go under contract and accept
an offer. In July of 2018 last year, it took 36 days to go under
contract. This year in July 2019 it took longer-44 days. It was an increase of
22.2%. One reason that the average days on market has
increased is due to the high-end properties. The inventory of high-end
properties is higher than it was last year and so it’s skewing the overall
number and the average is taking longer. When I’m referring to the
higher end market as it relates to Murrieta, I’m referring to neighborhoods
such as La Cresta and Bear Creek where the asking price often for
homes in those areas can be upwards of a million dollars. Generally the higher
end homes take longer to sell. There’s more higher-end homes on the market this
year so that’s skewing the overall days on market higher. Next we’re gonna be
talking about closed sales. Exactly how many houses sold in July of this year
versus July of last year. In July of 2018
last year, 173 single-family homes sold here in Murietta. This year in 2019 there
were 233 closed sales. That is up by 34.7% a huge increase in closed sales. The
last bit of data that we’re going to be looking at is the number of listings on
the market last year. In July of 2018 there were 654 total houses on the
market. This year in July of 2019 there were only 562 total listings on the
market. That is a decrease of 14.1%. Here’s a quick recap. Average sales price
is up just a tad from last year. Days on market is up quite a bit, taking a little
longer to sell homes. Closed sales is also up quite dramatically. Number of listings
is down, inventory is lower than last year. I
hope you learned a little bit from watching my video about what’s happening
with the real estate market here in Murietta if you have any questions of
course please feel free to reach out to me and as always thanks for watching my
channel and don’t forget to subscribe. I’ll be
doing another video next month giving you the breakdown of the numbers so be on
the lookout for that. Okay bye!

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