All the local agents have been losing their minds over this social media post:
MUST READ:sos:
Best be working now, best be selling now🧐
Arguably June,July and August are typically the busiest months of the year. So taking data from June 1-30th 2017 compared to June 1-30th 2018 here are the results. I tracked only Temecula, Murrieta, French valley and Wildomar.
Active avail properties
June 2017 = 684
June 2018 = 500
27% decrease of avail inventory
Closed sales
June 2017 = 665
June 2018 = 523
21% decrease
Pending sales
This one is really a big telltale sign.
June 2017 = 539
June 2018 = 263
51% decrease. YIKES that doesn’t bode well for July stats.
Avg sales price
June 2017 = $449,429
June 2018 = $479,826
A 6.4% increase. (Seems good)
Homes sold over $1m
June 2017 = 16
June 2018 = 9
43% decrease (not a good sign for sellers over $1m
Homes listed over $1m
June 2017 = 26
June 2018 = 44
66% increase
DOM for closed
June 2017. = 29.8 days
June 2018 = 48 days
62% increase in DOM
So year over year conclusion is. Values went up but so did interest rates. This has caused statistically a major slow down.
It will be interesting to see how July and August track. If we do not see a substantial increase. It will be a tough winter this year.
Just some numbers to chew on.
I’d say if your an agent. Cut your operating costs. And work harder!