Temecula Market Report
Temecula has twice been named "The Best City in Riverside County to live in" by The Press-Enterprise. Tax revenues generated by the many shopping opportunities have allowed the city to provide a solid infrastructure, low crime rate, fairly clean air, and an abundance of cultural and recreational programs for residents.
Just south of central Temecula, the Pechanga Tribe of American Indians operate the Pechanga Resort and Entertainment Center where visitors can enjoy gaming, boxing, or concerts.
Market Trends July saw 53 Property sales, down -14.5% from 62 in July of 2017 and -15.9% lower than the 63 sales in June 2018. July YTD sales of 357 are -13.8% behind last year's ytd sales totaling 414.
The Median Sales Price in July was $490,000, up 2.6% from $477,500 in July of 2017 and down -1.0% from $495,000 in June.
The Average Sales Price in July was $511,204, up 3.6% from $493,671 in July of 2017 and down -0.1% from $511,827 last month.
The DOM for July was 22, down -26.7% from 30 days last month and down -21.4% from 28 days in July of last year. The July 2018 DOM was at its lowest level compared with July of 2017 and 2016.
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the 'mix' of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The July 2018 Selling Price per Square Foot of $223 was up 8.3% from $206 last month and up 10.9% from $201 in July of last year.
The number of New Listings in July 2018 was 87, down -11.2% from 98 last month and up 31.8% from 66 in July of last year.