Murrieta CA Condo & Townhome Monthly Real Estate Market Report - September 2011

By
Real Estate Broker/Owner with 3B Realty: 951-347-3818, CA BRE# 01864774
http://actvra.in/j4h

Murrieta CA Condo & Townhome Monthly Real Estate Market Report - September 2011.

Murrieta CA Condo and Townhome Monthly Real Estate Market ReportThis monthly report reflects the changes in Murrieta’s condominium and townhome real estate market over the past 12 months.* So how do things compare to a year ago? Well last month, median condo and townhome listing prices were higher compared to a year ago, but sold prices were lower. Meanwhile, the number of condos and townhomes listed for sale and the number sold are both down. And there’s still a high number of Short Sales and REO’s on the market. Read on to find out how these factors are impacting Murrieta’s condo and townhome real estate market.

Median Condo & Townhome Prices

Listing prices were higher last month compared to this time last year. However, sold prices were lower compared to last year. Last month the median listing price was $125,000, up from $121,900 a year ago. (The listing price is the amount that sellers wanted someone to pay for their home.) The median sold price was $119,000, which is down from $122,500 a year ago. (Sold prices are the actual amount that buyers paid for the home.)  Though sold prices are slightly down from last year, the good news is that prices continued to remain stable during the past 12 months, with condos and townhomes selling between $115,000 to $125,000.

Murrieta CA Condo and Townhome Monthly Real Estate Market ReportMedian Condo & Townhome Inventory

The number of Murrieta condos and townhomes listed for sale is down from this time last year, and the number sold is also down. Last month there were 103 listings for sale, down from 127 a year ago, and there were 83 condos and townhomes sold last month, which is down from 119 a year ago. Though the number of condos and townhomes sold is down from a year ago, which would tend to put downward pressure on sold prices due to lower demand, the number of homes listed for sale also dropped, which puts upward pressure on prices due to a smaller supply. This helps explain why condo and townhome sold prices have remained stable through the year.

Median Condo & Townhome Sales Types

The Murrieta condos and townhomes sold can be categorized into three transaction types: Standard, Short Sale, and REO. Standard sales are traditional, where owners sell their homes for more than they paid. Short Sales, also known as Short Pays, are sales where owners sell the home for less than they owe on their mortgage and must seek their lender’s approval to sell the home. REO’s (Real Estate Owned) are foreclosed homes where lenders are now the owners and are offering the home for sale. REO’s are also known as bank-owned homes.

Murrieta CA Condo and Townhome Monthly Real Estate Market ReportThe number of REO’s and Short Sales sold is down from this time last year, while the number of Standard sales is up. Last month there were 34 REO’s, down from 64 a year ago, and 27 Short Sales, down from 35 a year ago. In contrast there were 20 Standard sales, up from 15 a year ago. It appears that the excessive inventory of low-priced distressed properties is being absorbed, which is good news for the Murrieta housing market as it suggests that home prices will remain stable. However, the number of REO’s and Short Sales still outnumber Standard sales by a factor of 3-to-1. So while condo and townhome prices are remaining stable, odds are we won’t see any significant increases in home values until the distressed property inventory is finally absorbed. 

*The values shown for each month are based on data measured during the prior 90 days of activity. For example, values shown for August 2011 are based on data measured from the beginning of June 2011 through the end of August 2011. The information provided is deemed reliable, but is not guaranteed.

Copyright ©2011 Bill Burchard

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
California Riverside County Murrieta Bear Creek
Groups:
30 Days In September 2011 Localism Posting Challenge
Local Expert
Market Reports
Market Updates
Posts to Localism
Tags:
condos and townhomes for sale
condos for sale
condominiums
real estate
murrieta ca
market report
standard
short sale
reo
contest 201109

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the balloons to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the truck to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
1,080,637
Bill Burchard
3B Realty: 951-347-3818, CA - Murrieta, CA
Broker, Realtor - Murrieta Homes For Sale, Califor

More about me: I’m Bill Burchard, a real estate broker licensed by the California Department of Real Estate (Lic: 01864774). I specialize in Murrieta homes for sale, including bank foreclosures (REO properties) and short sales. I also specialize in Greer Ranch homes for sale, the community where I live. I serve the real estate needs of both home buyers and home sellers in Greer Ranch and in Murrieta, CA.

If you want more information about buying or selling Murrieta real estate, or if you want more information about my Greer Ranch Community (including properties for sale), please contact me, Bill the Murrieta Broker, by phone or text at (951) 347-3818, or email me at Bill@my3BRealty.com.

September 06, 2011 11:54 AM #1
Rainmaker
1,080,637
Bill Burchard
3B Realty: 951-347-3818, CA - Murrieta, CA
Broker, Realtor - Murrieta Homes For Sale, Califor

More about Murrieta, CA: The City of Murrieta is a young vibrant community cradled in the junction of the 15 and 215 freeways in southwest Riverside County. Murrieta lies on the northern border of Temecula, CA, famous for its Temecula Wine Country.   Bill the Murrieta Broker: REALTOR®, SFR, CBRS, DRE Lic: 01864774, Cell: 951-347-3818, Email: Bill@my3BRealty.comMore about Murrieta, CA: The City of Murrieta is a young vibrant community cradled in the junction of the 15 and 215 freeways in southwest Riverside County. Murrieta lies on the northern border of Temecula, CA, famous for its Temecula Wine Country.
 
Bill the Murrieta Broker: REALTOR®, SFR, CBRS, DRE Lic: 01864774,
Cell: 951-347-3818, Email: Bill@my3BRealty.com

September 06, 2011 11:54 AM #2
Rainmaker
1,080,637
Bill Burchard
3B Realty: 951-347-3818, CA - Murrieta, CA
Broker, Realtor - Murrieta Homes For Sale, Califor

More about Bear Creek, Murrieta CA: The Bear Creek Community is a fully developed, meticulously well-maintained guard-gated neighborhood, featuring a wide range of homes, from condominiums and villas, to spacious single family homes and magnificent estates. Fashioned around a Jack Nicklaus Signature Golf Course, many homes have gorgeous views of pristine fairways and greens. Located in Murrieta, CA, Bear Creek is a wonderful place to live and play, and to raise a family.  Bill the Murrieta Broker: REALTOR®, SFR, CBRS, DRE Lic: 01864774, Cell: 951-347-3818, Email: Bill@my3BRealty.comMore about Bear Creek, Murrieta CA: The Bear Creek Community is a fully developed, meticulously well-maintained guard-gated neighborhood, featuring a wide range of homes, from condominiums and villas, to spacious single family homes and magnificent estates. Fashioned around a Jack Nicklaus Signature Golf Course, many homes have gorgeous views of pristine fairways and greens. Located in Murrieta, CA, Bear Creek is a wonderful place to live and play, and to raise a family.

Bill the Murrieta Broker: REALTOR®, SFR, CBRS, DRE Lic: 01864774,
Cell: 951-347-3818, Email: Bill@my3BRealty.com

September 06, 2011 11:54 AM #3
Rainmaker
1,080,637
Bill Burchard
3B Realty: 951-347-3818, CA - Murrieta, CA
Broker, Realtor - Murrieta Homes For Sale, Califor

More about Greer Ranch, Murrieta, CA: The Greer Ranch Community is a fully developed, meticulously well-maintained gated neighborhood, with large homes that are just a few years old. Many homes have gorgeous views of the Temecula Valley below. Located in Murrieta, CA, Greer Ranch is a wonderful place to live and to raise a family.  Bill the Murrieta Broker: REALTOR®, SFR, CBRS, DRE Lic: 01864774, Cell: 951-347-3818, Email: Bill@my3BRealty.comMore about Greer Ranch, Murrieta, CA: The Greer Ranch Community is a fully developed, meticulously well-maintained gated neighborhood, with large homes that are just a few years old. Many homes have gorgeous views of the Temecula Valley below. Located in Murrieta, CA, Greer Ranch is a wonderful place to live and to raise a family.

Bill the Murrieta Broker: REALTOR®, SFR, CBRS, DRE Lic: 01864774,
Cell: 951-347-3818, Email: Bill@my3BRealty.com

September 06, 2011 11:54 AM #5
Rainmaker
1,080,637
Bill Burchard
3B Realty: 951-347-3818, CA - Murrieta, CA
Broker, Realtor - Murrieta Homes For Sale, Califor

More about The Colony, Murrieta CA: The Colony is a fully developed, beautifully maintained guard-gated golf course community in Murrieta, CA. Comprised of 1,500 homes, this senior community offers active adults social and fitness activities, including an exercise room, hobby and craft studios, a grand ballroom, theater, library, beauty salon and billiards. Plus, there’s an outdoor pool, and tennis, bocce ball and shuffleboard courts surrounding the clubhouse. There are also several miles of walking and biking trails that meander through the community.More about The Colony, Murrieta CA: The Colony is a fully developed, beautifully maintained guard-gated golf course community in Murrieta, CA. Comprised of 1,500 homes, this senior community offers active adults social and fitness activities, including an exercise room, hobby and craft studios, a grand ballroom, theater, library, beauty salon and billiards. Plus, there’s an outdoor pool, and tennis, bocce ball and shuffleboard courts surrounding the clubhouse. There are also several miles of walking and biking trails that meander through the community.

The Colony Country Club, also known as California Oaks Golf Course, is a challenging, yet playable, par 70 golf course designed by renowned architect, David Rainville. The course is open to the public, but residents of The Colony enjoy discounted green fees.

Bill the Murrieta Broker: REALTOR®, SFR, CBRS, DRE Lic: 01864774,
Cell: 951-347-3818, Email: Bill@my3BRealty.com

September 08, 2011 02:13 PM #6
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the music-note to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
1,080,637

Bill Burchard

Broker, Realtor - Murrieta Homes For Sale, Califor
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the man to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information