September Housing Data… Unbelievable!!!

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Filed under: Market Comentary

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We just got information about the September 2020 housing data – click here if you’d like to see a copy of the report. There are some crazy stats that continue to blow me away. There’s no doubt about it… the market is strong, in the middle of the pandemic. It’s stunning! But it speaks to the power of great interest rates.

Notable Market Data

Here are a few notable points that show what is happening in the real estate industry right now. Keep in mind that these stats are focused specifically on Temecula and the southwest Riverside County region.

• Daily Sales Averages: The average daily sales is the most surprising part of the report. Last year, average daily sales was 40 per day. September this year, the average is 52 houses per day.
• Inventory Rates: Inventory is way down, which is why we keep hearing people talk about how there aren’t enough homes on the market. Last September there were about 3000 homes in the region were listed for sale. This year, we only had about 1100 homes listed for sale in September.
• Days on the Market: The average days on market is 21 days right now, which means that things are moving as soon as they are listed.
• Dollar Per Square Foot: Year over year, if you look at a dollar-per-square-foot perspective, we are up by 10%!

Sales are way up, inventory is way down – it only speaks to the volume of this market. It’s going so fast that properties come on the market and sell quickly.

Good Things are Happening

If you look at real estate and the stock exchange as the only indicators about how the economy is doing, then you must be blown away by how good things are right now. There’s obviously a lot of other stuff going on, and I don’t know what the future will bring for us. But it has been a crazy run in real estate.

As always, I’m here to answer questions if you’d like personal information about your options for a mortgage. Reach out to me any time!

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