Short Sales, Market Update 2010, Temecula

Often I have conversations with Realtors, family and friends that involve questions about short sales or uneducated statements about short sales. Statements like “I wouldn’t buy a short sale because they take too long and then never go through” to “I avoid the short sale listings because they’re a waste of time”. For some the general consensus is that they aren’t selling and that is the furthest thing from the truth. Of course with a few keystrokes in the Realtor driven MRMLS I can get a very quick synopsis of the short sale market.

If you are wondering how the short sale market is shaping up in the City of Temecula, here are some numbers to wow you.

These numbers represent Temecula addresses (including unincorporated custom home areas) from January 1, 2010 to approximately July 31, 2010

487 Closed Sales

Ranging in price from $70,000 – $ 1,122,784

178 Sales Pending

(Presumably with bank approval)

228 Sales Accepting Back up Offers

(Presumably waiting on bank approval)

Some quick math tells me that there are nearly 900 short sales that have successfully closed and/or are in process right now since the first of the year. That’s in sharp contrast to the 467 bank owned sales that are in process or have taken place in the same period of time. And believe it or not there are still folks out there with some equity…we’ve had 389 standard sales so far this year as well.

If you have questions about the Temecula Real Estate Market please feel free to call April at (951) 522-0518 or Gary at (951) 522-6308.

Information in this post was taken from the MRMLS and is deemed reliable but not guaranteed.

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