There are two charts below covering Temecula, Murrieta and Menifee. These charts show the changes in Closed Sales Volume and Days on Market. These are relevant when you review the year over year pricing changes that have been noted.
The first chart when compared with the previous chart for Year over Year price changes is interesting. In Temecula, the total sales volume is 149, this is down 21.6% from the prior year. Which is the highest among the three cities. Murrieta is the least at 1.7 % decline in sales volume. What this chart shows is the decline in sales volume over the last three years. So wait a minute, prices are up by volume is down, Hmmmmmm. This is the story that has been part of this market and other markets in Southern California over the last 3 years with limited inventory. This limited inventory and a steady number of buyers that exceeds the inventory has kept the Days on Market (DOM) at below 30 days, which has created the continued upward pricing pressures. So the first chart shown will be closed sales volume and the second chart will be Days on Market, notice the spike up in volume and the decline in Days on Market and then compare with the other post that shows changes with upward price increases. This is a trend being seen in all three markets and explains the up tick in pricing.
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