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Welcome to Another Edition of the REALTOR® Report! We’re just over 60 days into the new year, things are still moving quickly, and the market is still red hot!

Adam Ruiz headshot

Our housing numbers continue to be strong. I want to highlight a few things. First, while you may see some decreases month over month in the number of units sold, median prices continue to increase across the region. This might be attributed to homes that have sold above $1,000,000 – 2 in Canyon Lake, 2 in Winchester, 8 in Murrieta, and 11 in Temecula!  Additionally, if you compare median prices month over month, while some cities did see a slight decrease, we are up and continue to see significant increases as a region. Let’s take a more detailed look.

The median home price in Southwest Riverside County had an increase of 8% from a month ago ($584,2500/$540,000), was up 22% from a year ago ($479,500), and up a staggering 44.3% from 2 years ago ($405,000). Unsold inventory is still hovering near 2 months (6 months is considered a healthy market), and days on market decreased from last month to 9 days, up from 6 days last year but still significantly lower compared to 30 days 2 years ago. Unit sales are down 11% from the previous month but up 4% from last year. Inventory saw a relatively significant decrease of 23% from the last month but is up an incredible 47% from this time last year. Median prices are up in all of our local cities, ranging in an increased range of 14.0%-28.9% Year-Over-Year.

On the Legislative Front, we’re busy sorting through the almost 5,000 Bills that were introduced this legislative cycle. After meeting with the State Association’s lobbying team, we know that we’ll be playing a lot of defense this year against Bills attacking real estate and small business issues. They noted that rental housing would be a popular topic throughout 2022. In the past, bills would be written to attack something very directly. Now, it was best described as death by a thousand cuts, with bills attacking parts of issues, which only give them a foot in the door to do more damage. Don’t worry; we’re watching closely and will be sure to continue fighting on your behalf!

Lastly, the filing period for the Primary Election closes this week. We’ll soon know who’s running for what, and we will be looking to back those candidates who understand and are open to our issues and concerns. Stay tuned for more information in the coming reports.

As always, I am available if you have any questions about the report. Until next month…

 

Written by Adam Ruiz

Government Affairs Director, Southwest Riverside County Association of REALTORS®

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