In this video I will be providing a review of the Winchester/ French Valley   Real Estate Market ending the 1st quarter of 2022…….. Hi this is Tom Olsewski with Coldwell Banker and Team Olsewski here with the 1st quarter of 2022 Winchester/ French Valley   Real Estate Market Update. Wow we are currently done with the 1st quarter of 2022.  I’ve been creating these market reports quarterly and if you find them useful, please hit the like and subscribe button below it helps us out tremendously.

This is the Winchester/ French Valley  Real estate market Summary. I will also give you some insight on what the experts are saying the 2022 Real Estate market will be looking like.

As rates zoom upwards, home affordability is beginning to impact the housing market in several profound and meaningful ways.

Here are the Top 3 housing trends here in Riverside County overall:

  1. Rapidly rising rates mean affordability has taken a dramatic hit so far this year. According to the Mortgage Bankers Association®, interest rates have risen from 3.31% on December 29th to 5.06% on April 8th, representing a 53% increase. The purchasing power for buyers has rapidly eroded in such a short period of time. For a buyer looking to put 10% down and desiring a $2,000 per month payment, at the end of December they were looking at roughly a $500,000 home. Today, that same buyer is now looking at homes around $415,000.
  2. Significantly fewer homes are being placed on the market this year compared to the average prior to COVID. Last year there were 4,154 missing FOR-SALE signs in Riverside County compared to the 3-year average between 2017 to 2019, 8% less. Yet, through the first three months of 2022, there are 1,948 missing signs, down 15%. Originally, the extremely anemic inventory was preventing homeowners from entering the fray.
  3. Demand, a snapshot of the number of new escrows over the prior month, has been substantially muted this year. Today’s demand is at 3,290 pending sales. So far this year demand has risen from 2,417 during the first week of January to 3,290 today, an increase of 873 pending sales. The 3-year average rise in demand prior to COVID (2017 to 2019) was 1,334, or 53% higher than today. Last year’s demand reading was at 3,769 pending sales, 15% higher than today. Demand has been muted all year. A big reason for muted demand readings is the acute lack of homes available to purchase.

So lets get to the details for the Winchester/ French Valley   Real Estate market and let’s see how it ended the 1st quarter. Overall it remains steady and is still in a sellers’ market.  Ending the first quarter there was only 39 active listings

Currently the demand or pending listings sits at 49 homes. With the demand out pacing the active listings homes in general are not staying on the market very long at 24 days. This is up from the beginning of March which was at only 21 days.

The median active list price is pretty high at $645k, since these are active we’ll have to see if they actually sell. The median sales price was at $645,000 with the median list price at $629,495 homes are still selling at 102% over list price

Here is a summary of the Riverside County Real Estate Market

  • , the Expected Market Time, the number of days to sell all Riverside County listings at the current buying pace, increased from 21 to 24 days in the past couple of weeks, still an insanely Hot Seller’s Market (less than 60 days). It was at 18 days last year, slightly hotter than today. 
  • There were 2,717 closed residential resales in February, down 3% over February 2021’s 2,813 closed sales. February marked a 2% rise from January 2022. The sales to list price ratio was 102.3% for Riverside County. Foreclosures accounted for just 0.5% of all closed sales, and short sales accounted for 0.0%. That means that 99.5% of all sales were good ol’ fashioned sellers with equity.

I hope this market update has been helpful! If you have been thinking about buying or selling and would like more information, please feel free to contact me directly at 951-506-5744 or email at tom@teamolsewski.com.  If you would like to receive future market updates please click the subscribe button below or to the side. There will be a slide at the end of this video on ways to contact us. The bottom line as I see it is it’s still a great time to buy and sell with still low interest rates making affordability still very low.

tomo92596

A resident of the Temecula area since 2003, Tom has been an active real estate agent since 2004. He has consistently been ranked in the top 5% of sales production in the Temecula market, and has produced over $80 million in career volume. He and his wife Maria have raised three children in the Temecula area with all three graduating from Chaparral High School.

When not listing real estate, selling real estate, or writing about real estate, Tom is trying to keep up with his grandson on their bikes, playing sports, learning Guitar, or trying to knock the rust off of his tennis game. Over the years he has coached hundreds of youth soccer, basketball, baseball teams. He was most recently coaching his grandsons pony baseball team.

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