A listing on Ynez Road in Temecula sat for 47 days last month before getting an offer. A year ago, that same price range in that same corridor was moving in under two weeks. That gap tells you something.
I've been watching the MLS numbers across the Inland Empire and North San Diego County pretty closely this quarter. Inventory is creeping up. Not flooding, but creeping. Roughly 15 to 20 percent more active listings compared to this time last year in markets like Murrieta, Menifee, and Lake Elsinore. Escondido and San Marcos are seeing a similar bump. Buyers have more to look at, and that means sellers can't just throw a number on the wall anymore.
Here's where I think a lot of people are getting it wrong. Some sellers are still pricing like it's spring 2022. That strategy worked when there were four offers on everything. Right now, if you overprice by even 3 or 4 percent, you're sitting. And every week you sit, the listing gets stale. Buyers start wondering what's wrong with it. I'd rather price it right from day one and create momentum than chase the market down over 60 days.
For buyers, this is the most breathing room you've had in a while. You can negotiate again. Inspection repairs, closing cost credits, things that felt impossible a couple years back are back on the table in a lot of these markets. Moreno Valley and Fontana especially. I've seen credits of $8,000 to $12,000 on deals that closed in the last six weeks.
Investors, pay attention to Riverside and San Bernardino right now. Price per square foot is still lower than surrounding areas, and rental demand hasn't slowed down. The math works if you're patient and buy right.
Growing up around here, spending weekends at car shows and beach bonfires with friends and family, I never really planned on doing anything outside of Southern California. Real estate just made sense because I get to help people plant roots in the same communities I love.
Rates are still in the mid to high sixes. That's not changing tomorrow. But the buyers who move now, while sellers are more flexible, are going to look back on this window and feel good about it.
What's your timeline looking like?