A house on Ynez Road in Temecula sat for 58 days last month before getting an offer. A year ago, that same price range was moving in under two weeks. That's not a crash. But it's a shift worth paying attention to.
Inventory across Temecula, Menifee, and parts of Riverside has been creeping up since February. According to what I've pulled from the MLS over the last 60 days, active listings in the Temecula Valley are up roughly 20% compared to this time last year. Menifee is seeing a similar bump. More homes sitting, more price reductions, more breathing room for buyers who spent the last couple years getting outbid on everything.
If you're a buyer, this is the quarter to be aggressive with your offers. Sellers are more willing to negotiate right now than they were six months ago. I've had two deals close in the last month where we got seller credits that would've been laughed at in 2023. Rates are still in the mid 6s, yeah. But purchase price and terms matter just as much, and you've got leverage you didn't have before.
Sellers, I'll be honest. Overpricing right now is the fastest way to watch your listing go stale. I see agents listing homes 5 to 8% above comps hoping the market "catches up." It doesn't work like that. Buyers are more educated than ever. They're watching Redfin and Zillow before they even call me. If your home sits for 30 plus days, the next conversation is about a price cut, and that's a worse position than pricing it right from day one.
Investors looking at North County or the Menifee corridor, there's opportunity in the rental side. A few single family homes near the Audie Murphy Ranch area are penciling out with positive cash flow if you're buying with 20 to 25% down. That hasn't been the case for a while.
Living around here, spending weekends at car shows and bonfires with friends and family, I've always felt connected to these communities. That's part of why I do this. Helping people plant roots in places that actually feel like home.
If you've been waiting on the sideline, what exactly are you waiting for?