Temecula ca real estate
The development of Temecula in Riverside County, California, is comparatively recent, having been incorporated in 1989. The rapid growth took place during the 1990s. This was mainly because of the very reasonable real estate prices. The population swelled from below 60,000 in 2000 to nearly 100,000 by 2007. The quick increase in population resulted in rising real estate prices and a slow down in population growth in Temecula.
Temecula is linked to neighboring cities by Interstate 15, Interstate 215, and State Route 79. Development of commercial establishments, like shopping malls and restaurants, attracted large numbers of outsiders for shopping and entertainment. But the city was not ready to handle the increased traffic of this floating population. The civic administration is trying to sort out the problem.
Temecula Real Estate Trends
Real estate trends in Temecula are not at all promising. Approximate figures are 1600 units listed at an average of $400,000. About 60 were new homes and there were about 900 real estate advertisements at an average of nearly $525,000. The number of foreclosures was nearly 540 at an average rate of about $355,000.
Current mortgage rates in Temecula are as follows: 1) 5.826% for 15 year fixed category, up 0.189% 2) 6.199 % for 30 year fixed category, up 0.108% 3) 5.388% for 1 year adjustable rate mortgage, up 0.448% 4) 5.217% for 3/1 year adjustable rate mortgage, up 0.290% and 5) 5.359% for 5/1 year adjustable rate mortgage, up 0.251%.
Listing prices for homes in Temecula is varied. The average rate is about $215,000 to $620,000. Average rates and weekly variations for different units are approximately $217,000 for one bedroom, $305,000 for two bedrooms up 5.0%, $420,000 for three bedrooms down 0.1 %, and $617,000 for four bedrooms up 1.6%. The average for all categories is $660,000 up 1.5 %.
The number of units sold in Temecula has risen from about 575 this time last year to 665. Average sales prices and change over the year were approximately $275,000 for 2 bed down over 22%, $335,000 for 3 beds down nearly 6%, $365,000 for 4 bed down 11%. The average for all units was about $370,000 down nearly 24%. This sharp decline clearly indicates that the real estate market in Temecula is depressed.
The average rate per square foot and weekly variations are $200 for 2 bed down 1.5%, $185 for 3 bed down nearly 10 %, and $145 for 4 bed also down nearly 10%. Average square foot rate for all types is $165 down 7%.
Conclusion
The present situation concerning real estate in Temecula is quite grim. The city has felt the repercussions of the national sub-prime crisis accompanied by the crash in real estate prices. It has been particularly severe in Temecula because of the rapid growth experienced in the recent years. The number of foreclosures has been so high that many neighborhoods are practically deserted. The pathetic picture presented in these areas will not encourage investment in real estate.
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