By Lloyd Mize Coldwell Banker Residential Brokerage
The California Association of Realtors, CAR, October 2018 released the 2018 Real Estate Update and 2019 Forecast. CAR estimates 3% growth in sales for 2019 and a 5% equity appreciation.
Potentially there may be higher growth in the Temecula Valley located in the Southwest Region of Riverside County largely stimulated by the “Out-Migration” of families relocating to the Temecula Valley that have been “priced-out” of San Diego, Orange County and Los Angeles County.
The CAR reports show 23% of California Sellers are moving to other states. Many sellers are relocating to other California Regions offering housing affordability, improved cost of living and a better quality of life. The CAR Reports refer to the acronym SHIFT, the Study of Housing: Insight, Forecast and Trends.
CAR has published an annual real estate update and forecast since 1981 with amazing results and accuracy. Both CAR Reports can be found in the links listed below.
The California Regional Multiple Listing System, CRMLS, shows actual home sales for the Temecula Valley as follows:
2016 September – October 2017
Temecula, Murrieta and Menifee 6,993; Lake Elsinore, Winchester and Wildomar 2,559
Total 2017 September – October 9,552 Home Sales
2017 September – October 2018
Temecula, Murrieta and Menifee 6,182; Lake Elsinore, Winchester and Wildomar 2,559
Total 2018 September – October 8,558
CAR Market Report October 22, 2018
CAR 2019 Forecast (cut and paste this link): https://www.bizjournals.com/losangeles/prnewswire/press_releases/California/2018/10/11/LA36540