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THE VALLEY BUSINESS JOURNAL 22 www.TheValleyBusinessJournal.com November 2022 BOYS & GIRLS CLUB OF SOUTHWEST COUNTY CONTINUED FROM PAGE 1 The proceeds from the “Our Kids Rock” Gala benefit the Boys & Girls Club of Southwest County. During the evening’s festivities, Terry Gilmore, Owner/President of Paradise Chevrolet Cadillac, was given an incredible honor by the Boys & Girls Club of Southwest County. It was announced that the organization will be renovating and reopening the original Temecula Clubhouse and will name it after Terry Gilmore. Tony Berardino, the organization’s Board Chair, announced, “In honor of a man who has been involved for most the of the organization’s existence and continues to be one of the most supportive, involved donors and partners in the club, we would like to present our vision for the new Boys & Girls Club of Southwest County, ‘The Terry Gilmore Clubhouse’.” Terry was honored and said, “The dedication of this building in my name will hopefully inspire many others to carry on the legacy of this great organization that I love!” Terry Gilmore was also recognized during the event as a Founder of the Boys & Girls Club of Southwest County’s “Our Kids Rock” event, alongside four others: Michael Donaldson, Ron Parks, Timmy Daniels and Leigh Nixon (then Engdahl). “In 1993, Terry Gilmore founded The Great Temecula Auction - now known as Our Kids Rock Gala. To this day, the Gala brings in the most revenue out of all our special events,” says the Boys & Girls Club. Terry has offered his strong leadership skills to the Boys & Girls Club of Southwest County for many years. He served as a Board of Director, chairing a Capital Campaign and chairing the “Our Kid’s Rock” Dinner/Auction for more than 20 years. Terry’s passion to provide a “positive place” for the 7,000+ club members goes beyond even helping B&G Club members. Terry is a positive role model and encourages others to get involved and make a difference in the lives of others as much and as often as they can. When Paradise Chevrolet Cadillac opened 30 years ago, the company motto was “We Do the Little Things for You”. Since then, Paradise has been a dominant presence within the valley, continually striving not only to “do the little things” for their customers, but also for the community. The current company motto for Paradise Chevrolet Cadillac is “Making a Difference”, and that is exactly what Paradise does every day for the community. “ “The dedication of this building in my name will hopefully inspire many others to carry on the legacy of this great organization that I love!”
November 2022 THE VALLEY BUSINESS JOURNAL www.TheValleyBusinessJournal.com 23 Welcome to the REALTOR® Report It wasn’t long ago that I commented that I felt like a broken record, and I’m sensing a déjà vu. Only this time, it’s a different tune. As the market has shifted, we are seeing similar trends continue for our region…unit sales are down, median prices are down, and days on market continues to rise. While this may feel like doomsday, it is not entirely time to run for the hills. Let’s start with median home prices. A quick economics reminder, “median” refers to the middle point between the lowest and highest number. So, it’s possible, as you’ll see later in the report, that a region can be down, yet cities are still up individually. If you recall, a few reports back, I referenced multiple forecasts of a cooling down market, even a flattening. That’s what we’re seeing play out. There is no way we could have sustained the appreciation numbers we were experiencing the past couple of years. Many economists have reported that this correction is needed, and we are still in what most would consider a healthy market. What is concerning is the continued rise in interest rates. At the beginning of 2022, we saw a significant increase in interest rates. It was believed that the substantial increase was to account for multiple fed rate increases throughout the year. Remember, fed rates and mortgage rates are not the same. Yet we have seen rates continue to rise throughout the year. Rate increases directly affect affordability, the number of qualified buyers, and increases inventory. We are currently up to about 4 months of inventory, which is still shy of what is considered a “normal” market. I’m not trying to say that it’s all rainbows and puppy dog kisses, but I will continue to remind people that it’s not 2008 either. We are very close to where some of the economists I listen to and follow predicted we’d be as we are nearing the end of the year. My advice for those in the real estate industry/market is to stay educated! Agents should follow market trends and be prepared to answer questions about what’s happening. Buyers and Sellers should work closely with their REAL- TOR® and lender to be informed and prepared as they navigate the buying and selling process. And everyone involved needs to communicate! Let’s take a closer look at the numbers for our region. The median home price in Southwest Riverside County was down 1% from a month ago ($573,000/$580,000) but was up 7% from a year ago ($535,000) and up 27.3% from 2 years ago ($450,000). Unsold inventory remained right at 4 months (6 months is considered a healthy market), and days on market increased again from last month to 22 days. This is up from 14 days last year and significantly higher than 2 years ago when it was 6 days. Unit sales decreased by 11% from the previous month and are down 32% from last year. Unsold inventory dipped slightly, down 1% from last month but is considerably up from last year with an increase of 80%. I’m happy to report that median prices are up in all of our local cities, ranging in an increase of 2.0%-20.3% Year-Over-Year. The percentages remain at a slower rate of gain, and I would anticipate similar trends for the remainder of the year. On the Legislative Front, we had a reasonably successful year. Of the many real estate bills I tracked and monitored, 27 made it through crossover. We (California Association of REALTORs®) opposed 14 of those bills and played a lot of defense expressing our concerns. Of the 14, 11 died, and 3 were signed into law. As for the remaining 13 bills we supported, 6 were signed into law, 4 died, and the Governor vetoed 3. Not great, but we’ve seen worse. I imagine we will continue to play more defense once the new legislative cycle begins. With potentially many new faces, maybe we can start seeing effective changes in the housing industry. Speaking of elections, we have been meeting and speaking with many of our local candidates. I encourage you to research, call, and meet up with the candidates in your area. Ask them the questions that matter most to you. We have endorsed some candidates, and I am by Steve Fillingim REAL ESTATE by Adam A. Ruiz including those at the end of this report. I am also including the recommendations from the Southwest California Legislative Council on the 7 ballot initiatives on the November ballot again. Please feel free to share! When it’s time to vote, be sure you do vote, and vote informed! A lot is going on, and I hope I have covered everything that affects you and your business. Please let me know if I left anything out or if you need anything explained further. If you’d like a copy of my entire report or to be added to the distribution list, please email me at Adam@ srcar.org. As always, I am available if you have any questions about the report. Until next month…
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