Menifee CA Homes Market Analysis April 2012

Happy April! I hope you all were able to get your taxes done with plenty of time and very little stress. I want to get right in to my analysis because there have been some really interesting numbers being thrust into the pot here. When I received my numbers, I was surprised to see what had happened. As usual, my figures are for single family homes, detached, with 3+ bedrooms and 2+ baths. Here we go:

•    Total Actively Listed On Market in April: 159
•    Average Menifee Property Listed Price: $ 231,299
•    Total # of Menifee Properties Sold in March: 94
•    Average Sold Menifee Home Price: $ 214,229
•    Average Days On Market Of Properties Sold in March: 90

After seeing the active stats for Menifee, it seems that they are mirroring what happened in Temecula. Supply is being affected in Menifee Homes Market also. The total number of homes actively listed dropped from 195 homes in March to 155 homes in April. This 17.5% decrease mirrors almost precisely how Temecula's real estate market was affected. The price that these fewer properties are listed at rose from $227,000 to $231,299. That is a minute change of 1.69%. This drastic drop in supply is a bad sign for Menifee's real estate market.

The closed stats also mirrored what I saw in Temecula this month. The number of properties sold in March shot up 67%! That is one of the greatest percentages I have seen from month to month. The price at which these properties sold also rose from $206,225 to $214,229. That is a slight growth of 3%. The average days on market rose from 76 days to 90 days. That is a difference of 18.42%. That is a pretty significant change in the number of days on market. Overall, the supply has been hit pretty hard. The amount of properties actively listed isn't keeping up with the amount of properties sold.

And that is my Menifee Homes Market Analysis for April 2012. I hope you found what I discovered with April's numbers insightful. If you have any questions or anything you would like to add, don't be afraid to shoot over an email. I hope you stay in excellent health and we will meet again in May.

Stefan West

Menifee Homes Market Statistics March 2012

Time is just flying by! March is already here and I'm still sticking to my 2012 New Year's resolution of continuing my monthly market projections in a timely fashion. In March we find St. Patty's day, a crazy thunder storm, and some significant percentage changes in my Menifee real estate market statistics. My stats are pointed toward single family homes, detached, with 3+ bedrooms, 2+ baths. Let's see what Menifee has in store this month:

• Total # Actively Listed On Market in March: 193
• Average Menifee Property Listed Price: $227,442
• Number of Menifee Properties Sold in February: 56
• Average Sold Menifee Property Price: $206,225
• Avg Days On Market Of Homes Sold in February: 76http://www.blogger.com/img/blank.gif

So, Menifee's real estate market had some significant changes for the closed figures in February. Beginning with the number of properties sold, the difference was a drop of 18.84%. That is a decrease of about 15 properties. The average sold price rose from $191,280 in January to $206,225 in February. That is a 7.81% increase. Therefore, fewer properties were sold at a greater average price.

The days on market in February had quite a significant decrease in March's market report. It dropped from about 97 days to about 76 days. That is a 21.65% decrease in the number of days on market. That is substantial jump from month to month. We don't see that large of a percentage change very often. It seems people were ready to shop and close quickly this past month.

It looks like March's active numbers are mimicking February's closed numbers. By that I mean that the number of active properties has decreased while the average listed price has risen. The number of active homes listed decreased from 284 homes to 193 homes. That is almost 100 properties! It is about a 32% drop in number of http://www.blogger.com/img/blank.gifhomes, the most significant drop this month! This is quite a large and quite uncommon change in number. The average listed price did the opposite. It rose about 5.72%, from $215,127 in February to $227,000 in March. So fewer properties are listed and they have a higher average listed price. Hopefully, next month there isn't another huge change in my stats like that again. I'm not sure if Menifee's real estate market could handle that.

That was my Menifee real estate market statistics for March 2012. If you have any questions, don't hesitate to email me. I hope I leave you and your family healthy and happy. Happy St. Patrick's day!

Stefan West

Menifee Homes Market Advisory February 2012

Happy Valentine's Day! It is finally here. The one other day of the year besides Halloween where my kids bring home bags full up to the brim with candy. I hope you all had a memorable Valentine's day even though the weather wasn't so picture perfect in Menifee. With all the romance in the air, let's see if families are still focused on selling their properties. The criteria for my Menifee real estate advisory and projections are single families, detached homes, with 2+ bedrooms and 2+ baths. Here are my numbers:

• Total Actively Listed On Market in February: 284
• Average Menifee Property Listed Price: $ 215,127
• Number of Menifee Properties Sold in January: 69
• Average Sold Menifee Property Price: $ 191,280
• Avg Days On Market Of Homes Sold in January:

Let's look at what happened with Menifee's real estate market in January first. The number of homes sold in Menifee in December was 75 while in January it was 69, an 8% decline. Six properties may not seem like an important number however when you pay attention to the percentage, 8% is a significant difference in the overall market. The price at which these homes in Menifee sold also decreased. The sold home price in December was $209,054 while in January it was $191,280, an 8.50% drop. Furthermore, the average days on market grew from 90 days in December to 97 days in January, a 7.77% difference. It is understandable that the amount of homes sold in Menifee dropping would correlate with the price at which those properties sold falling as well.

Now let's see what is happening in February. Comparing January's Menifee Real Estate Statistics and Analysis to February's Menifee Real Estate Advisory and Projections, I noticed that the number of active homes listed on market has risen from 263 homes in January to 284 properties in February. That is a 7.98% increase in listed homes. I also noticed that the listed price has decreased from $223,935 to $215,127. That is a 3.93% decrease in listed price in Menifee. Hopefully with the drop in listed price and the rise in number of homes listed, we see a growth in number of properties sold in next month's report.

That concludes my Menifee Real Estate Advisory and Projections for February 2012. I hope this article has been enlightening. I wish you a safe and healthy month.

Stefan West (Menifee Real Estate Agent)

Menifee CA Homes Market Analysis January 2012

The year of 2012 has finally begun. With the new year comes new year’s resolutions and fresh beginnings. I hope everyone started out the year 2012 safe and secure, ready to take on a new year. I myself have decided to get an early jump on my market advisories for 2012. As usual, my market analysis is based on single family homes, 3+ bedrooms, 2+ baths, and detached. Let us take a look at how Menifee faired this new year:

• Total Number Of Actives Listed On Market in January: 263
• Average Menifee Home Listed Price: $ 223,935
• Number of Menifee Properties Sold in December: 75
• Average Menifee Sold Property Price: $209,054
• Average Days On Market Prior To Sale in December: 90

Hmmmmmm, so there have been a few significant differences between January’s Menifee market report and December’s Menifee market analysis. The first thing that grabbed my attention was the difference in the number of homes sold month to month. November’s Menifee properties sold was 58, a drop from October’s 68 homes sold. So, the growth from 58 homes sold in November to 75 properties sold in December is a substantial jump. In fact, it is a 22.66% increase. That is a pretty significant difference. People were doing more than just buying instores this past month.

Now, after seeing the number of properties sold in Menifee, let’s look at the average price at which these homes sold at. November’s Menifee market statistics showed that the average sold price was $225,949 while December’s average sold price was $209,054. That is a 7.47% reduction from November to December. However, if we take a look at October, the sold price was $209,566. That explains that this decrease isn’t monumental. It looks like a normal fluctuation from month to month, especially considering the significant growth in number of Menifee homes sold.

I hope my Menifee real estate market statistics and analysis help you with your home buying needs. If you have any other questions, don’t hesitate to send me an email. I hope you and your family had a wonderful new years and I’m looking forward to filling your market report needs this year.

Stefan West

Menifee Real Estate Analysis December 2011

What a great end of year for Menifee! The weather is wonderful, the shopping crazy, and the holiday atmosphere is in full effect. As we move closer to 2012, people continue to ask me what real estate is doing. I feel the election year, the stock market, and the real estate market are truly on everyone's thoughts this time of year. So I have brought my figures together so you are able to stay current on the Menifee real estate industry.

As you probably know, my numbers are gathered primarily based on single family homes, 3+ bedrooms, 2+ baths, and detached in nature. This excludes condos and townhomes but I feel it to be the greatest indicator of the industry. Let's have a peek:

# Number of Actively Listed on the Market - 252
# Avg. Menifee Property Listed Price - $223,077
# Menifee Properties Sold in November - 58
# Avg. Sold Menifee Cost for November - $225,949
# Avg. Days on Market Prior To Sale - 85 Days

These amounts match what I anticipated for the traditional slowing down as the holiday season comes upon us. Ironically, when I did my Temecula Valley real estate analysis and trends, I had been shocked to find a rise in closings comparing month over month. But in Menifee we can see a far more common decrease in closings from 68 in October to 58 in November, a drop of 14.7%. Also, we noticed an important drop in sales going from September to October - so I am being cautious about pricing at this moment.

With that said, pricing of Menifee houses sold in fact increased generally, from $209,560 the previous month to $225,950, a 7.82% increase in sold pricing. This pricing distinction remains a trend for three months now however November was by far the most significant leap. Supply has remained nearly precisely the same and days on market grew from 78 last month to 85 days this month. So the significant change in avg. sold cost is a shock knowing that sales numbers are lower, no change in supply, and that it is taking properties more time to sell.

That wraps up your Dec. Menifee Real Estate report! I hope the holidays are terrific for you and your family members and wish you all a very Merry Christmas!

Local Agent Provides Alternatives for Homeowners Facing Foreclosure

Local CDPE-designated agent, Colleen Moorhouse of Freedom Realty and Mortgage, has developed a website providing information describing several opportunities for homeowners to avoid the negative financial impact of foreclosure.

This community resource is available at http://hosted.cdpe.com/Colleen and defines foreclosure alternatives including short sales, loan modifications, and forbearance.

“It’s a concern to me that so few in our community know their options when they start to fall behind on mortgage payments,” Moorhouse said. “If they act quickly and get informed, they can make informed decisions to find financial stability.”

Foreclosure alternatives such as short sales—which now make up over one-third of real estate closings across the nation—are an increasingly popular way for both homeowners and lenders to minimize their losses in this tough economy.

“More lenders are realizing that they can save money in a short sale versus a foreclosure, and are more likely than they were three years ago to approve a short sale offer.” Moorhouse said. “This is good news for homeowners because they now have more options than ever.”

The CDPE designation Colleen has acquired provides real estate professionals with specific understanding of the complex issues confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.

For more information about the CDPE Designation, visit www.CDPE.com.

Menifee Real Estate Report and Trends November 2011

I know this is a little late but here you go - your Menifee Real Estate Market Report for November 2011!
I had to absorb the holidays and all that turkey before I was able to bring myself to post this. In fact, I was away for a quick weekend and the real estate market in Menifee has been quite active! Congrats to Stephanie and Rudy on their new Menifee home by the way!

I will make this trends report fairly fast but will be comparing it with my Menifee Real Estate Market Report for October 2011 to see any current adjustments. Even though I am reporting after the month, the numbers were pulled in November for this article. As always, I focus on single family homes, 3+ bedrooms, not attached, etc. Maintaining a consistent standards is the core of this article.

* Total # of Active Menifee Homes Listed - 247
* Average Menifee Home Listed Price - $223,451
* Ttl. # of Menifee Homes Sold in October - 68
* Average Menifee October Sales Price - $209,566
* Average Days on Market before sale - 78

Reading this report, it seems that some things are slowing down as we come up to the new year. This isn't unusual but it does contrast with my Temecula Real Estate Market Report that describes the very same amount of Temecula houses closing in both September and October - ie., no real reduction. In October, Menifee house sales fell from 95 units in September to only 68 units in October, a decline of 28.4% month over month. That is a pretty significant difference!

Even so, supply has also fallen from 300 active Menifee Houses in October to 247 in November, a 17.66% decrease in available inventory. That is also a significant reduction of readily available properties. Going back for a minute, we can catch that both the average Active list cost and average Sold cost have grown. The active list was $218,344 in October and is now $223,450 in November, a difference of 2.33%. The average sold cost grew from $206,600 in September to $209,566 in October, a minor 1.43% difference but still an upward one in both statistics.

It looks like we are having a contraction in the market on the supply side. We also see a shrinking in the buyer or demand side as well. I know standard and bank owned houses are moving pretty quickly if they are in respectable to excellent shape. This indicates that banking institutions are decreasing supply and the flippers are slowing a tiny bit. But the prices have held constant and slightly increased so we might have struck an interesting balance. Having said that, I do not to see closings figures down that significantly over the drop in supply. I would argue for reduced pricing but yet, currently that is not the case since supply is more limited.

This shows a couple months in decreasing sales figures for Menifee property sales. But pricing is hanging pretty well and I am really curious to see what develops in December actives and November sales in my next report. Meanwhile, I hope you all had a great Menifee Thanksgiving and are currently working on your Christmas lights!

Sincerely,

Stefan West, Broker for Menifee Real Estate and Temecula Homes!