Steve Calder, an agent specializing in Menifee has been posting the number of homes for sale in Menifee on his Twitter feed.
Here is what I was able to pick up from his feed...
May 19, 2009 - 621 homes
May 15, 2009 - 645 homes
May 08, 2009 - 657 homes
Apr 14, 2009 - 770 homes
Apr 09, 2009 - 855 homes
Apr 01, 2009 - 900 homes
Mar 27, 2009 - 1,000+ homes
If you look at his feed, he makes mention of smaller numbers, but after talking to him on the phone, he explained that in some of his posts, he gave numbers just for 92584 zip code, whereas the numbers above come from the entire City of Menifee.
I'm not sure that this is a sign of an improving economy. I'm of the belief that these sales are due to sellers dropping their prices down enough to where they become affordable.
Also, I think many Menifee families are not capable of buying a home elsewhere, and therefore fewer homes are being put up for sale.
But I'm not a real estate person, so maybe someone else who is can explain.
Thanks to Steve Calder for providing this info...
http://www.menifeerealestate.listingbook.com/
Homes Are Selling in Menifee
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Stefan West, Broker
Cynthia Nemelka, Realtor
Skylar Lewis, Realtor
Those numbers seem to be a little unrealistic. Every 5 days or so over 600 homes are being sold?
ReplyDeleteDo those numbers reflect actual home sale closings, or just reflect the number of homes in escrow at any given time? If it is the number of homes in escrow, that would make more sense, because homes can remain in escrow usually between 1 and 3 months. If the number posted reflects the homes in escrow then many homes are repeated in the number given because the escrows last longer, and they do not in fact represent new sales.
ReplyDeleteThat's the number of homes currently available for sale.
ReplyDeleteI'm closing on my home in Menifee this week, and am very much looking forward to moving to the new city :)
ReplyDeleteI am not in the real estate field personally, but I'd imagine that you're right about the lower prices having a significant impact on the amount of houses being sold. It would be interesting to see the several different variables, including how many homes that were sold were reduced in price, how many are or were short-sales and for how long, etc.
In my search I noticed a change in short-sale homes becomming foreclosures, and being sold shortly thereafter. In my instance, my home was on the market for nearly 2 years including the amount of time spent as a short-sale before the price was reduced enough to attract ANY buyers... and even so, the home appraised for $4000 less than what I offered.
In any case, these numbers certainly reflect a tremendously positive change for the city of Menifee.
Today I ran some MLS statistics and here is a more detailed breakdown regarding bank owned properties and short sale properties. This is for the MLS designated areas of Menifee, Sun City, Quail Valley and Romoland combined:
ReplyDelete155 Sold since 5/1/09
Of these, 107 were bank owned listings and 13 were short sales listings.
450 Pending (currently in escrow)
Of these, 318 are bank owned listings and 54 are short sale listings.
554 Active Listings
Of these, 105 are bank owned listings and 297 are short sale listings.
(Note: some bank owned, and especially short sales listings are not properly "tagged" as such in the MLS; therefore this data is not entirely accurate.)
Due to the lifting of the Moratoriums by some of the banks, we should see a new wave of foreclosures coming onto the market soon. Hold onto your hats?
P.S.
ReplyDeleteSteve Calder is a FANTASTIC agent. I have worked with him on a few transactions and he really cares about his clients.
I think the economy crisis is the reason why the homes in Menifee are being sold.
ReplyDeleteIt's unfortunate that not all homes may be occuppied by owners and we are getting rent clustered neighborhoods that bring the worst group of people in the community. Gang families, criminals, drug dealers..and it is not going to get better. This is not a good sign for Menifee. That will cause more homes and values to go even lower.
ReplyDeleteif you bought a home in 2005 or 2006. you probably are ready to short sale, it is a really different time in the market. Loan modifications are not all they are cracked up to be. I was really disappointed in Obamas plan.
ReplyDelete