What a fantastic day!
Today Menifee featured a 76 degree and no cloud stunner! I hope you enjoyed it as much as I did - umm sitting at my computer! Enough chit chat, here's the scoop - starting this month I will plan to update this blog montly with information regarding the Menifee real estate in the following format:
•The number of Menifee Homes currently listed on the market
•The previous month's number of Menifee homes sold
•The average days on market to sell the homes
•Both the current average list price and the average closing
My overall goal is to provide consistent Menifee real estate update for Menifee owners, potential home buyers, and future Menifee citizens.
This data will give you a solid trend pattern of the Menifee Real Estate market as the year unfolds. I will also include additional information about Menifee so you can learn something new each time you visit. As an example, did you know that South Riverside county led appreciation rates nationwide from 2002-2007 at an average of almost 30% per year?! That may be a large contributor to our real estate market losing so much value of course!
There is your pinch of Menifee community information for this post. Ok, one more - did you know Menifee has grown up to a population of 77,705 as of 2010 and is roughly 416 miles from California's state capital? Ok, enough fun, I know you want to know the numbers :).
As a reporting baseline, these stats are based only on single family homes in Menifee, priced from 0-$1,000,000. They do not include townhouses or condos, etc. They also focus on 3 bedroom homes as they represent the fundamental definition of a single family residence.
Here are the numbers for my May 2011 Menifee Real Estate Update:
•There are 280 Menifee homes currently listed
•The average list price is $230,389
•In April, 82 homes in Menifee were sold at an average price of $201,889
•And the closed homes were on the market for approximately 93 days.
The average days on market is deceptive. This is due to the fact that many active homes are short sales that already have offers on them. It messes up the integrity of the number a little bit. The average time on market for a sharp, well-priced standard or Menifee bank owned property is MUCH shorter. Usually, they are left as "active" until banks agree to a submitted offer. In fact, I will be showing quite a few short sales to a great couple on Friday and when I call to check status I find they often have multiple offers already.
There it is, your Menifee real estate report for May 2011. If you are considering moving to the great Menifee community, please do not hesitate to contact me or my team. We love to welcome new people to our home and always strive to exceed your highest expectations!
Sincerely,
Stefan West, Broker of West Realty
Specializing in Menifee Homes and Menifee CA Real Estate
Menifee CA Real Estate Update - May 2011
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Stefan West, Broker
Cynthia Nemelka, Realtor
Skylar Lewis, Realtor
Good info, thanks for sharing. Do you feel comfortable giving any projections on home values in the later parts of the year (Fall time frame) or maybe even next year? Anything you see playing a role, negatively or positively, on our home value?
ReplyDeletePredictions are very tough in this market. The reason is that we already have a huge motivating factor in terms of low interest rates and great housing prices. The market is DEFINATELY better than 2 years ago. It may be hard to see but it is doing better but it is fragile.
ReplyDeleteI am not liking what I am seeing at the Macro level right now - economically speaking. Locally, I think things are and have been getting better. So my prediction is that I believe we will grow our homes values in the 3-5% range on average. But if we get any more of an upsurge in inflation, gas prices, etc, that will hit us a bit because we are often a commuting community.