Menifee CA Real Estate Report July 2011

As we roll into July of 2011, Menifee valley homes sales continue to be at a rapid tempo! Summer is always a chaotic time as people make their move around school schedules amongst other items.

In total, the Menifee real estate market is definitely rising upward but that may just be the summer time impact. Nevertheless, we are seeing increased activity which is a excellent thing! In all of these reviews, I focus on homes that are detached, single household residences priced below $1,000,000. I like consistent numbers so you, the homebuyer, are seeing the exact same standards each and every time. Let us go straight to the amounts:

Menifee Real Estate Analysis Update - July 2011

* Total # of Active Homes Listed - 260
* Average Active List Price - $ 221,861
* Menifee Properties Sold in June - 105
* Avg. June Sales Price - $ 193,688
* Avg. Sold Days on Market - 69

Now let us compare these Menifee real estate numbers against last month. To start off there has been little change in the amount of active properties listed at the time. It has gone straight down from 278 to 260. That would indicate growing demand but the quantity change is tiny. Also, the typical active list price for Menifee houses was $229,700 in June and has dropped to $221,861, a decrease of 3.4%.

Next up although is Menifee real estate sales and there we see an increase from 75 properties sold in May 2011 to 105 homes sold in June 2011, a solid increase of 30 houses of 40% more sales! That is an important move. As for the average sales cost, we see a decrease from $206,180 in May to a lower $193,680 in June. That signifies a fall of $12,500 or 6% in actual closed sales prices for Menifee houses.

So overall, we have some confusing signals. To close it up, we have drastically growing sales but reduced prices of both active and sold houses. The days on market help clean this up as it shrunk from 81 days in May to only 69 days in June. Everything points to much more aggressive pricing but also far more buyers making the purchase selection. It also exhibits that the $200,000 price point is a target area for several buyers.

I am interested to see how this Menifee real estate pattern will change with the figures for closes in July. I will put that review up mid-month or so in August so stay tuned!

Sincerely,

Stefan West, Broker
Temecula Real Estate
Murrieta Real Estate