Menifee Real Estate and Trends October 2011 Report

I scream BOOOOO to you! It is late in the month of October and Halloween is in less than a week! Kids are fired up for sweets and costumes, and adults are thinking - why is Halloween on a Monday?! The holidays are coming up and we all scratch our head and start pondering, where did 2011 go?

Well I don't have the answer to that, however I can answer where Menifee CA real estate went in the month of October! As we get into the holiday months, we will normally see a gradual slow down commence in October. I know we saw that take place in Temecula when I wrote my October 2011 Temecula Real Estate Trend Report. That showed an 18% drop in home closes month over month! Please bear in mind that although this is my October report, the sales amounts trail by a month and are for September closes while the actives are for October. Having said that, here are the numbers:

Menifee Real Estate Properties Sold and Active Listings Update - October 2011

* Total # of Active Properties Listed - 300
* Average Active List Price - $ 218,344
* Menifee CA Properties Sold in September - 95
* Avg. September Sales Price - $ 206,602
* Avg. Sold Days on Market - 73

It appears like Menifee is still keeping a pretty steady tempo as we come into Autumn. There has been very small modifications in the Menifee real estate market. Total active listings have increased by only 14 homes from the previous month, a 5.6% increase. But the average asking price is almost lifeless even with last month. You are able to see last month's report here - Menifee CA Real Estate Report 9/2011.

Also, compared to the Temecula Valley real estate market, Menifee real estate actually just slightly fell in property closes from 99 in August to 95 in September which is a 4% decline. In terms of sold pricing we dropped only 1.36%. That is fairly marginal and Days on Market variable literally progressed to 73 days from 80 days! That is really fascinating and exhibits that these cities are not complete mirror images one another.

In my business I have witnessed a lot more purchasers hunting for Menifee real estate recently. The price levels are really good and numerous renters are feeling their best bang for the buck in Menifee. So overall, we lost only a number of closes but have remained steady. I would expect these numbers to decrease as we head into the holiday season. That is a fairly consistent trend. Although, with rates so uncommonly low, it is pushing more first time buyers into the real estate market.

On another note, yesterday President Obama extended the Making Home Affordable structure and I predict that reducing short sales a little bit as MANY more individuals who are upside down more than 125% will be able to get refinancing if their loans are with Freddie Mac or Fannie Mae. That ought to influence the market as early as December 2011 however most banks will not transition until January.

I hope this Menifee Real Estate update finds you and your family healthy and looking forward to a great holiday season!