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!


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