Menifee Homes Market Advisory February 2012

Happy Valentine's Day! It is finally here. The one other day of the year besides Halloween where my kids bring home bags full up to the brim with candy. I hope you all had a memorable Valentine's day even though the weather wasn't so picture perfect in Menifee. With all the romance in the air, let's see if families are still focused on selling their properties. The criteria for my Menifee real estate advisory and projections are single families, detached homes, with 2+ bedrooms and 2+ baths. Here are my numbers:

• Total Actively Listed On Market in February: 284
• Average Menifee Property Listed Price: $ 215,127
• Number of Menifee Properties Sold in January: 69
• Average Sold Menifee Property Price: $ 191,280
• Avg Days On Market Of Homes Sold in January:

Let's look at what happened with Menifee's real estate market in January first. The number of homes sold in Menifee in December was 75 while in January it was 69, an 8% decline. Six properties may not seem like an important number however when you pay attention to the percentage, 8% is a significant difference in the overall market. The price at which these homes in Menifee sold also decreased. The sold home price in December was $209,054 while in January it was $191,280, an 8.50% drop. Furthermore, the average days on market grew from 90 days in December to 97 days in January, a 7.77% difference. It is understandable that the amount of homes sold in Menifee dropping would correlate with the price at which those properties sold falling as well.

Now let's see what is happening in February. Comparing January's Menifee Real Estate Statistics and Analysis to February's Menifee Real Estate Advisory and Projections, I noticed that the number of active homes listed on market has risen from 263 homes in January to 284 properties in February. That is a 7.98% increase in listed homes. I also noticed that the listed price has decreased from $223,935 to $215,127. That is a 3.93% decrease in listed price in Menifee. Hopefully with the drop in listed price and the rise in number of homes listed, we see a growth in number of properties sold in next month's report.

That concludes my Menifee Real Estate Advisory and Projections for February 2012. I hope this article has been enlightening. I wish you a safe and healthy month.

Stefan West (Menifee Real Estate Agent)