Menifee Homes August 2012 Report

August is officially here and we all know what that means vacations, BBQ’s, days spent at the beach and those last few weeks of summer break before the kids go back to school. In this analysis we will be looking at how the Menifee real estate market is doing for the month of August. The following stats are based on single family residences, detached, with 3+ bedrooms and 2+ baths.

·         Total Active Listed on the Market in August: 71

·         Average Menifee Home Listed Price: $275,312

·         # of Menifee Homes Sold in July: 104

·         Average Sold Menifee Home Price: $217,103

·         Average Days on the Market in July: 74

 

What jumps out at me when I see these numbers is that there are 71 “Active” Menifee homes on the market but we closed over 100 last month. We are closing more than we get getting on the market.  That is a huge indicator of super tight supply issues.  With such shrinking supply it is no wonder why the Menifee home prices are moving up.

Looking at the beginning of 2012 we see some stark contrast in homes on the market. For instance, in January there were 263 Menifee homes for sale as opposed to only 71 in August, a reduction of a whopping 78% of homes on the market! And we have seen a corresponding leap in active list pricing. In August we have a list price of $275,312 vs. January’s list price of $223,935 an increase of almost 23%. Let’s hope that we continue to see a steady climb in home prices in the months to follow.

As August comes to a close we are gearing up for another school year and everyone’s favorite, back to school shopping. Hope you have all had a nice summer.

Please don’t hesitate to contact me if you are ready to enter into the market. I would be happy to help in any of your real estate needs.   

Stefan West, Broker/Owner of West Realty, Temecula