October 2012 Market Stats for Menifee

With the month of October well underway we are still experiencing hot temperatures and I’m sure I’m not alone when I say that I am ready for it to cool off. In this month’s market analysis we will take a look at what Menifee’s real estate market is doing for the month of October. As always my stats are based on single family, detached residences, with 3+ bedrooms, and 2+ bathrooms.

·         Total # of Actives listed in October: 74

·         Average Menifee Home Listed Price: $263,882

·         # of Homes Sold in September: 87

·         Average Sold Menifee Home Price: $218,121

·         Average Days on the Market: 81

Jumping right into the month of October I see that we have added 1 more house to the Menifee market. I went back to my August report to see where we were for active listings and at that time we had 71 homes on the market then we added 2 more in September and now 1 more in October. So it looks like the supply of homes in Menifee is VERY slowly but surely climbing in numbers, but I wouldn’t get too excited yet since the surrounding communities continue to drop their active listing number each month.

In the month of September we had 87 homes close vs. August’s number of 94, which is a slight drop in homes by 7%. This is still very much a seller’s market with the supply of homes being so small. Moving onto the sold home price, in August we were looking at an average selling price of $214,774 and we have increased that number to $218,121 in September. The number of days homes are remaining on the market also improved some.

I hope you all are having a great month so far, please check back with me next month for my updated report. If you have any questions or if you are ready to enter into the market I would be more than happy to help.

Stefan West – Owner/Broker of West Realty

September 2012 Market Analysis for Menifee

Fall is just around the corner and with the weather we are having it’s hard to believe. I can’t wait for the cooler temperatures to get here. In this month’s report we will be looking at what the Menifee real estatemarket is doing for the month of September. As always my stats are based on single family, detached residences, with 3+ bedrooms and 2+ bathrooms.

      ·         Total # of Active Listed in September is: 73

·         Average Menifee Home Listed Price: $265,685

·         # of Homes Sold in August: 94

·         Average Sold Menifee Home Price: $214,774

·         Average Days on the Market: 87

Looking right away at this month’s numbers I notice that almost all the numbers have decreased. The active listed homes on the market for the month only increased by 2 in September. Menifee’s home listed price also dropped from $275,312 to $265,685 a 3% decrease. Keep in mind that we started the year out at 263 homes on the market and in the month of September we only have 73 active homes on the market a 72% decrease. The demand for homes remains fierce. 

Moving onto the sold stats there is only a slight difference between July and August’s sold home price. July was at $217,103 and August at $214,774. The average days on the market for the month of August is 87, an increase of 13 days that homes are remaining on the market. In looking at the overall picture for the month we see less homes on the market but priced higher, however we are seeing a slight increase in days on the market and price reductions. It will be interesting to see how this will impact supply next month.
If you have any questions or are ready to enter into the real estate market please contact me.

Stefan West