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