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