January 2013 Menifee Real Estate Trends

Well, it’s the beginning of a new year and with that comes resolutions and new beginnings. I hope you are all as excited as I am to see what 2013 has in store. In my monthly report we will be looking at what Menifee real estate market is doing in the New Year. As always my stats are based on single family, detached residences, with 3+ bedrooms and 2+ baths.

·         Total # of Actives  in the Month of January: 65

·         Average Menifee Listed Price: $ 289,818

·         Number of Homes Sold in the Month of December: 96

·         Average Price of Homes Sold: $225,500

·         Average Days on the Market: 64

 Our active listings in Menifee have not changed in numbers to much over the last couple of months. We are only seeing it fluctuate between 1-3 homes. The price in which these homes are selling however, is increasing from $273,710 up to $289,818. Menifee’s housing market seems like its staying pretty quiet in terms of the listings. The numbers aren’t changing a lot either way. 

Moving onto the closes for the month, we had 96 homes close escrow in the month of December and looking back to November there were only 65. That’s an increase of 47%! The price these homes are selling at has gone up slightly to $225,500 from $219,589. Homes aren’t staying on the market as long as they have in the previous months. We are down to 64 from November’s 80 days. 

One thing that I wanted to point out in this month’s report is that the Debt Relief Act has been extended through December 31, 2013. This is a relief to many homeowners who are experiencing financial hardship. Doing a short sale instead of a foreclosure has proven to not impact your credit score as badly. So if any of you are considering a short sale please give me a call and I would be happy to help answer any questions you may have and make this process as easy as I can.

By: Stefan West Owner/Broker – West Realty