With Valentine’s Day over I hope you all had a nice day with
your loved ones. It’s hard to believe that the month of February is already
coming to a close in a week. In my monthly market update I will be pulling
numbers for the Menifee’s real estate market. As always my stats are based on
single family, detaches residences, with 3+ bedrooms and 2+ baths.
·
Total # of Active Listing for Menifee: 48
·
Average Listing Price for Menifee: $325,929
·
# of Homes Sold in January: 80
·
Average Sold Menifee Home Price: $227,609
·
Average Days on the Market: 65
Getting into the numbers for the month of February, I can see
right away that we have gone down in the number of active listings. In January
we had a total of 64 and now in February we are down to 48 a 25% decrease in inventory.
The Price in which these homes are being listed has risen this month to
$325,929 from January’s price of $295,498. With the supply of homes still so
low it’s continuing to make it difficult for people to purchase a home in the
Menifee area as well as other surrounding communities in the valley.
Now taking a look at what is selling in Menifee, we haven’t
seen as many homes close escrow in January. We have dropped off 17 homes last
month in comparison to December’s numbers. The average price in which they are
actually selling for has remained within $1000. The amount of time they are
remaining on the market is maintaining its average.
With the debt relief act continuing until December 31, 2013
many homeowners are taking advantage of the benefits by doing a short sale
instead of going through the foreclosure process. I have a lot of experience
working with these types of situations and I know they can be a long process but
if this is something you or someone you know is considering please call and I
will be happy to answer any questions and get the ball rolling. I know this can
be a difficult situation, but I am here to help.
By: Stefan West Owner/Broker of West Realty