March 2013 Market Conditions for Menifee

Well with it being the month of March we have two holidays ahead of us. The first being St. Patty’s Day and the second is Easter. So after your done having your green beer it’s time to get out those Easter baskets in preparation for the Easter Bunnies arrival. In my report for the month I will be pulling the numbers for the city of Menifee. As always my stats are based on single family, detached residences, with 3+ bedrooms and 2+ baths.

·         Total # of Active Listings for Menifee: 40

·         Average Listing Price for Menifee: $324,831

·         # of Homes Sold in February: 65

·         Average Sold Home Price: $230,823

·         Average Days on the Market: 57

In pulling the numbers for the month of March I can see that we have dropped down in our active listings by 8 homes. We are still not seeing much of an improvement with Menifee’s real estate market. With the inventory of homes not increasing dramatically it’s still very much a seller’s market out there. The average listed price is maintaining its average of $324,831.

Taking a look at what sold in February I see that we have decreased our sold numbers by 18%. In January we had 80 homes close escrow and in the month of February we only had 65. Like our average listing price, our sold price is staying within a couple thousand dollars each month. No real change in this number.

Again, if you or someone you know is looking to buy or sell a home in the area I would be more than happy to help. I have been working in this valley for over 10 years and know this area well. Also if you have any questions in regards to short selling your home or would just like a complimentary market analysis of your home please let me know and I can get the information to you accordingly.

By: Stefan West - Owner/Broker of West Realty