Market Trends for Menifee April 2013

April is coming to a close and with May just around the corner we have Mother’s Day to start thinking about. Mother’s Day is a great way to celebrate all those special women in our lives. Also coming up on May 19th in Menifee is their 2nd annual Half Marathon and 5K. Clink on the link and it will take you to all the info. In my market trends report for the month I will be looking at Menifee’s real estate market to see if we have made any improvements from March. As always my stats are based on single family, detached residences, with 3+ bedrooms and 2+ baths.

·         Total # of Active Listings: 40

·         Average Listing Price for Menifee in April: $311,703

·         # of Homes Sold in March: 82

·         Average Sold Home Price in Menifee: $240,917

·         Average Days on the Market: 46

Unfortunately the number of active homes on the market hasn’t changed at all! With there being no new listings available, buyers are continuing to be frustrated with the low supply of inventory in the area. The listing price has dropped slightly in April to $311,703 from $324,831 in March. I am hopeful that in May we will see an improvement in the number of listing in the Menifee area.

Now moving onto what is selling in Menifee. I’m seeing an improvement for March, there were 82 homes close escrow and back in February there were only 65 that’s an increase of 26%. The average selling price for these homes has also gone up from $230,823 to $240,917. We are seeing a decrease in the amount of time that homes are remaining on the market by 11 days in March.

If you or someone you know is looking to buy or sell a home in the area please contact my office and we would be more than happy to help you in any way we can.

Have a great month!

By: Stefan West - Owner/Broker of West Realty

Cash Offers shut out Average Home Buyers

Average home buyers are being shut out due to all cash offers in today's market. With the influx of inventory being released by the banks, an enormous amount of all cash offers are swooping up the inventory and dominating the market. The lineup against average buyers are fiercely competitive investors, others paying cash, a scarcity of homes for sale, and bidding wars that have run up prices and even problematic appraisals.  
In a normal market, increasing demand and rising prices would encourage more sellers to put their homes on the market which is a slow occurrence because home prices fell so low during the crash that many homeowners can still only sell their homes at a loss with little to no profit.
Another obstacle for some would-be buyers are those who are paid by commission or who are self-employed. The self-employed or comission paid people may fall outside the credit guidelines of Fannie Mae or Freddie Mac; the two government-owned companies that purchase mortgages from banks. 
According to Barbara Caley, part owner of LCL Realty and Property Management "With the increase of market inventory, banks have been offering to carry. However, since there has been a significant increase of all cash buyers the banks have opted to accept the cash offers over any carry. This has been making the market highly competitive and inventory has been flying off the shelves."

If you or anyone you know are in this type of situation please contact our office at (951) 260-0711. We have experienced agents that will work with you given any situation. Let us help secure your dream home today!

Sale Prices Continue to Rise

Total current home sales increased 0.8 percent to an adjusted annual rate of 4.98 million in February from a revised 4.94 million in January, and are 10.2 percent over the 4.52 million-unit level in February 2012. February sales are at the highest level since the tax credit period of November 2009.

Total housing inventory toward the end of February rose 9.6 percent to 1.94 million current homes available for sale, up from 4.3 months in January, which was the lowest since May 2005. Listed inventory is 19.2 percent below a year ago when there was a 6.4-month supply.

Single-family home sales dropped 0.2 percent to an adjusted annual rate of 4.36 million in February from 4.37 million in January, but increased 8.7 percent above the 4.01 million-unit pace in February 2012. The median existing single-family home price was $173,800 in February, which is 11.3 percent higher than a year ago.

Existing condominium and co-op sales rose 8.8 percent to an annualized rate of 620,000 in February from 570,000 in January, and are 21.6 percent above the 510,000-a year ago. The median existing condo price was $172,500 in February, up 13.9 percent from February 2012.