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 19^th in Menifee is their 2^nd 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