Featured LCL Rental of the Week: Drake Circle

This beautiful 5 bedroom 3 bathroom 2162 SqFt. cul-de-sac home is located in a great neighborhood up on Bell Mountain. This one story home has an indoor laundry room, 3 car garage and a wonderful backyard. It is close by multiple schools in the Menifee area,  various shopping centers and 215-freeway access.

 For more information about this property please visit our website at www.LCLRealty.com

Spring Home Buying Starts Early!

     Realtor.com has recently released its data on the U.S. Housing Market for February 2013. The National Housing Data (provided below) indicates that current listing inventories increased 1.15 percent, where the median list prices were slightly higher, increasing by $189,900.00. These numbers show that home buyers are getting an early start on the spring season despite the fact inventories recently hit record lows. Lets take a look:

Per Realtor.com the National Data concluded:

• In February, the total number of single-family homes, condos, townhomes and eve co-ops for sale in the U.S. (estimated 1,492,218) increased by 1.15 percent month-over-month. On an annual basis, however, inventory was down by 15.97 percent.
• The national Median list price for single-family homes, condos, townhomes and co-ops (estimated $189,900) increased by 1.01 percent year-over-year and 1.55 percent month-over-month in February. 
• The median age of inventory for sale listing fell to 98 days in February, down 9.26 percent from January and 11.71 percent below the median age one year ago. (February 2012).

Per Realtor.com the Local Data shows:

• Nearly all of the markets with the largest year-over-year declines in their for sale inventories in February were in California, where declines averaged 48 percent. This list includes: Riverside County, Sacramento, Stockton, Oakland, and San Jose, just to name a few. These markets also experienced a dramatic decline in the median age of inventory, falling to an average of 31 days, or 53 percent lower than one year ago. 
• However, on an annual basis, February median list prices were up by 5 percent or more in 51 markets while they were down by more than 5 percent in 11 markets. These markets experiencing a year-over-year list price decline in February (being 39) is significantly below the number of declines observed in January (being 50).

      According to Barbara Caley, broker and part owner of LCL Realty & Property Management "We are entering the the busiest time of the year for home buyers and sellers. Within the last 45 days our listing prices have increased with a significant influx of offers. As the market progresses, you can expect to see the inventory to increase along with higher listing prices as sellers become more satisfied with the market conditions."

Featured LCL Menifee Rental of the Week

 29219 Overboard Dr--Heritage Lake Community:

Gorgeous 4 bed 3 bath home nestled in the Heritage Lake Community. Features an open floor plan, with a fabulous modern kitchen perfect for wining and dining. This home also features a cozy loft upstairs with modest sized bedrooms and a full guest bathroom. The master bedroom includes walk-in closets with shelving to spare! Not to mention the master bathroom with its his and her sinks and wrap around mirrors.  This home is a MUST SEE.

For more information on this property please visit our website at www.lclrealty.com.

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