DOM = Days on Market - Increasing in Menifee Area

After experiencing such a drastic increase in home values during the first 3 quarters of 2013, the Menifee market, as I saw it, fell flat around September of 2013. Although the SW Riverside Association of Realtors projected a 6-8% increase in our area in the year 2014, I have only really seen value increases in our Senior 55+ neighborhoods.  What has definitely increased, however, is the length of time it takes for homes to sell.

Here is a breakdown of how long it is taking homes to sell here in the City of Menifee based on certain criteria.

The criteria used for this are based on:
     "Standard" sales (no REO/Short)
      Single Family Home (SFR - no manufactured)
      Less than $500,000
      Not in age restricted 55+ community

I have also divided the two sets into homes with POOLS (either private or community) and NON-POOL homes.

NON POOL HOMES

46 homes SOLD in the last 0-30 days, at an average of 56 days on the market
52 homes SOLD in the preceeding 31-60 days, at an average of 52 days on the market

55 homes are PENDING with an average of 55 days on the market
129 homes are ACTIVE with an average of 61 days on the market
       (45 homes listed at less than $300k with an average of 52 days on market)
       (84 homes listed at more than $300k with an average of 70 days on market)

POOL HOMES (Private and/or Community Pool)

30 homes SOLD in the last 0-30 days, at an average of 52 days on the market
45 homes SOLD in the preceding 31-60 days, at an average of 58 days on the market

45 homes are PENDING with an average of 38 days on the market
103 homes are ACTIVE with an average of 61 days on the market
       (34 homes listed at than $300k with an average of 56 days on market)
       (70 homes listed at more than $300k with an average of 61 days on market)

It is interesting to note that out of the 232 ACTIVE homes on the market, 77 of these homes are listed at $350,000+, which will definitely attribute to the length of days on the market because FHA loans are currently capped at $350,000.

If you are wondering what YOUR home is worth, contact us today for a free, no pressure, no obligation evaluation of your property.

Cynthia Nemelka, Owner
RE/MAX Diamond Realty

Menifee Property Management

26900 Newport Rd., #120

Menifee, CA 92584

(951) 301-9888 RE/MAX Office

(951) 301-9993 Menifee Property Management office

(951) 742-4697 Fax
(951) 259-9019 Cynthia's cell
www.TeamDadAndDaughters.com