Menifee Real Estate Analysis December 2011

What a great end of year for Menifee! The weather is wonderful, the shopping crazy, and the holiday atmosphere is in full effect. As we move closer to 2012, people continue to ask me what real estate is doing. I feel the election year, the stock market, and the real estate market are truly on everyone's thoughts this time of year. So I have brought my figures together so you are able to stay current on the Menifee real estate industry.

As you probably know, my numbers are gathered primarily based on single family homes, 3+ bedrooms, 2+ baths, and detached in nature. This excludes condos and townhomes but I feel it to be the greatest indicator of the industry. Let's have a peek:

# Number of Actively Listed on the Market - 252
# Avg. Menifee Property Listed Price - $223,077
# Menifee Properties Sold in November - 58
# Avg. Sold Menifee Cost for November - $225,949
# Avg. Days on Market Prior To Sale - 85 Days

These amounts match what I anticipated for the traditional slowing down as the holiday season comes upon us. Ironically, when I did my Temecula Valley real estate analysis and trends, I had been shocked to find a rise in closings comparing month over month. But in Menifee we can see a far more common decrease in closings from 68 in October to 58 in November, a drop of 14.7%. Also, we noticed an important drop in sales going from September to October - so I am being cautious about pricing at this moment.

With that said, pricing of Menifee houses sold in fact increased generally, from $209,560 the previous month to $225,950, a 7.82% increase in sold pricing. This pricing distinction remains a trend for three months now however November was by far the most significant leap. Supply has remained nearly precisely the same and days on market grew from 78 last month to 85 days this month. So the significant change in avg. sold cost is a shock knowing that sales numbers are lower, no change in supply, and that it is taking properties more time to sell.

That wraps up your Dec. Menifee Real Estate report! I hope the holidays are terrific for you and your family members and wish you all a very Merry Christmas!

Local Agent Provides Alternatives for Homeowners Facing Foreclosure

Local CDPE-designated agent, Colleen Moorhouse of Freedom Realty and Mortgage, has developed a website providing information describing several opportunities for homeowners to avoid the negative financial impact of foreclosure.

This community resource is available at http://hosted.cdpe.com/Colleen and defines foreclosure alternatives including short sales, loan modifications, and forbearance.

“It’s a concern to me that so few in our community know their options when they start to fall behind on mortgage payments,” Moorhouse said. “If they act quickly and get informed, they can make informed decisions to find financial stability.”

Foreclosure alternatives such as short sales—which now make up over one-third of real estate closings across the nation—are an increasingly popular way for both homeowners and lenders to minimize their losses in this tough economy.

“More lenders are realizing that they can save money in a short sale versus a foreclosure, and are more likely than they were three years ago to approve a short sale offer.” Moorhouse said. “This is good news for homeowners because they now have more options than ever.”

The CDPE designation Colleen has acquired provides real estate professionals with specific understanding of the complex issues confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.

For more information about the CDPE Designation, visit www.CDPE.com.

Menifee Real Estate Report and Trends November 2011

I know this is a little late but here you go - your Menifee Real Estate Market Report for November 2011!
I had to absorb the holidays and all that turkey before I was able to bring myself to post this. In fact, I was away for a quick weekend and the real estate market in Menifee has been quite active! Congrats to Stephanie and Rudy on their new Menifee home by the way!

I will make this trends report fairly fast but will be comparing it with my Menifee Real Estate Market Report for October 2011 to see any current adjustments. Even though I am reporting after the month, the numbers were pulled in November for this article. As always, I focus on single family homes, 3+ bedrooms, not attached, etc. Maintaining a consistent standards is the core of this article.

* Total # of Active Menifee Homes Listed - 247
* Average Menifee Home Listed Price - $223,451
* Ttl. # of Menifee Homes Sold in October - 68
* Average Menifee October Sales Price - $209,566
* Average Days on Market before sale - 78

Reading this report, it seems that some things are slowing down as we come up to the new year. This isn't unusual but it does contrast with my Temecula Real Estate Market Report that describes the very same amount of Temecula houses closing in both September and October - ie., no real reduction. In October, Menifee house sales fell from 95 units in September to only 68 units in October, a decline of 28.4% month over month. That is a pretty significant difference!

Even so, supply has also fallen from 300 active Menifee Houses in October to 247 in November, a 17.66% decrease in available inventory. That is also a significant reduction of readily available properties. Going back for a minute, we can catch that both the average Active list cost and average Sold cost have grown. The active list was $218,344 in October and is now $223,450 in November, a difference of 2.33%. The average sold cost grew from $206,600 in September to $209,566 in October, a minor 1.43% difference but still an upward one in both statistics.

It looks like we are having a contraction in the market on the supply side. We also see a shrinking in the buyer or demand side as well. I know standard and bank owned houses are moving pretty quickly if they are in respectable to excellent shape. This indicates that banking institutions are decreasing supply and the flippers are slowing a tiny bit. But the prices have held constant and slightly increased so we might have struck an interesting balance. Having said that, I do not to see closings figures down that significantly over the drop in supply. I would argue for reduced pricing but yet, currently that is not the case since supply is more limited.

This shows a couple months in decreasing sales figures for Menifee property sales. But pricing is hanging pretty well and I am really curious to see what develops in December actives and November sales in my next report. Meanwhile, I hope you all had a great Menifee Thanksgiving and are currently working on your Christmas lights!

Sincerely,

Stefan West, Broker for Menifee Real Estate and Temecula Homes!

Real Estate Activity High - For Holidays

Real Estate sales in November and December are typically level, but so far this November has seen good activity in the market.

Housing prices are stabilizing in the valley and in some areas have seen an increase. Menifee Real Estate, when compared to Temecula Real Estate, has historically lagged when prices have increased, but this holiday season we are expecting to see an increase in sales because of the record low prices. We are on Temecula's tail!

With the new addition of Best Buy and the surrounding "blue chip" businesses, Menifee has become a sought after little town. Realtors agree that Menifee is becoming an ideal place to live and an even better place to invest.

Skylar Lewis

Menifee Real Estate

Temecula Real Estate
Carpet Cleaning
Tile Cleaning

Happy Veteran's Day!!

I will get my update for Menifee up next week. But today is Veteran's day and I want to wish all the military familes out there a huge Thank You!

As a real estate guy, I get to see more of what you deal with than most. I have helped families move when a spouse is on rotation, talked with clients over skype when they are half a world away, and watched how challenging keeping a family together can be.

I also see how often you are transferred to North Carolina, Virginia, overseas, Hawaii, Arizona, etc after you are settled in here and the kids are enrolled. You put up with A LOT of things most people never think about.

So thank you very much. I am very blessed to work with many military over the last decade and it is inspiring to see great people and families at work.

Have a great Veteran's day!

Sincerely,

Stefan West
Temecula Real Estate
Menifee Real Estate

Menifee Real Estate and Trends October 2011 Report

I scream BOOOOO to you! It is late in the month of October and Halloween is in less than a week! Kids are fired up for sweets and costumes, and adults are thinking - why is Halloween on a Monday?! The holidays are coming up and we all scratch our head and start pondering, where did 2011 go?

Well I don't have the answer to that, however I can answer where Menifee CA real estate went in the month of October! As we get into the holiday months, we will normally see a gradual slow down commence in October. I know we saw that take place in Temecula when I wrote my October 2011 Temecula Real Estate Trend Report. That showed an 18% drop in home closes month over month! Please bear in mind that although this is my October report, the sales amounts trail by a month and are for September closes while the actives are for October. Having said that, here are the numbers:

Menifee Real Estate Properties Sold and Active Listings Update - October 2011

* Total # of Active Properties Listed - 300
* Average Active List Price - $ 218,344
* Menifee CA Properties Sold in September - 95
* Avg. September Sales Price - $ 206,602
* Avg. Sold Days on Market - 73

It appears like Menifee is still keeping a pretty steady tempo as we come into Autumn. There has been very small modifications in the Menifee real estate market. Total active listings have increased by only 14 homes from the previous month, a 5.6% increase. But the average asking price is almost lifeless even with last month. You are able to see last month's report here - Menifee CA Real Estate Report 9/2011.

Also, compared to the Temecula Valley real estate market, Menifee real estate actually just slightly fell in property closes from 99 in August to 95 in September which is a 4% decline. In terms of sold pricing we dropped only 1.36%. That is fairly marginal and Days on Market variable literally progressed to 73 days from 80 days! That is really fascinating and exhibits that these cities are not complete mirror images one another.

In my business I have witnessed a lot more purchasers hunting for Menifee real estate recently. The price levels are really good and numerous renters are feeling their best bang for the buck in Menifee. So overall, we lost only a number of closes but have remained steady. I would expect these numbers to decrease as we head into the holiday season. That is a fairly consistent trend. Although, with rates so uncommonly low, it is pushing more first time buyers into the real estate market.

On another note, yesterday President Obama extended the Making Home Affordable structure and I predict that reducing short sales a little bit as MANY more individuals who are upside down more than 125% will be able to get refinancing if their loans are with Freddie Mac or Fannie Mae. That ought to influence the market as early as December 2011 however most banks will not transition until January.

I hope this Menifee Real Estate update finds you and your family healthy and looking forward to a great holiday season!

Menifee CA Real Estate Market 9/2011

Time is speeding by this year and Menifee real estate is flying along with it! As of just yesterday, the Federal Reserve has taken additional action to stimulate the economy and thus interest rates dropped even lower! I just had a client contact my lender today to do an FHA Streamline and lower their rate from 5.5% which they obtained about 1.5 years ago to an estimated 3.75%! That is an extraordinary change and the beneficial side of FHA Streamlines is they are quite simple for anybody who presently has an FHA loan - even if the property value has fallen down!! Right now, I am wishing I was FHA instead of conventional - Grrr.

Enough about loan stuff (but it is worth learning about if it applies to you), time to get to Menifee Real Estate! As always, I base my amounts on just Single Family Dwellings that are priced under $1,000,000. The highest close in Menifee in August was $394,990 as a side note! Additionally, make sure you remember that all the "Active" quantities are as of today - September 23rd, 2011. The Menifee "sold" and "closed" amounts are from August 2011. Let's begin:

Menifee Real Estate Trends Update - September 2011

* Total # of Active Houses Listed - 286
* Average Active List Price - $ 218,338
* Menifee Houses Sold in August - 99
* Avg. August Sales Price - $ 209,464
* Avg. Sold Days on Market - 80

So my most recent update was back in July. There are a few small differences when comparing Menifee property trends against July Active and June Sales. First, the complete amount of homes has changed from 260 in July to 286 in September, an increase of 10%. And the sales have decreased from 105 to 99, or approximately 5%. That is, in essence, two trends moving collectively downward which gives us the beginning of something to pay attention to.

However, the average sold price in June was $193,657 versus an average August sales price of $209,464, a growth of roughly $15,800 or 8% in selling price. That is incredibly intriguing as numerous indicators show a slow down and increased inventory but sales prices are rising. In addition, the Average Days on Market went from 69 days in June to 80 days in August. Therefore there are three signs pointing down however the big sign (price) is going up.

This needs to be watched closely because usually additional supply on the market indicates lower price. Short sales are certainly making an impact on stats and is able to mess with the numbers. I will be extremely curious to see what happens next month. I DO expect the large drop in interest rates to boost consumer activity and price point though. People can now afford far more homes since the borrowing rate is down.

That ends your installment for this month. I apologize for having to skip August 2011. I was on vacation for a week and that, plus the market moving so fast, truly had me sprinting the rest of the month! If you ever have any inquiries or would like to know something specific, just shoot out an e-mail or take a look at my internet site and I will be pleased to help!

Sincerely,

Stefan West, Menifee Real Estate Broker
951-894-6199
www.stefanwest.com