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.

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

Menifee Housing Market February 2013

With Valentine’s Day over I hope you all had a nice day with your loved ones. It’s hard to believe that the month of February is already coming to a close in a week. In my monthly market update I will be pulling numbers for the Menifee’s real estate market. As always my stats are based on single family, detaches residences, with 3+ bedrooms and 2+ baths.

·         Total # of Active Listing for Menifee: 48

·         Average Listing Price for Menifee: $325,929

·         # of Homes Sold in January: 80

·         Average Sold Menifee Home Price: $227,609

·         Average Days on the Market: 65

Getting into the numbers for the month of February, I can see right away that we have gone down in the number of active listings. In January we had a total of 64 and now in February we are down to 48 a 25% decrease in inventory. The Price in which these homes are being listed has risen this month to $325,929 from January’s price of $295,498. With the supply of homes still so low it’s continuing to make it difficult for people to purchase a home in the Menifee area as well as other surrounding communities in the valley.

Now taking a look at what is selling in Menifee, we haven’t seen as many homes close escrow in January. We have dropped off 17 homes last month in comparison to December’s numbers. The average price in which they are actually selling for has remained within $1000. The amount of time they are remaining on the market is maintaining its average.

With the debt relief act continuing until December 31, 2013 many homeowners are taking advantage of the benefits by doing a short sale instead of going through the foreclosure process. I have a lot of experience working with these types of situations and I know they can be a long process but if this is something you or someone you know is considering please call and I will be happy to answer any questions and get the ball rolling. I know this can be a difficult situation, but I am here to help.

By: Stefan West Owner/Broker of West Realty

 

January 2013 Menifee Real Estate Trends

Well, it’s the beginning of a new year and with that comes resolutions and new beginnings. I hope you are all as excited as I am to see what 2013 has in store. In my monthly report we will be looking at what Menifee real estate market is doing in the New Year. As always my stats are based on single family, detached residences, with 3+ bedrooms and 2+ baths.

·         Total # of Actives  in the Month of January: 65

·         Average Menifee Listed Price: $ 289,818

·         Number of Homes Sold in the Month of December: 96

·         Average Price of Homes Sold: $225,500

·         Average Days on the Market: 64

 Our active listings in Menifee have not changed in numbers to much over the last couple of months. We are only seeing it fluctuate between 1-3 homes. The price in which these homes are selling however, is increasing from $273,710 up to $289,818. Menifee’s housing market seems like its staying pretty quiet in terms of the listings. The numbers aren’t changing a lot either way. 

Moving onto the closes for the month, we had 96 homes close escrow in the month of December and looking back to November there were only 65. That’s an increase of 47%! The price these homes are selling at has gone up slightly to $225,500 from $219,589. Homes aren’t staying on the market as long as they have in the previous months. We are down to 64 from November’s 80 days. 

One thing that I wanted to point out in this month’s report is that the Debt Relief Act has been extended through December 31, 2013. This is a relief to many homeowners who are experiencing financial hardship. Doing a short sale instead of a foreclosure has proven to not impact your credit score as badly. So if any of you are considering a short sale please give me a call and I would be happy to help answer any questions you may have and make this process as easy as I can.

By: Stefan West Owner/Broker – West Realty