I scream BOOOOO to you!
It is the end of October and Halloween is in less than 7 days! Kids are excited for sweets and costumes, and adults are thinking - why is Halloween on a weekday?! The holidays are around the corner and we all scratch our head and start wondering, where did the past year go?
Well I can't answer that, but I can answer where Menifee CA real estate was in the month of October! As we head into the holiday months, we will normally see a slow down begin in October. I know we saw that come about in Temecula when I created my October 2011 Temecula Real Estate Trend Report. That displayed an 18% drop in property closes month over month! Please keep 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. With that said, here are the figures:
Menifee Real Estate Houses Sold and Active Listings Update - October 2011
- Total # of Active Homes 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 looks like Menifee is still keeping a pretty constant pace as we move into Autumn. There has been small alterations in the Menifee real estate market. Total active listings has increased by just 14 houses from the previous month, a 5.6% increase. However the normal asking price is virtually dead even with the previous month. You can compare last month's market report here - Menifee CA Real Estate Report 9/2011.
And, as opposed to the Temecula real estate market, Menifee real estate in fact only slightly dropped in property closes from 99 in August to 95 in September which is a 4% decrease. In terms of prices sold at we decreased just 1.36%. That is quite marginal and Days on Market variable in fact progressed to 73 days from 80 days! That is very intriguing and exhibits that these cities do not follow each other.
In my business I have witnessed a lot more buyers looking for Menifee real estate lately. The price levels are very good and a lot of renters feel their best bang for the buck in Menifee. So overall, we lost just a couple of closes but have stayed steady. However I do expect these amounts to fall as we gear up for the holiday season. That is a pretty steady trend. Nonetheless, with rates so uncommonly small, it is pushing far more first time purchasers into the real estate market.
On a side note, yesterday President Obama expanded the Making Home Affordable structure and I foresee that lowering short sales a tiny bit as MANY more people who are upside down more than 125% will be able to refinance if their financial loans are with Fannie Mae or Freddie Mac. That should affect the market as early as December 2011 but most banks won't transition until January 2012.
I hope this Menifee Real Estate update discovers you and your relatives healthy and looking toward a great holiday season!
Comments(0)