Market Conditions: 11/18/2010 for Sun City / Menifee, California

By
Real Estate Appraiser with BAYER APPRAISALS

Appraiser Adjustment Matrix

Area                          Sun City - Menifee                  Date 11/18/2010

Square Footage

0-3 Months

4-6 Months

Difference

2800-3000

$230,000

$234,500

$-4500

2600-2800

$225,000

$228,000

$-3000

difference

$5000

$6500

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2400-2600

$225,000

$225,000

$0

difference

$0

$3000

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2200-2400

$220,000

$208,451

$11,549

difference

$5000

$16,549

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2000-2200

$195,000

$209,000

$-14,000

Difference

$25,000

$-549

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1800-2000

$189,000

$187,000

$2000

Difference

$6000

$22,000

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1600-1800

$174,500

$174,450

$50

Difference

$14,500

$12,550

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1400-1600

$149,000

$155,000

$-6000

difference

$25,500

$19,450

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1200-1400

$130,000

$143,900

$-13,900

difference

$19,000

$11,100

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Difference TOTAL

$100,000

$90,600

$-27,801

Divide by 8

$12,500

$11,325

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Divide by 9

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$-3089

Divide by 200 sq'

= $ per Sq' $62.5

= $ per Sq'  $57

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Divide by 90 days

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= $ per day $-34

Data used is median sales prices in the area - for either current to 3-months or 4-6 months; by house square footage ranges.  In the gray boxes in the difference between the 2 median prices per the adjacent ranges.  Data indicates the difference in median sales prices was $62.50 in the most recent 3-month period, in the prior 3-month period the difference was $57 per square foot (= market derived adjustment for square feet).  Between the 2 time periods prices were found to be dropping at $34 per day (= about a $1000 per month loss of value).  Data below indicates an increase in short sales in the current market and the difference in median prices between standard sales and distress sales, per square foot. 

 

Total Number

% Standard

% REO

% Short Sales

Active Listings

426

27%

20%

47%

Pending Sales

245

23%

31%

40%

Closed Sales

148

36%

40%

19%

Sold 1-year ago

146

36%

45%

15%

Median sold prices

Standard Sq'

REO per Sq'

Short per Sq'

Standard DOM

REO DOM

Short sales

DOM

2009

$100

$85

$83

62

24

151

2010

$97

$87

$84

58

49

161

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