It is another beautiful day in Menifee! Spring and Fall are my two favorite seasons. I know Summer can get a little cooking but that is also when the Menifee real estate markets hits its peak. I think we are already starting to see increased activity and a slight increase in property values. So let's hope this trent continues as we move into the formal Summer months.
For the purpose of this update, I want to be very specific about the criteria I am drawing from. This data is for only single family homes that are 3+ bedrooms and 2+ bathrooms. They also have to be priced uner $1,000,000. Honestly, there aren't a lot of homes going up that high but I want to capture all single family homes while excluding Menifee townhomes and condos. The sold numbers are drawn from the month prior - in this case May and includes Menifee short sales. Now onto the numbers...
Menifee Real Estate Update - June 2, 2011
- Total Active Homes Listed - 277 Homes
- Avg. Homes "Active" LPrice - $229,740
- May 2011 Menifee Houses Sold - 76 Homes
- Avg. Closed Home Price - $206,185
- Avg. Days on Market (DOM) - Aproximately 80 days
Let's start with the Menifee Homes Sold in May 2011. Contrasting those numbers versus April we saw 7 less Menifee homes sold. And the price of the average "active" home listing went down marginally by a little over $500. As far as the overall market, it hardly changed at all, with only a difference of 2 less homes on the market than in April than in May.
However, we did see the average price of Menifee real estate sold nudge up by around 2%. Whereas the average sales price in April was $201k, the average sales price in May was 206k. While it was a minor increase, we also saw the average days on market for closed sales also drop from 92 days to 80 days. That is a good sign when supply is staying almost exactly the same.
I will keep an eye on it and compare next months statistics as well to see if the trend continues. Summer is usually very busy as new residents move in and enroll kids in schools, etc. Menifee's schools seem to be getting better each year. I understand Paloma High School has increased well year over year again!
Also, this may be a little late but I wanted to extend a heartfelt Thank You to all of our Military personnel - I hope you enjoyed a fantastic Memorial Day weekend. From my family, clients, and friends we really value and appreciate the sacrafices you make to keep us safe!
Sincerely,
Stefan West, Broker of West Realty
Temecula Real Estate, Menifee Real Estate
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