Time is speeding by this year and Menifee real estate is speeding along with it! As of just recently, the Federal Reserve has taken additional action to stimulate the economy and thus interest rates dropped even lower!
I just had a client get in touch with my lender today to do an FHA Streamline and lessen their rate from 5.5% which they obtained about 1.5 years ago to an estimated 3.75%! That is an outstanding difference and the helpful side of FHA Streamlines is they are quite easy for any who at the moment has an FHA loan - even if the property value has fallen down!! Currently, I am wishing I was FHA instead of conventional - Grrr.
Enough about loan stuff (but it is worth understanding if it applies to you), time to get to Menifee Real Estate! As always, I founded my numbers on just Single Family Homes that are listed under $1,000,000. The highest close in Menifee in August was $394,990 as a side note! On top of that, make sure you keep in mind that all the "Active" quantities are as of today - September 23rd, 2011. The Menifee "sold" and "closed" quantities are from August 2011. Let's begin:
Menifee Real Estate Trends Update - September 2011
- Total # of Active Houses Listed - 286
- Average Active List Cost - $ 218,338
- Menifee Properties Sold in August - 99
- Avg. August Sales Cost - $ 209,464
- Avg. Sold Days on Market - 80
Now my last update was back in July. There are some small shifts when contrasting Menifee property trends against July Active and June Sales. Foremost, the total amount of houses has jumped from 260 in July to 286 in September, an increase of 10%. Also the sales have slipped from 105 to 99, or approximately 5%. That is, in essence, two trends moving collectively down which offers us the beginning of something to pay attention to.
Having said that, 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 quite intriguing as various indicators present a slow down and increased supply but sales prices are increasing. On top of that, the Average Days on Market rose from 69 days in June to 80 days in August. So there are three indicators aiming down but the big hint (cost) is going up.
This has to be watched closely simply because commonly additional supply on the market means lower cost. Short sales are definitely having an influence on statistics and has the ability to skew the numbers. I will be extremely interested to see what occurs next month. I DO expect the huge drop in interest rates to increase buyer activity and price point though. People can now afford more homes considering the borrowing rate is lower.
That concludes your market report for this month. Sorry I had to skip August this year. I was on vacation for a week and that, along with the market changing so quick, really had me sprinting the remainder of the month! If you ever have any questions or wish to know anything in particular, just send me an email or pay a visit to my internet site and I will be happy to help!
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