I know it is a little bit past due but here it is - your Menifee Real Estate Market Report for November 2011! I had to absorb the holidays and all that food before I was able to bring myself to post this. Actually, I was gone for a quick weekend and the real estate market in Menifee has grown incredibly active! Congrats to Stephanie and Rudy on their new Menifee house by the way!
I will make this report pretty fast but will be contrasting it with my Menifee Real Estate Trends Report for October to see any recent changes. Despite the fact that I am writing after the fact, the figures were taken in November for this report. As usual, I concentrate on single family houses, 3+ bedrooms, not attached, etc. Maintaining a consistent standards is the core of this article.
- Total # of Active Menifee Properties Listed - 247
- Average Menifee House Listed Price - $223,451
- Ttl. # of Menifee Properties Sold in October - 68
- Average Menifee October Sales Price - $209,566
- Average Days on Market before sale - 78
Seeing this report, it appears that things are slowing as we come up to the year's end. This is not unusual but it does differ with my Temecula Real Estate Market Report that shows the exact same amount of Temecula Valley houses closing in both September and October - ie., no true slowdown. In October, Menifee property sales decreased from 95 units in September to only 68 units in October, a drop of 28.4% month over month. That is a fairly significant difference!
Nonetheless, supply has also fallen from 300 active Menifee Houses in October to 247 in November, a 17.66% reduction in available inventory. That is also an important reduction of available homes. Going backward for a minute, we can see that both the average Active list cost and average Sold price have gone up. The active list was $218,344 in October and is now $223,450 in November, a change of 2.33%. The average sold cost grew from $206,600 in September to $209,566 in October, a minor 1.43% difference however still an upward difference in both statistics.
It looks like we are having a shrinking in the market on the supply side. We are also seeing a constriction in the consumer or demand side as well. I know standard and bank owned homes are leaving very fast if they are in decent to superb shape. So this suggests that banking institutions are minimizing supply and the flippers are slowing down a tiny bit. However the prices have held steady and slightly grew so we may have hit a significant balance. Having said that, I don't like to see closings figures down that significantly over the fall in supply. I would argue for decreased pricing but however, as of right now that isn't the situation given that supply is far more restricted.
This shows two months in dropping sales figures for Menifee home sales. But pricing is holding rather well and I am extremely interested to see what develops in December actives and November sales in my upcoming article. Meanwhile, I hope you all had a fantastic Menifee Turkey day and are currently putting on your Xmas lights!
Sincerely,
Stefan West, Broker for Menifee Real Estate and Temecula Homes for Sale!
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