What a great month for the city of Menifee!
The climate is fantastic, the purchasing crazy, and the holiday spirit is in full effect. As we get nearer to 2012, people continue to ask me how real estate is doing. I think the election, the stock market, and the real estate market are really on everyone's mind at this time of year. So I have brought my numbers together so you can keep up to date on the Menifee real estate industry.
As you most likely know, my numbers are gathered based on single family homes, 3+ bedrooms, 2+ baths, and detached in nature. This will exclude condos and townhomes but I think it to be the finest indicator of the real estate industry. Let's take a look:
- Number of Actively Listed on the Market - 252
- Avg. Menifee House Listed Price - $223,077
- Menifee Houses Sold in November - 58
- Avg. Sold Menifee Cost for November - $225,949
- Avg. Days on Market Before Sale - 85 Days
These amounts match what I expected for the standard slow down as the holiday closes in. Ironically, when I created my Temecula Valley real estate report and trends, I was surprised to see an increase in closings month to month. But in Menifee we see a far more common decrease in closings from 68 in Oct to 58 in November, a drop of 14.7%. We also noticed an important decrease in sales moving from Sept to Oct - so I am careful with pricing at the moment.
Having said that, pricing of Menifee properties sold actually went up generally, from $209,560 the previous month to $225,950, a 7.82% growth in sold pricing. This pricing difference continues a trend for 3 months now however Nov was by far the greatest leap. Supply has remained almost precisely the same and days on market rose from 78 the previous month to 85 days this month. So the significant change in avg. sold cost is a shock knowing that sales figures are lower, no difference in supply, and that it is taking homes more time to sell.
That closes your Dec. Menifee Real Estate report! I hope the holidays are terrific for you and your family members and wish everybody a very Merry Christmas!
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