Happy Valentine's Day! It is finally here. The one other day out of the year besides Halloween where my kids bring home paper bags full up to the brim with candy. I hope you all had a great Valentine's day even though the weather wasn't so picture perfect in Menifee. With all the romance in the air, let's see if folks are still focused on selling their properties. The criteria for my Menifee homes advisory and projections are single families, detached homes, with 2+ bedrooms and 2+ baths. Here are the numbers:
• Total Actively Listed On Market in February: 284
• Average Menifee Property Listed Price: $ 215,127
• Number of Menifee Properties Sold in January: 69
• Average Sold Menifee Property Price: $ 191,280
• Avg Days On Market Of Homes Sold in January: 97
Let's look at what happened with Menifee's real estate market in January first. The number of properties sold in Menifee in December was 75 while in January it was 69, an 8% drop. Six properties may not appear to be an important number however when you look at the percentage, 8% is a significant difference in the overall market. The price at which these properties in Menifee sold also fell. The sold home price in December was $209,054 while in January it was $191,280, an 8.50% decrease. Plus, the average days on market grew from 90 days in December to 97 days in January, a 7.77% change. It is understandable that the number of homes sold in Menifee decreasing would correlate with the price at which those homes sold decreasing as well.
Now let's see what is happening in February. Comparing January's Menifee Homes Statistics and Analysis with February's Menifee Homes Advisory and Projections, I see that the number of active properties listed on market has increased from 263 homes in January to 284 homes in February. That is a 7.98% increase in listed homes. I also noticed that the listed price has dropped from $223,935 to $215,127. That is a 3.93% decrease in listed price in Menifee. Hopefully with the drop in listed price and the rise in number of properties listed, we will see a growth in number of properties sold in next month's report.
That concludes my Menifee Real Estate Advisory and Projections for February 2012. I hope this report has been enlightening. I wish you a safe and healthy month.
Stefan West (Menifee Real Estate Agent)
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