Happy April! I hope you all were able to get your taxes done with plenty of time and little stress. I want to get right into my analysis because there have been some very interesting stats being thrown into the mix here. When I pulled my figures, I was shocked to see what had happened. As usual, my stats are for single family residences, detached, with 3+ bedrooms and 2+ baths. Here we go:
• Total # Actives Listed On Market in April: 159
• Average Menifee Property Listed Price: $ 231,299
• Total # of Menifee Properties Sold in March: 94
• Average Sold Menifee Property Price: $ 214,229
• Avg Days On Market Of Properties Sold in March: 90
After seeing the active statistics for Menifee, it looks like they are following what happened in Temecula. Supply is being impacted in Menifee's real estate market as well. The total number of properties actively listed dropped from 190 properties in March to 155 properties in April. This 17.5% decrease follows almost exactly how Temecula's real estate market was impacted. The price that these fewer properties are listed at rose from $227,000 to $231,299. That is a slight difference of 1.69%. This drastic decrease in supply is a bad indicator for Menifee's real estate market.
The closed figures also copied what I noticed in Temecula this month. The total amount of homes sold in March grew 67%! That is one of the biggest percentages I have seen from month to month. The price at which these properties sold also grew from $205,000 to $214,000. That is a slight growth of 4%. The avg days on market grew from 76 days to 90 days. That is a difference of 18.5%. That is a pretty significant change in the number of days on market. Overall, the supply has been hit pretty hard. The amount of properties actively listed isn't keeping up with the number of properties sold.
And that is my Menifee Real Estate Market Analysis for April 2012. I hope you found what I discovered with April's statistics insightful. If you have any questions or anything you would like to add, don't be afraid to shoot over an email. I hope you stay in good health and we will meet again next month.
Stefan West
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