Time is speeding by this year and Menifee real estate is speeding along with it! As of just yesterday, the Federal Reserve has taken additional action to stimulate the economy and therefore interest rates went 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 approximated 3.75%! That is an amazing adjustment and the useful side of FHA Streamlines is they are very straightforward for any who presently has an FHA loan - even if the property value has gone down!! Right now, I am wishing I was FHA rather than conventional - Grrr.
Enough about loan stuff (but it is worth learning about if it applies to you), time to get to Menifee Real Estate! As usual, I base my numbers on only Single Family Houses that are priced beneath $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" figures are as of today - September 23rd, 2011. The Menifee "sold" and "closed" numbers are from August 2011. Here we go:
Menifee Real Estate Trends Update - September 2011
- Total # of Active Homes 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 from July. There are a few small shifts when comparing Menifee house trends against July Active and June Sales. To begin with, the complete number of houses has changed from 260 in July to 286 in September, a growth of 10%. Also the sales have dropped from 105 to 99, or about 5%. That is, in essence, two trends moving with each other down which gives us the starting point of something to take into consideration.
Having said that, the average sold price in June was $193,657 versus an average August sales price of $209,464, an increase of about $15,800 or 8% in selling price. That is quite interesting as numerous indicators present a slow down and increased inventory but sales prices are rising. In addition, the Average Days on Market rose from 69 days in June to 80 days in August. Therefore there are three indicators aiming down however the big indicator (price) is pointing up.
This has to be watched since commonly more inventory on the market indicates lower cost. Short sales are definitely having an influence on stats and is able to skew the figures. I will be very curious to see what happens next month. I DO anticipate the large fall in interest rates to boost buyer activity and price point though. Men and Women can now afford more homes since the borrowing rate is lower.
That completes your market report for this month. I apologize for having to skip August this year. I was on holiday for a week and that, as well as the market changing so fast, honestly had me sprinting the remainder of the month! If you ever have any concerns or would like to know anything in particular, just shoot out an email or peruse my website and I will be happy to help!
