August 2014 Market Update for Menifee
We are winding up the summer months and as we are heading into fall we are seeing a change in the market throughout the valley. In this month’s August 2014 Market Update for Menifee, I will be comparing the numbers from August to those of April. As always my stats are based on single family, detached residences, with 3+ bedrooms and 2+ baths.
- Total Number of Active Listings:248
- Average Menifee Listed Home Price: $331,224
- Number of Homes Sold in August: 95
- Average Selling Price for Menifee: $302,655
- Average Days on Market: 53
The city of Menifee’s real estate market looks to be increasing its inventory in August. Looking back to April there were only 217 homes on the market and now in August we have seen that number increase by 31 homes. The average listing price has decreased slightly from $338,099 down to $331,224 that’s a difference of 2%. Ultimately we are seeing this number maintain an average.
Looking at what has been selling in the city of Menifee. There were a total of 84 homes that sold in the month of March and now we are seeing that at the close of August, there were a total of 95 homes. That’s only 11 more homes in just 5 months. Our Average selling price for in August has only increased about $8,000. The number of days that homes are staying on the market is only changing by a couple of days. We really haven’t seen any significant changes in the Menifee real estate market throughout the last 5 months.
If you are looking to sell, list, or even if you would just like a current valuation of the market please don’t hesitate in asking for any assistance. I would be more than happy to help you with any of your real estate needs. Thanks for taking a look at my August 2014 Market Update for Menifee.
By: Stefan West – Owner & Broker of West Realty