Happy April! I hope all of you were able to get your taxes done with plenty of time and little stress. I want to jump right into my analysis because there are some very interesting statistics being thrown into the mix here. When I pulled my numbers, I was shocked to see what had happened. In general, my numbers are for single family homes, detached, with 3+ bedrooms and 2+ baths. Here they are:
• Total # Actively Listed On Market in April: 159
• Average Menifee Property Listed Price: $ 231,299
• Number of Menifee Properties Sold in March: 94
• Average Sold Menifee Property Price: $ 214,229
• Avg Days On Market Of Homes Sold in March: 90
After looking at the active numbers for Menifee, it seems that they are mirroring what happened in Temecula. Supply is being affected in Menifee's real estate market as well. The number of homes actively listed dropped from 193 properties in March to 159 properties in April. This 17.62% decrease mirrors almost exactly how Temecula's real estate market was affected. The price that these fewer homes are listed at rose from $227,442 to $231,299. That is a slight difference of 1.69%. This drastic drop in supply is a bad sign for Menifee's real estate market.
The closed numbers also mirrored what I saw in Temecula this month. The number of homes sold in March shot up 67.85%! That is one of the biggest percentages I have seen from month to month. The price at which these homes sold also grew from $206,225 to $214,229. That is a slight increase of 3.88%. The average days on market increased from 76 days to 90 days. That is a difference of 18.42%. That is a pretty significant change in the number of days on market. Overall the supply has been hit pretty hard. The number of homes actively listed isn't keeping up with the number of homes sold.
And that is my Menifee Homes 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 want 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.