July is halfway over and it’s hard to believe. I hope you are all enjoying your summer with a fun family vacation or just lazy days at the beach. In this month’s Menifee market trends report, I will be pulling the numbers for the month of July and comparing them to April’s numbers. As always my stats are based on single family, detached residences, with 3+bedrooms, and 2+ baths.
- Total Number of Active July Listings in Menifee: 177
- Average Menifee Listed Price for Homes in July: $388,248
- Number of Menifee Closes in June: 120
- Average Sold Price for homes in June: $341,888
- Average Days on the Market: 47
Right away I’m seeing an increase in the amount of homes listed in July. We currently have 177 homes active on the market in Menifee. Back in April there were only 147. That’s only an increase of 30 homes in the city of Menifee but we are seeing an increase of inventory throughout the valley. The average price that homes are being listed for is $388,248 vs April’s number of $339,846.
Looking at what has been selling in Menifee, there were 120 closes in June and in March we had a total of 211. That number has decreased by 43% last month. The average price that homes are selling for is $341,888, which is a slight increase from March with a $339,846 average. The days that homes are on the market has improved by 5 days in June.
We are seeing a lot of inventory in the higher price points and those are tending to stay on the market longer with fewer showings. The market that is hot is the $350,000 range. Those are being listed underpriced as agents are trying to create bidding wars amongst buyers.
If you or anyone you know is looking to buy or sell in the area, please give me a call as I would be more than happy to help with any of your real estate needs.
Enjoy the rest of your summer!