I know it is a little past due but here it is - your Menifee Real Estate Trends Report for November 2011! I had to absorb the holidays and all that stuffing before I was able to bring myself to write this. In fact, I was gone for a short weekend and the real estate market in Menifee has been incredibly busy! Congrats to Stephanie and Rudy on their new Menifee house by the way!
I will make this report pretty quick but will be comparing it with my Menifee Real Estate Trends Report for October to take a look at any current adjustments. Although I am writing after the month's end, the numbers were pulled in November for this article. As always, I concentrate on single family houses, 3+ bedrooms, not attached, etc. Holding a regular standards is the core of this article.
- Total # of Active Menifee Homes Listed - 247
- Average Menifee Property Listed Price - $223,451
- Ttl. # of Menifee Houses Sold in OCT - 68
- Average Menifee October Sales Price - $209,566
- Average Days on Market before sale - 78
Seeing this article, it appears that things are slowing as we head towards the year's end. This isn't unusual however it does differ with my Temecula Real Estate Market Report that exhibits the very same amount of Temecula properties closing in both September and October - ie., no real reduction. In October, Menifee property sales decreased from 95 units in September to only 68 in October, a decrease of 28.4% month over month. That is a fairly significant step!
Nevertheless, supply has also decreased from 300 active Menifee Homes in October to 247 in November, a 17.66% decrease in readily available inventory. That is also an important shrinking of readily available homes. Going back for a second, we are able to see that both the average Active list price and average Sold cost have gone up. The active list was $218,344 in October and is now $223,450 in November, a change of 2.33%. The average sold price grew from $206,600 in September to $209,566 in October, a minor 1.43% difference however still an upward change in both statistics.
It appears like we are having a contraction in the market on the supply side. We also see a contraction in the buyer or demand side as well. I know standard and bank owned homes are leaving quite rapidly if they are in decent to excellent shape. So this indicates that banking institutions are reducing supply and the flippers are slowing down a little. However the prices have held constant and somewhat grew so we may possibly have hit an interesting balance. However, I do not to see closings figures down much over the fall in supply. I would push for reduced pricing but however, as of right now that is not the case because supply is more limited.
This makes two months in decreasing sales amounts for Menifee house sales. But pricing is hanging rather well and I am incredibly curious to see what evolves in December actives and November sales in my upcoming report. Meanwhile, I hope you all had a great Menifee Thanksgiving and are already working on your Christmas decorations!
Sincerely,
Stefan West, Broker for Menifee Real Estate and Temecula Valley Properties!
