I say BOOOOO to you! It is late in the month of October and Halloween is in less than 7 days! Kids are fired up for sweets and costumes, and parents are thinking - why is Halloween on a weekday?! The holidays are coming up and we all scratch our head and start wondering, where did the past year go?
Well I don't have the answer to that, but I can tell you where Menifee CA real estate was in the month of October! As we head into the holiday months, we will usually see a slow down begin in October. I know we saw that occur in Temecula Valley when I wrote my October 2011 Temecula Real Estate Market Report. That displayed an 18% decrease in property closes month after month! Please don't forget that although this is my October report, the sales figures trail by a month and are for September closes however the actives are for October. With that said, here are the numbers:
Menifee Real Estate Homes Sold and Active Listings Update - October 2011
- Total # of Active Homes Listed - 300
- Average Active List Price - $ 218,344
- Menifee CA Houses Sold in September - 95
- Avg. September Sales Price - $ 206,602
- Avg. Sold Days on Market - 73
It appears like Menifee is continuing to keep a very steady tempo as we come into Autumn. There has been very little changes in the Menifee real estate market. Total active listings has increased by only 14 properties from the previous month, a 5.6% increase. But the normal asking price is almost dead even with the previous month. You are able to compare last month's market report here - Menifee CA Real Estate Report 9/2011.
And, compared to the Temecula Valley real estate market, Menifee real estate in fact just slightly dropped in house closes from 99 in August to 95 in September which is a 4% decline. In terms of sold pricing we dropped just 1.36%. That is quite marginal and Days on Market variable in fact progressed to 73 days from 80 days! That is extremely interesting and exhibits that these cities do not follow one another.
In my profession I have seen a lot more prospective buyers hunting for Menifee real estate lately. The price points are really good and a lot of renters feel their best bang for the buck in Menifee. So overall, we lost only a few closes but have stayed constant. However I would expect these figures to decrease as we head into the holidays. That is a rather steady trend. Although, with rates so uncommonly low, it is bringing far more first time purchasers into the market.
On another note, yesterday President Obama expanded the Making Home Affordable structure and I predict that decreasing short sales a little as MANY more people who are upside down more than 125% will be able to get refinancing if their loans are with Fannie Mae or Freddie Mac. That should hit the market as early as December 2011 but most banks will not transition until 2012.
I hope this Menifee Real Estate update sees you and your family healthy and looking forward to a wonderful holiday season!
