Time is speeding by this year and Menifee real estate is speeding along with it!
Enough about loan stuff (although it is worth learning about if it is applicable to you), time to get to Menifee Real Estate! As usual, I founded my amounts on just Single Family Houses that are priced under $1,000,000. The highest close in Menifee in August was $394,990 as an additional note! Furthermore, make sure you remember that all the "Active" amounts are as of today - September 23rd, 2011. The Menifee "sold" and "closed" numbers are from August 2011. Let's begin:
Menifee Real Estate Trends Update - September 2011
- Total # of Active Properties Listed - 286
- Average Active List Price - $ 218,339
- Menifee Houses Sold in August - 99
- Avg. August Sales Price - $ 209,464
- Avg. Sold Days on Market - 80
Now my last update was back in July. There are a few minimal differences when contrasting Menifee property trends against July Active and June Sales. First, the complete number of houses has risen from 260 in July to 286 in September, an increase of 10%. And the sales have dropped from 105 to 99, or about 5%. That is, generally, two trends shifting with each other down which gives us the starting point of something to take into consideration.
Having said that, the average sold price in June was $193,657 as opposed to an average August sales price of $209,464, a growth of approximately $15,800 or 8% in price. That is very intriguing as numerous indicators show a slow down and increased inventory but sales prices are rising. Moreover, the Average Days on Market rose from 69 days in June to 80 days in August. Therefore there are three hints pointing down but the greater sign (cost) is pointing up.
This needs to be watched closely simply because usually more supply on the market means lower selling price. Short sales are undoubtedly making an influence on stats and is able to skew the numbers. I am very curious to see what occurs next month. I DO expect the huge decrease in interest rates to improve buyer activity and price point though. Individuals can now afford more properties since the borrowing rate is lower.
That finishes your market report for this month. Sorry I had to skip August 2011. I was on vacation for a week and that, along with the market shifting so quick, genuinely had me running the remainder of the month! If you ever have any inquiries or would like to know anything in particular, just shoot over an email or go to my internet site and I will be pleased to help!
