Menifee Real Estate Market Update for February 2013

Menifee real estate market update Feb. 2013It’s official! The Menifee Real Estate Market was out of control in February, 2013. It reminds me of the REO boom of 2008 where prices were going up faster than appraisers could figure out where in the world to bring in values. Out of area investors continue to soak up what little Menifee inventory we have while everyone else just looking to find a place to raise their kids are struggling to find something. But not all is lost!  There are strategies that you can use to compete against these investors so that you can actually find yourself a beautiful home here in Menifee.  You can check out those tips here. Now for the numbers- here’s what happened in the Menifee real estate market in February, 2013:

Total units sold: 72
Avg. days on market: 62
Avg. sales price: $225,000
Bank Owned Properties: 27 (37.50%)
New Properties listed: 87
Months supply: 0.7

Only 0.7 months supply- are you serious?! Just to give you some contrast, the housing supply for Menifee in February of 2012 was over 4 months while your average supply for a normal market is 6 months! Kind of amazing that most of our clients are in homes within 30 days (like I said we have some tricks up our sleeves). Total units sold continued to shrink from 84 in January to 72 in February, which came as no surprise as the number of homes for sale here in Menifee continued to decrease.  The average sale price went up to $225,000 from $220,000 in January. The surrounding markets of Temecula, Murrieta, and Corona are all seeing a similar trend.

This is all definitely a great thing for Menifee Sellers. For the past six years Menifee homeowners have watched prices plummet, and  many saw their life savings virtually disappear. Some homeowners may finally be seeing some equity again.  As for buyers? Well it’s dog eat dog for now. The good news is a healthy real estate market means good news for the overall economy so hopefully we are moving in a positive direction. For real estate market status free of charge for your area, simply drop us a line at info@blasicsmithteam.com.

Thanks for listening!
The Blasic Smith Team

 

Posted in Home Buying, Home Selling, Housing Market