With Valentine’s Day over I hope you all had a nice day with your loved ones. It’s hard to believe that the month of February is already coming to a close in a week. In my monthly market update I will be pulling numbers for the Menifee’s real estate market. As always my stats are based on single family, detaches residences, with 3+ bedrooms and 2+ baths.
Getting into the numbers for the month of February, I can see right away that we have gone down in the number of active listings. In January we had a total of 64 and now in February we are down to 48 a 25% decrease in inventory. The Price in which these homes are being listed has risen this month to $325,929 from January’s price of $295,498. With the supply of homes still so low it’s continuing to make it difficult for people to purchase a home in the Menifee area as well as other surrounding communities in the valley.
Now taking a look at what is selling in Menifee, we haven’t seen as many homes close escrow in January. We have dropped off 17 homes last month in comparison to December’s numbers. The average price in which they are actually selling for has remained within $1000. The amount of time they are remaining on the market is maintaining its average.
With the debt relief act continuing until December 31, 2013 many homeowners are taking advantage of the benefits by doing a short sale instead of going through the foreclosure process. I have a lot of experience working with these types of situations and I know they can be a long process but if this is something you or someone you know is considering please call and I will be happy to answer any questions and get the ball rolling. I know this can be a difficult situation, but I am here to help.