Menifee is a city in Riverside County, California, United States, and part of the Los Angeles Combined Statistical Area. The city is centrally located in the heart of Southern California, almost 15 miles (24 km) north of Temecula and bordering the city of Murrieta. Menifee is roughly 46 square miles (100 km2) in size and has an elevation of 1,424 feet (434 m). The incorporated City of Menifee includes the communities of Sun City, Quail Valley, Paloma Valley, and Romoland.
The questions most often asked of us by Menifee home sellers are “How much will my home sell for?” and “How quickly will it sell?”. Of course, the answers are quite property specific, but the below charts show the local market average for the last year.
Another major factor for Menifee buyers and sellers should be listing competition. The charts below show market trends for new listings as well as the current number of active homes for sale.
These next charts are perhaps more useful for us Brokers, but are key market indicators nonetheless. Months of Inventory estimates how long it would take to sell all the homes currently on the market if no new listings were added. Most brokers still consider six months to equal a “balanced market”. Less than that is a “sellers’ market”, more is a “buyer’s market”.
The number of pending sales indicates the actual number of properties under contract. This data is particularly helpful when compared to the number of listings.
Lastly, potential buyers regularly ask about buying foreclosure properties (in search of a better deal). Since recovery from the great recession of 2008, foreclosures have remained at record lows.