We are a little bit cheaper than our friends to the south, Temecula and Murrieta. Their average sale prices are above $250,000 now. We are cheaper than Wildomar and Canyon Lake. Perris and the Hemet area have cheaper priced homes. Because of our prices, our properties have the best chance of increasing in value of most of the surrounding areas.
Bank owned properties are 27% of closed escrows, short sales are 46%, standard sales are 27%. Notices of defaults (foreclosure notices) are down nearly 40%. The numbers of distressed properties on the market are down over 65%. But standard sales are up and that is a good sign. More and more first time buyers are getting into the market. Investors are too.
The future of housing market prices in Menifee is good. They should be doubling in 5 years or so (my guess). More and more builders will build homes and a different type of home. The old 7,500 square foot lot is not in so much demand today. Young people and retirees want smaller, easier to care for properties. We will become a more upscale, suburban city. We will have a downtown with upscale restaurants and stores. We will have several areas with large lots with upscale homes. We will have some high-density areas too.
The city is having growing pains. We have a new city manager now and I believe you will see many improvements soon. I think, as does all the councilmembers, that we all need to work together so that the city develops correctly.
The general plan is being developed now so we have a map of where things should be placed. It is an exciting time! The future of Menifee is being placed on paper! We will have industrial and commercial areas. We need to understand what infrastructure we need and when we need it. The general plan helps with this.
Come to City Council meetings, Planning Commission meetings and see what is happening. Participate if you can.