Hey guys. Hey, so this is going to be your April 2022 real estate housing market update. We're going to talk about average sales price, how long the average home has taken to sell and how much new inventory is coming on the market here in the Temecula, Murrieta and Menifee area. So stay tuned.

Hey guys. Hey again, my name is Justin Short. I am a realtor and team leader for the short real estate team here in the Murietta Temecula Valley. Wanted to make sure keep these videos coming. So we have been doing a once a month real estate housing market update. We're just keeping you guys posted on the newest stats, as far as total number of new listings, total number of active listings, how long the average home has taken to sell. And most importantly, really what's happening, average sales price. So we're going to talk about Murietta, Temecula and Menifee. We're going to get into some of those stats and hopefully keep you guys updated on what's going on here locally. We are just starting to see things change just a little bit. So as we go through some of the stats, I'll also tell you what we're seeing just from our personal side of things and what we're seeing as a team here.

But first, if you are liking the videos, please, please, please go ahead and hit like. Please go ahead and subscribe. Helps me, helps the channel. And if you any real estate questions or anything you guys want to talk about, please feel free to reach out. Have a lot of people reach out to us each week. Love talking with you guys. Love to answer any questions about the area. I'd love to talk with you about your home search or what we can do here to try and help you out. So you're going to see our information down below. Feel free, call, text, email, and would definitely love to talk with more of you guys and to help you through the process.

So, first thing we're going to get into is the total number of new listings. So this is going to be the same format as the previous videos, but quick rundown. So we're going to compare last year's stats. So it's going to be April 2021 to this year, which is April 2022. So last year in the city of Temecula, there was a total 259 new listings that were put up for sale. This year, there's only 210 new listings. City of Murrieta, last year, 271. This year, only 200 new listings. And then city of Menifee, last year there's 210. This year, we're actually seeing a little bit of an uptick. There's 221, so that's a big challenge that we're having, is just still not enough available inventory. Let's go ahead and talk about the next stat.

All right, so the next stat we're going to talk about is the total number of active listings. So active listings is like the available inventory. So it's not just the new ones popping up on the market, but that is going to be if you searching for a home, how many homes are actually currently for sale?

So anything that's gone into escrow is going to be taken out here. So, first thing again, talk about Temecula. Last year, there was 205 total active listings. This year, there's less. There's only 159 total listings. Last year in Murrieta, there was 271 total active listings. And then this year there's only 200 active listings. So Temecula and Murrieta both have significantly less active listings. City of Menifee, we actually see a little bit different. So last year was only 210. This year, we see a slight uptick, 221 total listings. A.

Ll right, cool. So the next thing we're going to talk about is the average days on market. So days on market is how long the average home is taking to sell. So in Temecula last year, the average home was selling in 15 days. This year, the average home is basically the same at selling in 16 days, so just over two weeks. Last year in Murrieta, was the average home is selling in 16 days. This year, the average home is selling in 13 days, under two weeks now. And then Menifee last year, the average home was selling in 13 days. This year, big uptick, we've run up to 18 days. So again, super consistent, super heavy sellers market. And then just to give you guys some pretty good perspective here, so what's like a good average days on market as far as a balance between buyers and sellers market? We're really looking at closer to a four to five months average days on market.

So it could be it's 120 to 150 days. That means there's some decent inventory that's out there,. Homes aren't selling right away, so that just shows you that's considered average. And that's a healthy, balanced market. When we're down at two weeks, super heavy seller's market.

And so the last thing we're talking about is average sales price. So with all the other stats and just if you've seen a news headline time over the last year and a half, market's going up, things are appreciating. But looking at the numbers, that continues to be, pretty strong. So the average home in Temecula last year was selling for $724,000 dollars. This year, the average home in tome selling for $799,000. So knocking on the door at $800,000 for an average sales price, which is just incredible. And then last year for Murrieta, there was average sales price, is 595,000. This year, 685,000. Menifee, last year, the average sales price was 450,000. This year, $556,000. So Menifee, it's over $100,000 swing Murrieta, it's basically a $90,000 swing. And in Temecula, basically a $75,000 swing.

So you can see how fast things are appreciating. So if you bought a home last year in Temecula, your home is probably appreciated $75,000, which that's awesome for you. You have all that equity. But I don't think it's sustainable long term at that, but we have not seen the market really start to ... We haven't seen the stats really start to flatline at all. And so one of the things I did want to talk to you guys about is what we are starting to see on a day to day basis. So over the last few weeks, and there's been a lot of headlines about the fed raising the interest rates that's caused mortgage rates to raise. The mortgage rates have really gone a lot higher over the last couple of months. They've gone almost a 2% swing.

So they were down right about 3%. They're up to about 5%, which is still it's a historical low as far as what the average interest rate is. But it's a lot higher. 2%, it's a big jump compared to what it was a couple months ago. So we are just now starting to see things flatten out just a little bit. And what I don't know, and it's hard to say, is if that is a short thing where it just ... Buyers have like this ... There's this shock from seeing that 5% number as the rates get so high, or if it's really indicative of the rate's high enough that affordability's an issue and things are really going to flatline. Anyways, I hope that helps you guys out. Hopefully gives you good perspective. If you want any more information on the market, feel free to reach out. Call, text, email. Again, we'd love to hear from you guys and love to help you in any way that we can, so hopefully talk to you soon. Thanks.