All right. Here is your May 2022 real estate housing market update. We're going to talk about all the stats here locally in the Temecula, Murrieta, Menifee area. We're going to talk about the total number of new listings, total number of active listings, how long the average home is taking to sell and what the current average price point is out here in the valley. So let's go ahead and get into it.


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 Murrieta Temecula Valley. We're trying to keep these videos again coming regular for you, and this is our monthly staple. It's a real estate housing market update. So this again is going to be for May 2022. We're going to give you all the stats in the real estate market, talking about the total number of new listings, total number of active available listings, how long the average home is taking to sell and the average price point. So just like the other ones we're going to compare last year, so 2021, compared to this year 2022, and hopefully keep you guys updated on what's going on.


So, first thing though, if you are liking the videos, please go ahead and hit like. Please go ahead and hit subscribe. So again, it helps me helps the channel. Obviously, that's why I'm doing this. I'm trying to continue to grow it. I've had a lot of you guys reach out lately, especially over the last few months. A lot of people that are relocating here or relocating out of the area. Definitely love hearing from you guys. So you can feel free call, text, email. A lot of people will text me and we can set up a time to chat. But hopefully you are liking the videos and giving you some good information. So cool. Let's get into it.


So, first thing we're going to talk about is the total number of new listings. So for the city of Temecula last year in 2021, there was a total of 272 new listings that came up on the market. This year, 2022, there's only 241 new listings. So really, I guess that's like 30, about 31 less listings this year than compared to a year ago. City of Murrieta, so last year there was 323 new listings that came up on the market and then this year there was 317. So really about the same. I mean, there's six less listings. I mean that's not really moving the needle at all. And then city of Menifee, so last year there was 250 new listings and then this year 257 new listings. So actually again, about the same. We had a few extra, which is great. At least we're moving in the right direction there.


The next thing we are going to get into is the total number of active listings. So again, last year city of Temecula, there was a total of 227 active available listings on the market. This year, 2022, there is 224 active available listings. City of Murrieta, last year there's 282 new listings. This year, 307 new listings. So that's not bad, an extra 25 properties that are still available on the market. And then in Menifee last year, there was 239 new listings. This year, 254 available listings.


So the next stat is going to be the average days on market. So the DOM, so just how long the average home is taking to sell. So last year in the city of Temecula, the average home was selling in 12 days. This year, we've gone down to 17 days. City of Murrieta, so last year, the average home was selling in 13 days. And then city of Murrieta this year, the average home was selling in 14 days. So really about the same. Again, you're right there at two weeks. City of Menifee, last year the average home was selling in 12 days. This year we're now at 16 days. So just a couple day trend up as far as a little bit longer. So more or less about the same.


But the thing with the days on market stat is it's a little bit of a lagging indicator. As far as the actual effects on these stats, it can take a month or two to really catch up to what we're seeing in the market. But starting to see a little bit of a slowdown, nothing drastic, but maybe we're trending in the right direction. So the average sales price last year in May 2021 in the city of Temecula was $719,000. This year, the average price point is $837,000. So I mean, obviously that's a ton of appreciation. That's almost $120,000 up that the pricing has gone. I mean, that means you bought a house last year, you can sell for $120,000 more this year. So, I mean, that's pretty incredible. We're going to start seeing those numbers slow down just a bit, but as far as comparing year over year that's pretty incredible.


Last year, Murrieta, the average home was selling for $605,000. This year, the average home was selling for $645,000. So $140,000 swing. Obviously that's a ton of equity. It's great if you own a home, right? It's tough if you're not selling and buying one, because you don't have all that equity. City of Menifee, last year the average home was selling for $482,000. This year, the average home is selling for $568,000. So almost, I guess that's an $85,000 swing. Quick, quick math thing. I'm right. So $85,000 swing year over year. It's still, again a ton of appreciation all across the board. So I mean those are kind of the stats that I wanted to go over with you guys.


As you can see, the stats don't show much of a slowdown just yet. There's still not enough available new listings. The amount of active, available homes is basically about the same, slightly up. And price point year over year is drastically up still. And the days on market still really hasn't really changed. However, so what we are starting to see, so as our team and as are really our office, our brokerage and all the other agents I talk to, we are definitely seeing a lot more of a shift and a slowdown on our end at more of the ground levels. So they may not show on the stats for another 30, 60 days.


But right now, and I can give you a couple personal examples of where we've put some new listings up on the market, three months ago, we put them up, we're going to have 10 offers. It's going to sell $20,000 over list price and it's just not the case anymore. So one of them, it's a great property here in Murrieta. Instead of selling that first weekend with 10 offers, it took us two weeks to sell and we got one offer, almost two offers on it. So that's a big difference. It's still a sellers market. Home is still selling quick, but just starting to see it a little bit of a slow down.


And then we had another one here where in Menifee we put up a really, really nice property up on the market. It's only a few years old, built in 2019, and after one week we just ended up with one offer. So it still sold less than a week. Obviously it's still a great price sold right at list price. But we're not seeing that 20 offer, 10 offer, eight offer bidding war that really bid the prices up. So I think it's going to be a little bit of a sign of what we're going to see from now until the end of summer. Just a little bit of a mellowing, a little bit of a leveling of the market. And so it'll be interesting as things shift just a little bit. So again, hopefully you guys are liking the videos. If you have any questions, you can feel free to reach out. Please like. Please subscribe. Call, text, email me, we'd love to hear from you guys and talk to you soon. Thanks.