All right, here is your October, 2023 real estate housing market update. We're going to get into all the latest stats for the cities of Temecula, Murrieta, and Menifee, California. We're going to talk about how many new listings are coming up on the market, how much active inventory is out there for buyers to choose from, how long the average home has taken, taking a sell, and then what's going on with home prices. We're going to get in all the stats, so let's go ahead and get into it. Hey guys. Hey again, my name is Justin Short. I'm a realtor and team leader for the short real estate team here in Temecula, California, in Myta, California. And this is our monthly staple video going over all the latest real estate stats for the cities of Temecula, myta, and Menifee. So we're going to get all the stats, we're going to compare it year over year, kind of tell you what the difference is, what's been going on, what the trends are over the last 12 months, and then I'll give you my perspective as a real estate agent about what we're dealing with on a daily basis and really how that's affecting our clients.

But the first thing, if you are liking videos like this and you want to see more real estate videos about the local area, please do me a favor, please hit like please hit subscribe. Obviously it helps me, it helps my channel. Obviously we're trying to continue to grow it. And then if you have any specific real estate questions, I would definitely love to hear from you so you guys can feel free to reach out. You're going to see my information down below, or at the end of the video you can feel free to call, text, or email. Happy to answer any questions that you may have or do anything that we can to help you out with your home search or of course, help you actually look at some homes and help actually make your move out here. So of course we'd love to hear from you, but we'll get into all the stats here.

So just like our other videos, it's going to be the same format. So the first thing we're going to talk about is the total number of new listings. We're going to compare 2023, so this year versus last year over the last 30 days. So if we compare to 12 months ago, so in October, 2023 in the city of Temecula, we saw a total of 151 new listings pop up on the market. And this year, over the last 30 days, we've only seen 95 new homes pop on the market. So that's significantly less. Really, it's a 37% decrease in new inventory this year compared to last year, which is huge. I mean almost 40% city of Marietta, you're going to see similar numbers. So a year ago we were seeing 156 new listings come up on the market this year, only 133, so about 15% less city of Menefee.

Last year we saw 181 new listings coming up on the market, and then this year only 126, so that's a 30% drop. So across the board, all three cities, significantly less inventory, right? About 30% myriad, the changes a little bit less, which something for us to keep an eye on. Alright, so the next stat we're going to go over is the total number of active listings. So basically this is if you're a home buyer and you want to go try and buy a home in a given city, let's say city of Temecula, this is how many available homes that you're going to have to choose from, how many active listings are out there for you to look at. So a year ago in the city of Temecula, there was 408 available homes for you to choose from, and then this year we're down to only 209 available homes.

So that's a 49% decrease in available inventory this year compared to last year. Big reason for that is the stat we just went over is that there's just not enough new inventory coming and it's been that way for several months. So we're just not seeing enough out there. Sit in Marietta, same trend. So last year we had 493 available homes to choose from this year as a buyer in Marietta, there's only 245 available homes to choose from. So again, it's a 50% decrease in available inventory. That's basically half as many houses to choose from if you want to buy something. And then mefe, same deal last year there was 542 available homes to choose from. This year you're down to 246, which is a 54% decrease. I think for the active listening, this is probably the biggest change that I've ever seen year over year, 50% decrease.

I mean that's a ton of a huge difference that really impacts you as a buyer, what you're going to have to choose from, what your competition is going to be on available homes. And really as a real estate agent, that's something that we are seeing daily for our clients for sure. Alright, so the next stat is going to be your average days on market. So basically this is just how long the average home is taking to sell in today's market. And really based on the last two stats, it's probably pretty self-explanatory, is that the average days on market is down this year compared to last year when there's not enough new inventory coming, there's not enough inventory for a buyer to choose from. What's out there is going to continue to sell faster and faster because it's becoming more and more scarce. So city of Temecula, last year, the average home is selling in 31 days This year the average home is selling now in 25 days.

So that's obviously six days less, almost a week faster this year compared to last year, but that's a 19% change. So that's a pretty big difference. And then if we go to City Marietta, last year the average home was selling in 36 days. Right now the average home is selling in 32 days, so four days faster, which is an 11% change. And then phy last year the average home was selling in 36 days. This year it's more of a drastic change down to only 23 days, so just over three weeks. And so that's going to be a 36% change year over year. So again, it's the lack of inventory is really driving things even though interest rates are pretty high right now. Interest rates, I saw some clients getting quotes up to 8%, which is significantly higher than it was a year ago and double

So even with the higher rates because of the lack of inventory, the demand is still there and that's keeping pricing going pretty steady, which you're going to see right now. Alright, so the last stat we're going to talk about is your average sales price. So over the last couple months, if you guys were watching, there was some discrepancies about not all the cities really matched up really well together. One city or another would kind of be off compared to the others I mentioned. I thought that might just be because of some outliers, whether a few high sales prices or a few low sales prices. But I think looking at the numbers this month, I think they're pretty on par with what we're seeing on a daily basis. So basically the gist is we're actually seeing pricing has gone up over the last 12 months and for most of the valley here.

So 12 months ago, the average home in the city of Temecula was selling for $817,000. And this year the average home is now selling for $877,000. So that's a 7% increase in average sales price. We go to Murrieta. Last year the average home was selling in for $638,000 and then this year the average home is now selling for 714,000. So that's a 12% increase. City of Menifee, you actually saw the other different trend actually you're going to see a lower price, but the average price last year was $556,000. The average today is 535,000, which is almost a 4% decrease in average sales price. So I think things are probably what we're experiencing on a daily basis. I think that Temecula number is probably most accurate, where things are somewhere in that five to 7% range on an increase. Again, guys, I mentioned a home or two that's high or a home or two that's low can definitely throw off these numbers.

But in general, with the lack of inventory with not enough new listings coming up on the market, with home selling relatively quickly, we're seeing a decent amount of multiple offers. Situations as well. We're seeing sales prices either hold steady or actually increase just a little bit on that year over year number. And then really all of this is affecting us as real estate agents with our clients is right now, if you have a home that we're selling your home, as long as it's a nice home in a good area that's decently well priced, it's going to sell really, really quick. Most of our listings are actually selling within a week or two so faster than what the average numbers are showing. And then as a home buyer, what that means is when an available home pops up that's in your price range that you like, we need to go today to go take a look at it. So as soon as it's out there, we got

To able to jump on it and occasionally we're going to see some multiple offer situations. We're going to see 2, 3, 4, 6 offers on a house. You might get into a bidding war, although it's nothing crazy, it was a couple years ago. I mean, there's still some stiff competition, right? If your offer is not as strong as some of the others, which maybe you're not putting down as much money or you have different contingencies or whatever the case may be, it can really affect you. Or as opposed to if you are putting a big chunk down or paying cash or have a little bit more leverage on your side, you could probably throw around your weight a little bit more, get yourself a little bit better deal and be able to get your offer accepted more easily. So hopefully that's good information for you guys. Hopefully it's good perspective on what's going on with the real estate market. If you have any questions, you can always feel free to reach out. Again, you're going to see my information down below. Of course, we'd love to hear from you guys. Please sit like please sit, subscribe, and hopefully I will talk to you soon. Thanks.