All right, so here is your November, 2023 real estate housing market update. So 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 average sales price, how many new listings are coming up on the market, how long those homes are taken to sell, and then how much active inventory is out there for a buyer to choose from. So we're going to get into 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 with a short real estate team here in Temecula, California in Murrieta California. And like I mentioned, this video is our monthly staple. This is our real estate market update. So we're going to get into all the latest stats for the cities of Temecula, Murrieta, and Menifee, California. And then we're going to compare today's stats versus what we were experiencing a year ago, so back in 2022. But the first thing, if you're liking videos like this and you want to see more real estate videos about the local market, do me a favor, please. Hit like please sit, subscribe. So we have videos that are coming out each and every week. We have all types of stuff talking about best neighborhoods, worst neighborhoods, what part of town you want to live in, what part of town you don't want to live in.
Best schools comparing Temecula versus Murrieta, pros and cons, all types of different stuff. And we have new videos coming out each and every week. And then if you guys have any real estate questions, of course, I would definitely love to hear from you. So you can feel free, you can reach out, you're can see my information at the bottom or down below the video in the description or at the end. So you can feel free, you can call, you can text, you can email. I have people that reach out all the time. Always help. Happy to help answer any questions that you guys may have. Or of course we'd love to help you out with your home search. If there's anything that we can do for you there, let's go ahead and we'll get into the video. Okay, so that's going to bring us to the first stats that we're going to get into, which is total number of new listings coming up on the market.
So right now, over the last 30 days in the city of Temecula, we have seen 102 new listings pop up on the market. And if we compare that to last year, we saw 151 new listings come up on the market in the month of November. So what that means is there's 32% less listings this year as opposed to last year. So there's 50, 49 less new homes coming up on the market. City of Murrieta right now, the last 30 days, we've seen 131 new listings coming up on the market compared to a year ago we were up to 156 new listings. So that's a 16% decrease. And then in ee, it's actually the most drastic. The last 30 days, we've seen 112 new listings coming up for sale. And compared to a year ago we saw 181 new properties coming up on the market. So that's a 38% decline in new listings in the city of Menefee.
Okay, so the next stat we're going to get into is the total number of active listings. So basically what this is is hey, I'm a home buyer. I want to buy a home in a given city. I want to buy a home in the city of Temecula. How many available homes are there out there for me to be able to take a look from and choose from? So right now in the city of Temecula, there's a total of 221 available homes for sale. But if we compare that to last year, there was 408. So really there's 46% less available homes to choose from today as there was a year ago. And honestly, that's significant and that's really what we're seeing on a daily basis as real estate agents is there's just not enough available inventory out there. So when something does pop up for sale, it tends to go pretty quickly.
City of Murrieta, you're going to see the same trend. Right now there's 263 available homes to choose from compared to last year there was 497 City of Menifee, there's 246 available homes to choose from. And compared to last year, there was 542 available homes. So that's a 55% decline in available inventory. Alright, so the next stat we're going to talk about is the average days on market. So this is how long the average home is taking to sell right now. So right now in the city of Temecula, the average home is selling in about 25 days. And if we compare that to a year ago, the average home was taking 31 days to sell. So basically the average home is selling six days faster this year as opposed to last year. And really it's about three and a half weeks is how long the average home's taken to sell.
And then if we look at Murrieta, so right now the average home is selling in 29 days. If we compare that to a year ago, it was 36 days, so seven days faster. Now in Menifee right now the average home was selling in 34 days and last year it was actually at 36 days. So really basically about the same, not much of a difference there really, but in general you're seeing across the three cities on average, the homes are selling quicker, there's less available homes for people to choose from, home buyers to choose from, and there's not enough new listings coming up on the market. Alright, so the last stat we're going to talk about is the average sales price. So in the city of Temecula right now, the average sales price is $821,000. But if we compare that to a year ago, the average home was selling for $817,000.
So basically the average home price in Temecula has gone up $4,000 in the last year. Honestly, to me that's a surprising stat. I would think that we've actually seen a decline in pricing just because of where interest rates are at, but really it's holding about the same, if not obviously just a slight increase. City of Murrieta, we're going to see more of an increase. So right now the average home is selling for $710,000 and if we compare that to a year ago, the average home was selling for just 638,000. So that's a pretty big difference. And then in Menifee, more or less about the same, the average home currently is selling for 544,000 and compared to a year ago they were selling for 556,000. So about a $12,000 decline, more or less staying about the same. Murrieta, it's a big jump up. So there probably is some outliers in there this year or last year, but in general, even with seven and a half percent interest rates, home pricing is staying super, super steady, which I think most people would not have predicted a year ago.
But right now with how much demand is out there, it's definitely what we're we're experiencing. I will tell you guys that over the last 14 days we have seen a little bit of a drop in demand. I think some of that's kind of seasonal, right? We're kind of getting into November and December, so we're starting to get into some of the holiday stuff. People are going to start getting a little more distracted. So we tend to see a slowdown this time of year, but definitely rates, rates a little bit higher, a little bit less buyer demand that we've seen on the ground just over the last couple weeks. So it's hard to tell if it's just a short sample size or if that'll be the new normal over the next 30, 45 days. So it'll be interesting to see. I'll update you guys on what our experience is, but in general, pricing's holding up really strong.
One question that I get from home buyers right now a lot is, hey, interest rates are high, affordability can be tough. Does buying a home right now make sense? Should I just wait for the market to crash? And really my advice to them is over the last 12 months or over the last call it 24 months, we've seen the mortgage interest rates jump up so much quite a bit up and up and up and up and through all of that we have seen the pricing for real estate hold very steady, really no change, maybe a slight increase over that time or over the last two years, definitely a good increase and over the last year, maybe a slight increase. So even with that tough affordability, we have not seen any type of a price dip. So going forward at some point we are going to see the interest rates hold up and when we see the interest rates go down a little bit, what are we going to expect prices to do at that time?
Do we expect them to go down when the interest rate finally goes down? That's really hard to imagine. So I do think for most people, if you can afford a home and that's a goal of yours and that's something that you want to be able to do, I do think buying a home right now makes sense. You can still be able to pay down the principal and at some point there's a good chance you're going to be able to refinance into a better rate and that's going to help your affordability quite a bit. So hopefully that's good information for you guys. But that's going to be our market update video. If you have any questions, you can feel free to reach out. You can call text, you can email getting to see all my information down below and hopefully talk to you soon. Thanks.
