All right, so here is our December, 2023 real estate housing market update. So we're going to get to 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 homes are taken to sell, and then how much inventory is out there for buyers to choose from. So let's go ahead and get into it.

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 Myriad California. And like I mentioned, this is our monthly staple video. This is our real estate market update for the cities of Temecula, Murrieta, and Menifee, California. So we're going to get to all the latest stats and give you guys all the information, what's going on here locally. And then I'll give you my opinion as a real estate agent, what we're experiencing with our clients, and give you our boots on the ground depending on what we're seeing on a day-to-day basis basis. But if you'd like videos like this, do me a favor, please hit like please sit subscribed on the channel. Obviously it helps me, it helps the channel. We're trying to continue to grow it. Then we have new videos that are coming out each and every week.

So if you want to see more of those, please hit subscribe. We have market update videos like this. We have videos about all types of different neighborhoods and pros and cons, best neighborhoods, worst neighborhoods, school districts, all types of good stuff for the local area. So if you want more of that, please stay tuned and say subscribe to our channel. And then if you guys have any real estate questions, you can feel free to reach out anytime. So you're going to see my information below, and at the end of the video you can feel free, you can call, you can text, you can email. I have people that reach out all the time. I'm love hearing from you guys. Happy to answer any questions that you may have. And of course, we would love to help you out with your real estate search if we are able to do that here locally as well.

Let's go ahead and we'll get into the info here. Same structure as our other videos. We're going to start with the total number of new listings. We're going to compare the last 30 days back to, compared back to a year ago from December, 2022. So a year ago in the city of Temecula, we saw a total of 151 new listings pop up on the market. Over the last 30 days, we've only seen 76 new houses come up for sale. So that's a dropoff of the 49% decline for the city of Murrieta. Pretty much the same trend line. Last year we saw 156 new listings coming up for sale this year over the last 30 days, only 76. Again, it's a 51% decline. And then City of Menifee last year was 181 new listings up for sale, and this year we're down to 113, and again, it's a 38% decline.

So massive, massive changes over a 12 month period. And really that just expands upon what we've been experiencing, what my other videos for the last six months have been about where there's just not enough inventory out there. So that is the biggest challenge we are having as real estate agents and that we're having with our potential buyers is there's not enough available homes for sale. So for our seller clients, they're doing really well. You're going to see what's going on with home prices, where even though interest rates are up, when interest rates are up, your mortgage is not super affordable. So affordability is super low. But even with that, home values are still up really, really high and we're not seeing a price decline. A lot of people really thought that we would see. So right now, not enough listings coming up on the market.

And then just a quick, it's not one of my stats here, but what has really helped with the buyer demand, we still have really strong buyer demand, especially considering with where the interest rates are. Interest rates have actually dropped down over the last 30 days, so they got up to about 8% and we're down right about to about 7%. So certain loans are actually less than that, about six and a half, 6.75 depending on what type of loan you're doing. But on average, your conventional 30 year fix is right about 7%. So it's down about 1% over the last 30 days, and that's a pretty big swing for buyers as far as affordability goes. So it'll be interesting to see how that changes over the next few months as we come into 2024. Alright, so the next stat we're going to go over is the total number of active and available listings.

So this is just if you as a home buyer, if you wanted to buy a home in a given city, how many available properties are there to choose from? So right now in the city of Temecula, there's only 219 available homes for sale. And then if we compare that back to last year, there was a total of 408 available homes for sale. Again, that's a 46% decline as far as available inventory. Murrieta and Menifee, you're going to see same trend line. So last year, city of Murrieta, there was a total of 497 available homes to choose from. And the city of Murrieta, right now, there's only 244 available homes. Again, that's a 49% decline. And then last year for Menifee, there was a total of 542 available homes out there. Today there's only 252 available homes and that becomes a 54% decline. So again, as a home buyer, there's not near as much to choose from today as there was just 12 months ago.

And honestly even a year ago, we were having some inventory problems where there wasn't enough available in certain price sectors in certain areas, certain neighborhoods, stuff like that. But basically this stat trends exactly off of the new listings. So when we don't have enough available new listings coming up on the market, what is currently out there is going to get sold quicker and quicker. And so the available homes that a potential buyer has to choose from is just going to keep dwindling. I'm sure at some point we will have new listings coming up for sale. I don't know if that's going to be coming into 2024 or closer to the spring area, but right now that's really what we need. There would be more transactions happening if there were more homes available for a buyer to choose from. Alright, so the next stat we're going to go over is your average days on market.

So this is just how long your average home was taking to sell in a given city. So for the city of Temecula last year, December, 2022, the average home was taking 31 days to sell. And at that time, that's still considered a seller's market. So really anything less than 90 days is going to be considered a seller's market. So if you're average home selling in just about a month, that's pretty quick, but today because of where inventory is, the average home is selling in just 14 days. So that's a 55% decline. So homes are selling in just two weeks, which again is making it even more of a seller's market and that's causing pricing to do what it's doing and that's why you're not seeing any dip in pricing, even though affordability is so tough for home buyers right now, city of Murrieta, the average home last year was taking 36 days to sell and then today we're down to 19 days, so still less than three weeks.

And then Menifee last year, the average home was selling in 36 days, and this year the average home is taking 23 days to sell. So again, homes are selling super quick across the board, there's not much out there to choose from, and that is causing the pricing changes that you're going to see when we go over average pricing nicks. Alright, so the last stat we're going to go over is your average sales price. So in the city of Temecula last December, the average sales price for a home was $817,000. And this year the average home price is up to 853,000. So that is a 5% increase year over year for average sales price. Again, I know we've talked about this in some of the other videos, but average sales price can be a little bit misleading because a couple outliers here or there, if we have a few more $2 million homes that sell, it's going to drive your price up.

If you have a few more $200,000 mobile homes, that's going to drive the average price down for the whole city. So it can be a little bit misleading, but so I don't know that your average home value is actually up 5%, but in general it's probably up a little bit, right? It's definitely not declined. And with where interest rates are, I think that's a surprising thing for most people that we haven't seen a real estate home value home price crash at all. We are seeing prices hold really steady, if not a little bit of a trend up just because there's so much buyer demand and there's not enough for them to choose from, right? There's no homes to not enough homes for them to buy. City of Murrieta, last year the average home was selling for $638,000 and this year they are selling for $731,000.

So that's a 15% increase. Again, I think the average price last year was probably a little bit low. Again, some of probably those extra low price sales that are kind of thrown off the number. So I don't think the average home has gone up 15%, but in general, home prices are definitely up, right? That's a big swing. I mean, that's almost a hundred thousand dollars swing for your average sales price in Murrieta, the city of Menifee. You're going to see things hold a little bit more steady. So last year the average home was selling for 556,000, and this year we're showing average sales price of 562,000. So again, holding pricing, holding about the steady it's gone up, the average price has gone up like $6,000. So I'm not too big of a change there. I think that's probably pretty accurate for what we feel on a daily basis as real estate agents and working in the real estate market.

But in general, there's not enough inventory, I guess to sum up the whole video. So there's not enough inventory, there's not enough new houses coming up for sale for potential buyers, there's still really good buyer demand even though interest rates are up and that is causing home prices to do what they are as far as hold steady or maybe even go up a little bit, especially in the lower price points. We're seeing more and more increases just because people want to buy and there's not enough for them to choose from. So hopefully that's good information for you guys. If you have any questions, you can feel free to reach out. You're going to see my information, you can call, you can text, you can email. Please hit like please hit subscribe and I will hopefully talk to you soon. Thanks.