All right, so this video is your June 2023 Real Estate Housing Market Update. We're going to go over all the latest stats for the cities of Temecula, Murrieta and Menifee, California, we're going to talk about average sales price, how long the average home has taken to sell, what's going on with new listings popping up on the market, and then how much available inventory's out there for you to choose from. 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 and Murrieta, California. And like I mentioned, this video is our monthly staple, so this is your June 2023 Real Estate Housing Market Update. So we're get into all the latest stats here for the cities of Temecula, Murrieta and Menifee, California. But the first thing, before I get into all the info, if you are liking videos like this and you want to see more of them, please do me a favor, please hit Like, please hit Subscribe. So we're putting out videos like this each and every week, giving you guys all the latest information about the local city. We talk about the best neighborhoods to live in, the worst neighborhoods to live in, best school district, where you want to be, things to look out for, things you might not be aware of.
So I think it's a really great resource if you are thinking about making a move here to the area. So please, like I said, hit Like, hit Subscribe. And then if you have any real estate questions, of course, I'd love to hear from you. So you can feel free, you can call, you can text, you can email me. I have people that reach out to me all the time. Of course, I'd love to answer any questions you may have, or myself and my team would love to help you out with your home search. So I definitely would love to hear from you. But we'll go ahead and get into the stats. So again, so this is June 2023, this is going to be the same structure as the other videos. So we're going to compare the stats over the last 30 days, we're going to compare that over 12 months ago, so in June 2022, and then we're also going to compare that to what the peak of the market was, which was May 2022, so last year. So right before the real estate market really started to change, started to come down.
But just a quick synopsis to as far as what's going on, right now, we have definitely seen the housing market change over the last 30 days. We're seeing more and more multiple offer situations, we're seeing more homes getting 3, 4, 5 offers, selling over list price. I mean, it's nothing too crazy, it isn't anything like it was 12 months ago, or even 24 months ago, we were getting super, super competitive. But it's out there. It's not a heavy buyer's market by any means right now, it's definitely a seller's market. We'll get into why with some of the stats. Really, the major thing is just the inventory, there's just not enough to choose from. But we'll get into how that's looking and how that's affecting the numbers. But right now, it's an interesting market.
I don't think anyone necessarily would expect it to play out like this, especially with interest rates still being high. We do think they're probably going to calm down and start pulling back at some point in this year, but they're still up there and still, it's a competitive market, homes are still selling and prices are not declining today. So it's something we'll keep an eye on, we'll keep updating you guys as things continue to change, but it's an interesting market for sure. So we'll get into the stats. So the first thing we're going to talk about is the total number of new listings over the last 30 days. So again, right now, so June 2023, in the city of Temecula, we've seen 142 new listings pop up on the market. And then if we compare that to 12 months ago, back in June 2022, we saw 306, 306 new listings pop up on the market.
So really, it's less than half as many new listings coming on board today as there was two months ago, probably closer to 40%, I guess I can't do the quick math right in my head, but significantly in less listings this year compared to last year. And then if we go back to May, so peak of the market, May 2022, we saw 283 new listings. So definitely less new listings coming on board today than there was 12 months ago. Cities in Murrieta, you're going to see the same trend. So over the last 30 days, you've seen 142 new listings pop on the market, so same stat. And compared to 12 months ago, there was 252 new listings popping up on the market. And if we go back to peak of the market, back in May 2022, we saw 228 new listings. So again, significantly less new listings coming on board today as opposed to last year.
And city of Menifee, you're going to see the same trend. So last 30 days, we've seen 152 new listings popping up on the market, compared to a year ago, 285 new listings. And compared back to May 2022, there was 301 new listings. So again, right around half as many new homes coming up for sale today as there was a year ago. And here's the big thing, is a year ago, when I was making these videos, the number one complaint that we had as real estate agents is there's just not enough new inventory, there's not enough available homes for homebuyers to choose from. And we were short on inventory then. So we were short a year ago, we have half as many new homes popping on the market today, and we're definitely even more short today. And that's what our biggest holdup in the housing market is. All right, so the next stat we're going to go over is the total number of active and available listings for sale.
So the last stat was new inventory popping on the market. This is if you're a homebuyer today and I want to go buy a home in a given city, how many options do I have to choose from? So city of Temecula, right now, there's the total of 194 available homes to search from. And if you compare that to a year ago, as a homebuyer, you had 360 available homes to choose from. And if you compare that back to May 2022, there was 276 available homes. So really, I mean it's 166 less available options for a homebuyer today than there was a year ago. And that's really the biggest challenge that we're having, is there's just not enough to choose from, so although there are less overall sales, the overall transactions last year were higher, for sure, more homes were selling, there are still a really solid amount of buyer demand, even with the higher interest rates. But when those homebuyers don't have enough available inventory to choose from, they're forced to really fight over what is out there and what is available for sale, and that's causing that frenzy and that multiple offer situation.
So it's really slim pickings for buyers out there. There's not a ton of great options. What is out there that's nicer and upgraded and in good locations, et cetera, it's selling quick. So you're going to see the same stats for the other two cities too. All right, so we're going to go talk about city of Murrieta. Right now, as a homebuyer, there's a total of 221 available homes to choose from. And then if you compare that to 12 months ago, we had 454 available homes to choose from. So that's, again, you're less than half as much inventory to choose from today as there was a year ago. And if you go back to the peak of the market, those prices were super crazy, the market was still really, really competitive, May 2022, there was 343 available homes to choose from.
So again, same deal, just not enough out there. City of Menifee, currently you have 222 available homes to choose from as a homebuyer, and last year, you had 443 available homes to choose from. So again, right at half. And compared to the peak of the market, May 2022, you had 369 available homes to choose from. And really, that's our problem right now. Okay, so the next stat we're going to go over is the average days on market. And this stat is just how long the average home has taken to sell right now. So right now, in the city of Temecula, the average home is taking 33 days to sell, so just over one month. And if we compare that back to a year ago, the average home was taking just 16 days. So homes are taking, on average, twice as long to sell as they were a year ago. But if we go back to the peak of the market, May 2022, at that time, they were at 13 days on average. So that's a significant change, from 13-day average back in May 2022, all the way to 33 days as an average.
So there's a couple of things going on here, is, one, when we're looking at these stats, there's many homes that might have been listed for several months over the last six months, say, they were on the market for 4, 5, 6 months, and they've done recent price reductions to get in line with where current pricing is. And then as soon as that price reduction is done, as soon as that home's accurate, in the line with where today's value is, boom, that home is getting snapped up. And homes like that are really throwing off our average days on market indicator because what we're seeing on a daily basis is new listings that are popping on the market, something that is priced decently well, that is a nice home as far as having nice upgrades or nice features, or being in a great location or something that's a desirable about it, it's not like it's not a crummy house by any means, those homes, right now, are really all selling in about a week.
And so what this stat is saying is quite a bit different than what we're experiencing day to day as the real estate agent because of the inventory thing that we're seeing. So the other challenge with this stat is when you look at days on market, they're looking at closed sales and what the stats have been over the last 30 days, and taking that average over the last 30-day period on the closed sales. Well, when a home just went to escrow a week ago and it's not going to close for another three or four weeks, and so those stats, it's a lagging indicator, it's going to be a while until that closing factors into this stat that I'm going over with you. So I think you're continue to see this average days on market getting shorter and shorter. Beginning of the year, that was not the case. We're starting to see it, we're seeing that average days on market get longer and longer and longer. But we're in a different market, things have changed for sure, and I think you'll continue to see this average days on market tighten more and more and more.
City of Murrieta, we're going to give you the same stats. So right now, the average days on market for a home in Murrieta is 31 days. And if we compare that to last year, the average home was selling in just 15 days. And back in May 2022, the average home was selling in 14 days. City of Menifee, the average home right now is selling in 40 days. So that's the longest. Last year, the average home was selling in 17 days. And back in May 2022, the average home was selling in just 13 days. Actually, a good example that it just popped up in my head is when we're talking about these days on market and the stats showing longer than what we're experiencing on a day-to-day basis, I think very clearly where I had a client that just they came to town, they were making a move from out of state, they've been keeping an eye on inventory every day for the last couple of months, there's one house that popped up for them that they really, really liked and had been on the market for four months.
And that house that sat there was at 120 days on the market, it had no offers, it was sitting there available, they flew into town, they liked it, we wrote an offer a little bit under asking price, and literally that same exact day, they received another offer. So no offers in 120 days. And then on day 121, they received not one, they received two offers, and we missed out on the property because it's sold at a higher price. So that just shows you that that type of stuff, that's a one-off example, but that type of stuff is happening all the time right now, where you're having a home that's sat for a while and they're all getting snapped up because of the lack of inventory for people. Okay, and then the last sat we're going to go over is the average sales price. So right now, city of Temecula, the average home is selling for $808,000. And if we compare that to last year, so June 2022, the average home is selling for $813,000. And if we go back to the peak of the market, the average home is selling for $841,000.
So what we're seeing, that's a $5,000 price difference, price decline over the last 12 months. And over the last 13 months, from where the peak of the all-time real estate market was, we've now seen a $33,000 dip from all-time pricing. So is the average sales price down? Yes, absolutely. I think this is the stats that we're going over and those match perfectly what we're seeing as day-to-day real estate agents, yes. So overall pricing has declined, for sure, yes, but it's a far cry from the real estate market crashing that so many people were talking about and all the foreclosures that are coming and all the issues the real estate market is going to have. So right now, we're still seeing competitive market, I wouldn't be surprised if over the next 30 days we see the average sales price creep back up. Really, we're in a competitive real estate market right now. If we had more inventory and if we had more homes for buyers to choose from, I do think we would see a little bit lower sales price, but that's not today. And then who knows when that's actually actually going to happen.
So we'll go over the stats for Murrieta next. So right now, the average home in Murrieta is selling for $746,000. And if we go back to last year, the average home at that time was selling for $744,000. And so it's actually higher this year compared to last year. And then if we go back to May 2022, the average home was selling for $764,000. So there is a $20,000 price decline from peak of the market til now. But over the last 12 months, we're actually $2,000 higher, believe it or not. So kind of interesting. And then, city of Menifee, right now, the average home is selling for $536,000. Compared to a year ago, the average home was $568,000. And then if you go back to May 2022, peak of the market, that was $571,000. So that's definitely more of a significant change. So we'll have to keep an eye on that to see how that averages out over the next couple of months.
But anyways, that's the stats. That's about what's going on in the real estate market. Hopefully that's some good information for you guys to really understand what's actually happening. I try to give my impressions and our impressions as a real estate team and a real estate office and what we're seeing on a day-to-day basis. I know sometimes these stats can be a little bit lagging, but we try and tell you more on the day-to-day basis what we're actually experiencing. So hopefully that's good information for you guys. If you have any questions, you can feel free to reach out. Again, call, text, email, please like, please subscribe, and hopefully talk to you soon. Thanks.
