All right, so here is your August, 2023 real estate housing market update. So we're gonna get into all the latest stats for the cities of Temecula, Murrieta, and Menifee California. Uh, we're gonna talk about average sales price. You know, how many new listings are popping up on the market, how long the average home has taken to sale, and then what's going on with available inventory. So we're gonna get all the numbers, 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 this is our monthly staple video. This is your real estate market update. So we're gonna get all the latest stats in the real estate market, can tell you from, you know, my perspective and from our team's perspective, perspective, what's going on here, you know, with the local real estate market. Um, you know, the first thing though, if you are liking videos like this, please do me a favor, please hit like please sit, subscribe. So our goal is to keep putting out videos like this each and every week, keeping you guys updated on the market, uh, giving you, you know, a lot of information on, you know, the best neighborhoods to live in here locally, the worst neighborhoods, the best school district, worst school district, average cost of living, you know, all that type of stuff.
We have hundreds of videos online now that have all types of, I think, which I think is some good information in there and then if you have any real estate questions, you guys can always feel free to reach out. So you can call, you can text, you can email, you can see all my information either at the end of the video or down below. I have people that reach out all the time, you know, always help, happy to help answer any questions that you may have or see if there's anything I can do to help you out. And then if you are gonna be making a trip here to town, we have a really cool download. So you'll see a link down below, but it's our website, the short realestate team.com/visit, and it's got some really cool downloads for the cities of Temecula, Murrieta, and soon to be Menifee, it talks about, you know, some of the best restaurants to check out, some of the cool neighborhoods you're gonna wanna make sure you don't miss, um, some of the family friendly activities you can do in each city.
So I think if you're going to make a trip to town, it's a really cool way to, you know, check out the area and, and get a, and get a good feel for what it's like to actually live here. So hopefully that's something that's helpful for you guys too. But, you know, let's go ahead and we'll get into all the stats here. So again, we're gonna do the market update. This is set up just like the other videos that, that we've done in the past. So the first topic we're gonna talk about is the total number of new listings. And this really tells the story on what's going on in the real estate market. So, um, right now in the city of Temecula, so the, over the last 30 days, there's been a total of 109 new listings put up on the market, the city of Temecula.
And this is compare, if we compare it last year to August, 2023, there was 191 new listings, so almost, almost 50% as many listings this year as opposed to last year. So they're basically half as much new inventory hitting the market in the city of Temecula as opposed to a year ago. And the problem was even a year ago, you know, we had a shortage on inventory. So when there's even less listings coming up on the market, you know, it's really causing, causing an issue. And that's really what we're seeing across the board is there's just not enough available inventory because of that. You know, they, the buyer demand that's out there is holding pretty steady. So the limited homes that are, are being listed are selling pretty quick. So you'll see in a little bit, we'll talk about average sales time, but right now, on a, on the right house, we are seeing multiple offer situations.
We are seeing houses sell over asking price. Most nicer homes that are upgraded and maybe have a couple cool features are selling super quick and as little as a week. And then some are getting closer to 30 days mark, which we'll go over some specifics in just a minute. Um, but that, that's really the issue, is you'll, you'll see in the other cities as well, there's just not enough available inventory because there's not enough new inventory coming up on the market. So, city Murrieta, you, you can see the same trend. So over the last 30 days, you've seen 116 new listings pop up on the market. And if we compare that to a year ago, August, 2022, there was a total of 242 new listings popping up on the market. So in this case, less than half is, you know, the same inventory. Menifee last 30 days, we've seen 148 new listings.
A year ago we saw 248 new listings, so a hundred less listings this year as opposed to last year. And that, and that, that's really the biggest issue, just not enough inventory out there. Okay, so the next stat we're gonna talk about is the total number of active listings. So this is, you know, how many available homes are for sale? So in the city of Temecula right now, there's a total of 226 available homes for sale. And if we compare that to a year ago, we were up to 413 available homes for sale. So there's almost 200 less listings to choose from for, for a home buyer in the city of Temecula. So there's half as much. So again, that, that's the problem. So you can see homes are selling pretty relatively quickly, they're not listing fast enough, and what is out there is selling, and because of that, there's just not enough to choose from.
So, and that's, obviously this is across the entire city. We're not even talking about different neighborhoods or different sizes or one story versus two story, or, you know, some of these different subsections of, of available homes are super, super limited. It's just, there's just not enough supply. So city of Murrieta right now, you're seeing 232 available listings to choose from. And if we compare that to last year, there was actually 535 available listings to choose from. So in this case, there's 300 additional homes to choose from last year as opposed to this year. City of Menifee, same trend right now, there's 272 available homes to choose from. And if we compare that to last year, we were up to 527 available homes to choose from. So again, you know, basically 250 less homes today as opposed to a year ago, again, which just we're, we're having inventory issues.
All right? And so the next stat that we're gonna talk about is the average days on market. So this is how long the average home is taking to sell. So right now in the city of Temecula, the average home is taking 28 days to sell. And if we compare that to a year ago, really we're basically exactly the same. So last year it was also 28 days to sell City Murrieta. Right now the average home is taking 24 days to sell. A year ago they were taking 25 days. So basically the same. And city of Menifee right now, the average home is taking 39 days compared to a year ago, but taking 25 days. So it's actually taken a little bit longer for the average home to sell a Menifee. But, but this is, again, it's, this is the issue because there's not enough new inventory out there, right?
There's not enough homes that are, that are selling, right? And so there are homes that are, most of 'em are overpriced that maybe have been listed four or five months that are kind of dragging this average days on market number up and homes that are, that are sitting there and just kind of, um, that, that are, I think are throwing the stats off a little bit because what we're seeing, you know, as real estate agents in, in the market every day is nice. Homes are selling super quickly, a lot of times very competitively. Um, and, and unless the home is overpriced, you know, we're gonna see it sit like that. Alright, so the last stat we're gonna go over is the average sales price. So right now the average sales price for a home in the city of Temecula is $794,000. And if we compare that to last year, the average sales price was up to about 809,000.
So the average sales price is down about $15,000 year over year. Um, city of Murrieta, right now, the average sales price is 690,000. If we compare that to last year, we were at 672,000. So in Murrieta, the average sales price is actually up a little bit about 18,000. And City of Menifee right now, the average sales price is 543,000. And if we compare that to last year, the average sales price was 551,000. So down just a little bit down about $8,000. So across all three cities, you can see, you know, pricing is basically about the same. I mean, you're seeing a few thousand dollars less in Temecula, phy a few thousand dollars more in the city of Murrieta, but overall really about the same. And so, and here's really kind of kinda the main message is right now today, so this is August, 2023, the interest rates are much, much higher today than they were a year ago, and definitely way higher than they were a year and a half ago, right?
So most people are gonna be financing their home so their, the interest rate is gonna affect their purchase, right? So today has higher interest rates. If you buy a home today, your mortgage payment is gonna be significant, significantly higher than it would've been just a year ago. But nothing you can do about that, just, that's just where the rates are gonna be, right? So because of that, most people's theories are, well, higher interest rate and buyer demand is gonna go way down and we're gonna see a crash in pricing, but that's really has not been the case. Um, although the interest rates are much higher, pricing is really staying about the same as opposed to where it was a year ago. We're still just slightly off of where that peak was, but it's a much less drastic change than what most people predicted a year ago.
The biggest reason back to the inventory, right? Because the demand is still relatively solid, but the inventory is still very, very low. So the people that are interested in buying, they have less to choose from, and that's kind of causing that competitive competitiveness and causing that pricing, not not to dip, right? So if we had a, a good amount more inventory in the market, we've probably seen average pricing come down. Um, or if we see interest rates drop, you're probably gonna see average pricing go up. So that's probably the biggest conversation that I'm having with people on a daily basis is, you know, obviously there's some concern about where affordability is, where interest rates are, and being able to afford that monthly mortgage. And a lot of people are thinking, Hey, you know, if I hold off interest rates are higher today, maybe I'm better to wait until interest rates go down and that monthly payment is more affordable.
The problem with that thinking is there's a lot of people that are doing that same thing. So if you're kind of sitting there on the fence and you're gonna hold off until rates drop with, if pricing is stayed steady at these high rates when interest rate does drop, you know, what do we think's actually gonna happen? We, we think that a lot of people are gonna jump in, a lot of people are gonna want to buy, and there's a good chance that causes pricing to actually go up. So, um, I think a really good strategy is if you are gonna be wanting to purchase a home and you have the ability to do it, and that monthly payment is affordable, if you can get into a payment that is relatively affordable for you, I think it's a better decision to jump into the market now before the interest rates drop.
At some point in the future, you should be able to refinance, get yourself into a better rate, and I think you're gonna have more success doing that rather than waiting for the future to buy when the interest rates do drop. Because at that point you're probably gonna see pricing jump up, you're gonna pay, pay a higher price. So, um, obviously that, that's gonna be my opinion. Everyone's situation's gonna be a little bit different, but hopefully that give you guys, you know, some good perspective on, you know, what it's on, what we're dealing with every day, the conversations we're having with our clients every day and giving a good update on what's going on with the, the real estate market. So if you like videos like this, do me a favor, please hit like please hit subscribe. Again, feel free to reach out any time. Happy to answer any questions and hopefully talk to you soon. Thanks.
