Alright, so here is your September, 2023 real estate housing market update. So we're going to get to all the latest real estate stats for the cities of Temecula, Murrieta, and Menifee, California. We're going to talk about average sales price. We're going to talk about how long the average home almost taken to sell, how many new listings are coming up on the market, and then how much inventory is out there for buyers to choose from. So we're going to get to all the info. 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. This is your September, 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, and keep you guys updated, what's going on here in the local real estate market. But before I get into all the info, if you are liking videos like this, please do me a favor. Please hit like please hit subscribe. So we have videos that come out each and every week. We have the market update videos that we do every month. We have neighborhood tours, we have new build tours, we have videos talking about the best neighborhoods, the worst neighborhoods here in the local Temecula, Murrieta, Menifee area.

So if you want to see more videos like this, please subscribe. We're going to keep the videos coming each week, and then we have dozens of videos in our catalog that you can look through as well. And then if you guys have any real estate questions, of course we'd love to hear from you. So feel free to reach out. You can see my information down 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. So always happy to help answer any questions that you may have and of course, do anything we can to help with your home search, of course. So let's go ahead and get into the info. So usual, the first stat that we're going to talk about is going to be the total number of new listings.

So we're going to compare the previous 30 days versus last year in September, 2022. So right now, the first city talked about, it's going to be City of Temecula. So over the last 30 days in Temecula, we've seen a total of 135 new listings pop up on the market. And then if we compare that to a year ago, we were only seeing 142 new listings pop up on the market. So this is a little bit of a change from what we've been seeing over the last few months is that the gap, there's still less new listings this year as opposed to last year, but the gap, at least for Temecula is shrinking. Before there was like a hundred and 120 listings less this year compared to last year. So that's not the same gap. I mean right now it's seven less homes this year as opposed to post to last year.

That's not going to be real noticeable in the market. So that's good, at least for Temecula. The next city we're going to talk about is Murrieta. So for the last 30 days, we've seen a total of 147 new listings pop up on the market. And if we compare that back to last year, there was 190 new listings. So that's a little bit more significant. That's 43 less listings this year as opposed to last year. And then city of ee, you're kind of seeing a similar trend over the last 30 days. You've seen a total of 170 new listings coming up on the market. And compared to a year ago we were seeing 208 listings come up on the market. So again, 38 less listings this year as opposed to last year. And so really what's happening is we're seeing a continuing trend where there's just not enough available inventory, not enough new homes coming up on the market.

Although the range in Temecula is shrinking, it's less of a difference. I mean it's still, the overall problem we're having is there's not enough new homes out there. So because of that and because of how much buyer demand is still out there, we're seeing homes still move relatively quickly, still sell relatively quickly. We have not seen a big pricing dip or anything like that. We are seeing a very stable real estate market and we'll get into that in some of the rest of the stats we're going to go over. Okay, so the next stat we're going to talk about is the total number of available listings. So this is the active listings that a buyer would have to choose from if they wanted to buy a home right now here locally. So right now in the city of Temecula, if you want to go out and look at every home available, there's a total of 220 different available homes to take a look through.

And if we compare that to last year, we were up to 406 available listings up on the market. So way less available homes this year as opposed to last year. And you're going to see the same trends for the other two cities. So right now in Murrieta, there's a total of 224 available homes out there. And then if we can compare that to last year, there was 528 new listing or available listings that were out there. So I mean that's almost 300 homes less, over 300 homes less. And then city of Menifee right now, there's 271 available homes to choose from. And compared to last year in Menefee there was 525 available homes to choose from. So again, 250 less homes to choose from this year. So that's a huge difference. And so really what's happening across the board when there's not enough new inventory coming up on the market, but buyer demand is still relatively strong, even with these 7% interest rates, there's a lot of buyers that want to buy and they think it's a better alternative to renting or maybe they're relocating from other areas.

And so not enough new inventory coming still so much demand and that's really keeping the pricing going and keeping things afloat even though your monthly payment is less affordable than it was a year or two ago. So because the lack of inventory that's really causing the issues that we're having in the real estate market. Alright, so the next stat we're going to talk about is the average days on market. So right now in the city of Temecula, the average home is selling in about 25 days. And if we compare that to last year, the average home was selling in 31 days. So really homes are selling six days faster on average, but really the gist of it is homes are selling in less than 30 days across the board. It still would definitely be considered a seller's market. Really, once we get over the 90 day mark, we start considering it more of an even balance or even a buyer's market.

So it's still a heavy seller's market and homes are still competitive. And really what we're seeing on our side is real estate agents is if it's a nice home in a nice area that's priced decently well, it's going to sell probably within the first week or two. So there's still quite a bit of demand out there and you're even seeing some multiple offer situations as well. So city Murrieta, same trend. So right now the average home is selling in 24 days. And if you compare that back to last year, the average home is selling in 33 days. So that's a pretty significant jump. I mean that's homes are selling nine days faster in Murrieta and meta feed's actually exactly the same. So right now the average home is selling in 33 days. And a year ago the average home was also selling in 33 days.

But again, homes are selling quickly. Alright, and so the last stat that we're going to go over is the average sales price. So for the city of Temecula, we are actually seeing a lower average sales price as opposed to what we saw a year ago. So right now the average sales price in Temecula is $794,000. And if we compare that to a year ago, the average sales price was actually $850,000. So I'll get to the rest of the stats and I'll give you my perspective on it. So that's a $56,000 decrease in average sales price in Murrieta. Right now the average sales price for home is $682,000, and a year ago that was 678,000. So Murrieta is actually $4,000 higher. So it's actually a price increase. And then in Menifee right now, the average sales price for home was $542,000. And compared to a year ago that was 552,000 me fee's gone down about 10 grand.

Really, Murrieta has gone up a little bit. Let's say it's about even me, fee's gone down a little bit. Let's say it's about even, I mean, tan grand, it's not really moving the needle a ton. Temecula, you're seeing over a 50,000 price dip. I mean that's a big difference. So I would tell you from my perspective, so as real estate agent and all our clients that we're dealing with is I am not seeing anything close to a 50,000 price decline across the board. I think sometimes these numbers can be a little bit skewed based on what homes are selling. So this isn't the average value of a home, this is the average sales price for the homes that have sold over the last 30 days. And so when we're looking at it that way, it's very easy. For maybe last year a few higher priced homes had sold maybe a couple, two, $3 million homes had sold that kind of skew the numbers there a little bit.

Or on the other side, maybe this month there was a few less expensive homes that sold compared to a year ago. So maybe there was more $300,000, 350, $400,000 mobile homes that maybe are kind of dragging down the sales price a little bit. So it's something to keep an eye on, but my perspective is pricing's really about flatlined over the last year. That's what you're seeing in cities of Murrieta cities of Menifee. I think the Temecula stat is a little bit of an outlier, but I guess we'll just have to watch the numbers to see how it washes out. But hopefully that's a good perspective for you guys. What we are seeing as real estate agents is it's definitely a competitive real estate market. Even though interest rates are a little bit higher right now, there's a lot of buyer demand, a lot of people are still making a move to the area.

And if you are a first time home buyer or you don't own a home, it's definitely more desirable to own a home than paying these higher rent prices. So I think a lot of people's mindset is, hey, I can go in, I can buy a home today and maybe at some point in the future I can be able to refinance, get myself into a better rate, but at least in the meantime, I know I'm not totally throwing my money away into a rent payment and at least I can buy something here, I can fix it up, I can make it mine. I don't have to worry about rent increases. And because of that, I think you're still seeing enough demand to carry the inventory and keep pricing steady. So hopefully that's a good perspective for you guys. If you guys have any questions, you can feel free to reach out. You're going to see my contact information. Like I said, feel free to call, text, email, please hit light. Please hit subscribe, and hopefully I'll talk to you soon. Thanks.