Alright, so this is your January, 2024 real estate housing market update. We're going to give you 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 homes are taken to sell, how many new listings are coming up on the market, and then how much available inventories out there for buyers to choose from. So we're going to get to all of it and I'll give you some of my opinion as a real estate agent, kind of what we're seeing on a day-to-day basis. So let's 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 in Murrieta California. And this is our monthly staple video. This is our monthly market update. We're going to give you guys all the latest stats for the cities of Temecula, Murrieta, and Menifee California, and hopefully give you guys a really good idea of what's going on here in the local real estate market. And we're going to compare that to the stats from last year. So from 12 months ago to give you a good comparison and how things have changed and what's give you an idea of what is actually going on today and how things are changing in the real estate market. But the first thing, if you are liking videos like this and you want to see more local real estate content for the Temecula, Murrieta, Menifee area, do me a favor, please hit like please hit subscribe.

So we have new videos that we're putting out each and every week. We have videos about the best neighborhoods, the worst neighborhoods to live in, the best school district, the worst school districts comparing to Temecula versus Murrieta. We have new home community tours, all types of what I think is really good info out there. So if you want to see more of that, please hit like please hit subscribe and you'll see new videos coming out each and every week. And then if you guys have any real estate questions, of course I would love to hear from you. So I have people that reach out all the time so you can feel free, you can call, you can text, you can email me. I would love to hear from you. I'd love to answer any questions you may have or if myself and my team can help you out with your real estate search, of course we'd love to do that as well.

So I'd love to be a resource for you, love to help you find that next place and of course give you any information that would be hopefully be helpful for you. But let's go ahead and get into all the stats here. Just like the other videos, we're going to start with the total number of new listings. So for the city of Temecula over the last 30 days, we have only seen 53 new listings pop up on the market, which is super, super low. If you compare that to 12 months ago, so January, 2023, we saw 102 new listings come up on the market. So that's almost a 50% drop off. So it's a 48% change year over year. And really, I know this has kind of been three or four videos in a row, but we're seeing the same trend where there's just not enough new listings coming up on the market to keep up with the demand that's out there.

So because of the lack of new listings, we are not seeing as many homes sell because there's not as much to choose from. But that's helping to really keep pricing up where it's been over the last year and a half or so at what are really all time highs. So you're going to see the same stats for cities of Murrieta and Menifee two. So I'll give 'em to you. So city of Murrieta, over the last 30 days, we've only seen 62 new listings come up on the market. And then if we compare that to 12 months ago, so January, 2023, we saw 131 new listings. So that's a 53% change. And for Menifee, same deal. So 82 listings over the last 30 days. A year ago we were at 153 new listings come up on the market and that's a 46% change. So again, across the board there's way less listings coming up on the market this year as opposed to last year and that's really what's affecting us there.

So it will be really interesting to watch going forward. So now that we're through the holiday season, hopefully back to some more normalcy for people. I know there's a lot of people that have kind of put their home search or their move or their home sale on hold until after the holidays, so we're definitely hopeful that there's some new inventory coming also, if you guys have been paying attention at all to interest rates. So interest rates, they peaked up to about 8% back right around Halloween. So October 30th, October 31st, November 1st, right around there. So that was the high and the peak of mortgage interest rates. Since then, we've seen them drop about a percent and a half or so, maybe even just a little bit more right around the six and half percent range. So that's one and a half points less today than it was a couple months ago.

Because of that, that really helps affordability for people. And because of that, from the clients that we've been talking to and other agent friends that I have, and they're kind of hearing the same thing from their clients, there's a lot of people that have been locked into that maybe want to move but have been locked into their current home kind of rate locked where their mortgage rate is so good now it's hard to sell their home and take a higher rate on the next place. And the pain from going from, let's call it 4% to 8% was so great, they couldn't really justify it. But now that rates have come down a little bit, maybe from four to six or six and a half might be a little bit more doable. So we'll see kind where that threshold is. But as the rate drops, we feel like we're going to have some more potential home sellers put their house up on the market and be able to make that transition.

A lot of people that have just not been wanting to move, maybe they've had an extra kid and they need an extra bedroom, but they're rate locked, so haven't been willing to pull the trigger on that. So it'll be interesting as interest rates hopefully continue to decline to see how much inventory that really frees up and people, how many more people are actually wanting to move, maybe now that it's going to be a little bit more affordable. Alright, so the next stat we're going to talk about is the total number of active listings. So this is just the available homes to choose from. If you are a and you wanted to buy a home in a certain city, how much inventory is out there for you to choose from? And really the same thing is there's way less to choose from today than there was 12 months ago.

So that's kind of the gist. City of Temecula right now, there's a total of 161 available listings to choose from. If we compare that to January of last year, there was 242 available homes to choose from. So it's a 33% difference. City of Murrieta right now, there's 206 available homes to choose from and last year we were over 300, so we had 314 available homes to choose from, again, significant drop. And then City of Menifee, same deal, 210 available homes to choose from today. And compared to last year, there was 350 available homes to choose from. And that's just the thing. So if there's not enough new inventory coming up on the market and homes are still selling relatively quickly, that means the number of available listings are going to continue to drop. So the next thing we'll talk about is days on the market.

Alright, so the next stat again is going to be that days on market. So this is just how long the average home was taken to sell. So right now in the city of Temecula, the average home is taking 39 days to sell. And then if we compare that to a year ago, the average home was taken about 59 days to sell. So homes are selling about 20 days faster on average than they were a year ago. City of Murrieta, the average home was selling about 35 days compared to a year ago. They're taking about 61 days. So again, definitely going to be, it's faster, about 26 days faster. City of Menifee today, the average home is on about 46 days and a year ago they were right about 57 days. So about 11 days faster. So homes are selling faster on average. Again, it's kind of that same thing.

I think it is a lack of inventory. So it's out there is moving relatively quickly. I do think going forward you're going to continue to see that average days on market go down. I think the numbers that we saw a year ago were pretty drastically inflated at the time. I had some videos kind of explaining that, but a lot of homes that were maybe sitting because they're starting prices were so high and I think people were really adjusting to higher interest rates a year ago. So we saw a real lag in the market that wintertime of last year. But I think right now as interest rates are going down, I think over the next 30, 60 days you're going to see that average days on market drop quite a bit as things really start to normalize. So something to pay attention to. Alright, and so the last stat we're going to talk about is the average sales price.

And believe it or not, across the board, even as we've seen 8% interest rates and although they're down a little bit now to the mid sixes, average pricing is actually up year over year. So I think that's going to be a surprising thing for most people to hear. So right now the average home in the city of Temecula is selling for $770,000. A year ago they were at 702,000. So that's definitely a significant change. I think that the 7 0 2 number that we saw last year was probably a little bit artificially low. We've talked about that in some of the other videos, maybe a couple high sales or a couple low sales can kind of throw off a number there, but definitely there's definitely a change there. Pricing is up over the last 12 months for sure. City of Murrieta, right now, the average home is selling for 716,000.

And comparing that to a year ago, we saw an average of 641,000. And City of Menifee, same thing. The average home right now selling for 553,000 and compared to a year ago, the average home is selling for 510,000. So average price point is up across the board, all three cities. I think for a lot of people, if you just read headlines or hear about maybe the real estate market crashing or whatnot, that you'll see headlines on all the different news sites. That is not what we're seeing at least here in Southern California right now. Pricing is actually up year over year. And even if you don't feel like it's up, I mean it's definitely steady. But stats show actually it's up just a little bit. And so it'll be interesting. Now that's been, we've seen pricing hold steady at these higher interest rates. So as these rates are now going to start to come down, it'll be interesting to see what happens.

And a lot of people are expecting once rates drop, that prices has actually continued to go up. So we'll have to see how that goes. But if nothing else, I know the lower interest rates are definitely going to help. They should help free up some inventory, they should help buying power for buyers, be able to afford a more expensive home or a nicer home for the same monthly payment or a lower monthly payment. So hopefully it'd be a good thing just for the overall real estate market, overall real estate economy and hopefully help everyone be able to buy and sell and able to get what they want and live in a nice place. So hopefully that is good information for you guys. If you have any questions, you can feel free to reach out Again, please like please hit subscribe, feel free to call, text, email me with any questions and hopefully talk to you soon. Thanks.