All right, so here is your February, 2024 real estate housing market update. So we're going to go over all the latest stats for the cities of Temecula, Murrieta, and Menifee, California. We're going to go over average sales price. We're going to go over how much new inventory is coming up on the market. We're going to go over how much inventory is out there for buyers to choose from, and then how long the average home is taken to sell. So we're going to give you guys all the info. 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, here at Keller Williams. And this is our monthly staple video. So this is our market update for the month of February, 2024. Again, we're going to give you guys all the latest stats compare over the last 30 days compared to 12 months ago. So it give you kind of that year over year comparison and hopefully give you guys some really good perspective on what's going on in the real estate market. I'll give you some of my perspective as a real estate agent and kind of what we see on a day-to-day basis as well. But the first thing, if you like videos like this, you want to see more real estate information about the Temecula, Murrieta, and Menifee Valley. Please do me a favor, please hit like, please hit subscribe.

So we have new videos that come out each and every week. So we have market update videos like this. We have new home community tours, we have videos about the best neighborhoods, the worst neighborhoods, all types of different stuff. And we have new videos. Again, come out each week. And then if you guys have any real estate questions, of course I'd love to hear from you so you can feel free. You can reach out anytime. You're going to see my information, either at the end of the video or down below. You can feel free, you can call, you can text, you can email. I have people that reach out to me all the time. That's my personal cell phone. It goes right straight to me. And of course, myself and my team would love to either answer those questions for you or of course help you out with your home search as well.

So please feel free to reach out, but we'll get into all the stats here. So we're going to structure this video just like our other ones that we do each month. So we're going to start with the total number of new listings. We'll go for each city, and then we'll compare it again the year over year. Alright, so the first stat we're going to talk about is the total number of new listings for the city of Temecula. So if you compare it to last year in February, 2023, Temecula had 104 new listings pop up on the market. And then over the last 30 days, we've seen 95. So it is a 9% change, right? It is. There are less new listings this year compared to last year, but it's only nine. It's not really much of a difference. And if you look at the city of Murrieta, really almost exactly the same.

So last year we saw 129 new listings come up on the market. This year we saw 128. So it's a difference of one, it's real negligible. And then, you saw a little bit bigger change. So last year we saw 145 new listings, and this year we are only seeing 120. So that's a bigger change. It's like an 18% change. So across the board, we're still not having enough new inventory come up on the market. I will tell you. So as a real estate agent, as a real estate team, and even our brokerage in general, we are seeing more listings coming up on the market. It feels like over the next 30, 60, 90 days, we're going to see some more inventory. We'll see if it reflects the general market and if the numbers really start to change. But it would be a good thing for, I think most everybody, if we saw more inventory coming up on the market, it's a good thing for buyers, it's a good thing for home sellers if you're trying to relocate to another area.

So you have more to choose from. I'm hopeful. Hopefully that is the case. We start to see that change. Alright, so the next stat is total number of active listings. So this is if you're a home buyer and you wanted to go buy a home in a given city, let's say the city of Temecula, how many homes are there out there for you to choose from? So a year ago in the city of Temecula, there was a total of 224 available homes for you to choose from. And this year we were down to only 161 homes out there to choose from. So that's a 28% change. That's significant. That's a big difference in available inventory. So if we compare back to the last stat, as far as new listings are really about the same, there's only less than 10 of a difference. There's only nine homes less being listed this year compared to last year.

But there's way more 60 something that are not out on the market right now. And really what that means is there is not as much inventory that has been sitting over the last few months. So that's not even so much the new inventory. It's just so much as what has been out there has already turned over and already sold. So we are still needing new inventory, we're hoping that's going to continue to happen. But as a buyer, it is only 161 homes in the whole city of Temecula. That is not much to choose from. City Murrieta, this is kind of the outlier here, but we didn't see much of a change. So last year there was 276 available homes to choose from. This year we are seeing 266. So it's only about 10 homes different, so not much of a needle mover there. And then in Menifee you saw another big change too.

So last year there was 312 homes. This year we were down to only 228, and that's another big percentage, that's a 27% drop off this year compared to last year. Alright, so the next stat we're going to talk about is your total days on market. So this is how long the average home is taking to sell. So if you put your house on the market, you put a first sale sign out your front yard, how long on average is your home going to take to sell? So last year in the city of Temecula, we were seeing really a pretty low number, really a higher number, really a slowdown in the market. And this is probably the biggest stat that a year ago, so February, 2023, this is probably the highest days on market that I've seen over the last three years. So last year in February, the average home was taking 59 days to sell where the market has been.

That's a real outlier for sure. And then this year, over the last 30 days, we're only seeing the average days on market is down to 38. So that's a 35% decrease in the average days on Market City. Murrieta and Menifee really follow the same trends. So last year, the average home in Menifee, sorry, Marietta, last year the average home in Murrieta was taking 62 days to sell. This year they're down to 47 days, so it's 24% change. And then in Menifee last year the average home was taking 51 days, and this year we're down to 42. So that's an 18% change. So across the board, homes are definitely selling quicker. Alright, so that brings us to the last STA we're going to go over. And that's the average sales price. So with not enough new inventory coming up on the market with not a ton of homes out there for people to choose from.

And with homes selling quicker year over year, we're seeing average sales prices up across all three cities. So City of Temecula, last year the average home was selling for $767,000. And in this year that average sales price is up to 811,000. So that's a 5% increase year over year. City of Murrieta, last year, the average sales price 6 46 this year they're up to $691,000. So that's a 6% increase. And then in Menifee last year it was $524,000 and this year the average price is up to 563,000. So again, across the board, prices are up. It'll be interesting to see what continues to happen to home prices, as hopefully we start to get a little bit more inventory on the market. But the interest rate is hopefully starting and going to continue to drop. So we'll see how that's going to affect the average sales prices as well. So hopefully that's some good information for you guys. If you have any questions, you can feel free to reach out anytime. You can call, you can text, you can email, please hit like please hit subscribe and hopefully I will talk to you soon. Thanks.