All right, so this is going to be your March, 2024 real estate housing market update video. So we're going to give you guys all the latest stats for the cities of Temecula, Murrieta, and Menifee, California. We're going to talk about what's going on with average sales price, how long the average home has taken to sell, how much new inventory is, pop it out there on the market, and then how much available inventory is out there for buyers to choose from. And then we're going to compare today's stats versus 12 months ago to give you guys a really good reference and let you know how things are changing year over year. 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, in Murrieta, California here at Keller Williams. And this is our monthly staple video. This is our March, 2024 real estate housing market update. So we're going to give you guys all the latest stats over the last 30 days here in the cities of Marietta, Menifee and Temecula, California. And then we're going to compare those to the stats from a year ago to give you guys a good reference on what's going on here in the real estate market. So we're going to get into all the info, but first, if you are liking videos like this, please do me a favor, please hit like please hit subscribe. Obviously it helps me, it helps my channel. Obviously we're trying to continue to grow it. And then when we have new videos that are coming out each and every week, so we're going to have new videos that are going to continuously keep posted.

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Of course, we'd love to hear from you guys. Do what we can to help you out with your search and answer any questions or of course, if you want some help with your purchase or sale, we'd love to help you with that as well. And of course, myself and my team would love to be a resource for you. So hopefully we'll feel free to reach out and hopefully we'll hear from you. But let's get into all the stats. So again, this is the market update video. So if this is March, 2024, we're going to start with the city of Temecula and the total number of new listings. So over the last 30 days in the city of Temecula, we have seen a total of 110 new listings pop up on the market. And then if we compare that to last year, we saw 135 inside Temecula.

So that's a pretty big change. That's a 19% decline. New inventory coming up on the market over the last 30 days compared to year over year. City of Murrieta, we saw the same number, 110 new listings coming up on the market, and last year there was 152. So that's an even bigger change. That's a 21% decline. And then the city of Menifee last 30 days, we've seen 134 new listings compared to a year ago, 157 were coming up on the market. And honestly, this is a stat that kind of surprises me when we see it spelt out like this, but in general, it continues to trend for the last, it seems like year that we've been talking about this. But there's just not enough new inventory coming up on the market, and that is something that we feel every day as real estate agents where there's not enough homes for our buyers to choose from.

It has felt like there's more homes coming up for sale since the first of the year, but that's like anecdotal as a real estate agent working with our clients and what we experience on a day-to-day basis. So that's why I'm saying I'm surprised that we're still seeing such a big decline compared to a year ago. I'm hopeful that what we feel tends to, we will start to show in the stats and we start seeing those numbers change, but again, just not enough new inventory coming up on the market. I'm sure there's a lot of reasons for that. I'm sure people's, the unaffordability for people to purchase their next home is a big reason why. So if they're locked into a lower interest rate, if they want to get a bigger batter house this time around, that house is going to be quite a bit more expensive because they're going from a 3% interest rate to a 6%, six and a half, 7% interest rate on the new home.

That's really going to jump things up. But there are people that you could, there's still 110 people in Temecula that listed their homes. There are still people that need to sell, want to sell. Maybe there're relocating out of the area, maybe they have a job transfer, maybe they are downsizing or maybe they are just in a situation where they absolutely need to move and they need a bigger home or smaller home. At the end of the day, if you have twins and you just don't have enough space, you're going to have to do something. So there are still people that are selling their home, but just not as much as we would like to see. Alright, so the next stat we're going to talk about is the total number of active listings. And so this is just available inventory. So if you as a home buyer, if you wanted to buy a home in a given city, how many homes are there out there for you to choose from?

So right now in the city of Temecula, there was a total of 191 available homes to choose from. And then if we compare that to a year ago, there was 226 available homes to choose from. So that's about a 15% decline. I mean, it's definitely significant there. There's less homes to choose from today than there was a year ago. City Murrieta and Menifee, you're going to see the same trend right now in Murrieta. There's 243 available homes to choose from compared to last year. That was a 276, there was 276 to choose from the city of Menifee. Right now there's 245 compared to a year ago, 266 available homes. So there's definitely less homes out there to choose from today than there was a year ago, but it's that trickle down effect, right? So if there's not enough new inventory coming, there's going to be less for home buyers to choose from.

Really, it comes down to not enough new inventory coming up on the market, which is giving people less options, less options. Well, it's something to keep an eye on over the next few months. Alright, the next stat is the average days on market. So this is just how long the average home has taken to sell. So as inventory has come down, less homes out there to choose from what listings are posted for sale are tending to sell quicker. So the average days on market is definitely down now compared to where it was a year ago. So right now the average home in the city of Temecula is selling in 24 days. If we compare that to a year ago, we were actually up to 49 days. So that's a pretty significant change. It's a 51% decline right now in Murrieta. The average home is selling in 36 days compared to a year ago, 44 days.

And then in Menifee, same trend right now, the average home is selling in 43 days compared to a year ago it was 53 days. So across the board, your average days on market are definitely down. I will tell you that I'm surprised that the numbers are not even lower than this. Not that the change is drastic, not that I'm surprised about that, but it seems like as realtors, as we're dealing with our listings and our clients and our buyers that most homes are selling within a week or two, as long as they're priced pretty well and in most price points, there are certain neighborhoods and in certain areas where maybe that's not quite the case, but in general it feels like homes are selling even quicker than what the stats show. Alright, and then the last stat that we want to talk about is the average sales price.

So the city of Temecula is first. Right now over the last 30 days, the average sales price for a home in Temecula is $767,000. And then if we compare that to a year ago, that was actually 821,000. So that does show a decline in average pricing over the last year. I know I talked about this seems like every month, but when we look at average sales price, some outliers can really throw off these stats. So a few high price homes or no high price homes or a few low price homes can really change these averages. So this is something to definitely pay attention to. I don't think that the average pricing has really changed over the last year. I think it's really about flat. Most stats actually show they've increased, but Temecula does show a decrease here. So something to pay attention to over the next couple months.

I would be really surprised with the lack of inventory and how quickly homes are selling that if we actually see a dip in sales price. But something to pay attention to here, Murrieta, right now, the average sales price has been $687,000 compared to a year ago. That was 698,000. So again, very slight decline there. And then Menifee shows an increase year over year. So right now average sales 576,000 compared to a year ago was 516,000. So some interesting things to keep an eye on. It does feel like across the board pricing is pretty flat over the last year. Maybe just a slight increase. I can tell you as real estate agents since right around Christmas time, the interest rates dropped a little bit then we've seen a big influx in buyer activity since then. And even since the first, we've felt like we've seen a decent amount, decent pickup in new listings coming up for sale.

Obviously the stats not showing that, so it'll be interesting to see how that plays out over the next couple months. Hopefully what we're feeling tends to be more widespread throughout the city and we just see more inventory out there. It is going to be good for everybody, right? It's going to give buyers more homes to choose from. It's going to let more transactions happen. It's going to let people that are need to sell their home and upsize or downside be able to find that next home easier. I think the more inventory is going to be a good thing for everybody across the board, so we shall see how things plan out as we get closer and closer to summer. But hopefully that's good information for you guys. Again, if you have any questions, you can feel free to reach out. Please sit like please sit, subscribe, you're going to see my number. Feel free to call, text, email, and hopefully talk to you soon. Thanks.