All right, so here is your April, 2024 real estate housing market update video. So we're going to get into all the latest stats for the cities of Temecula, Murrieta, and Menifee, California. We're going to talk about average sales price, how many new listings are coming up on the market, how much available inventory's out there, and then how long the average home has taken to sell. So we're going to get all the stats and 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 your April, 2024 real estate housing market update. So we're going to get to all the latest stats for the city's of Temecula, Murrieta, Menifee, California. But before I start rattling all those off, if you are liking real estate videos like this, do me a favor, please hit like please hit subscribe. So we have new videos that we put out each and every week, and then we have tons of videos that we posted over the last handful of years. So from best neighborhoods, worst neighborhoods, pros and cons of different cities comparing the different cities, but tons of market update videos like this every month, neighborhood tours for a lot of the new home communities in the area, all types of different stuff.

So you're going to see a lot of videos that we posted, and then if you guys have any questions, you can feel free to reach out anytime. So you can feel free. You can give me a call, you can text, you can email me. My information's either down below or at the end of the video that is my cell phone. It's going to go directly to me and happy to answer any questions that you may have. And of course, myself and my team would love to help you out with your search if there's anything that we can do to help. So let's getting all the stats here. So we're going to keep this format the same. So we're going to compare the stats from the last 30 days compared to 12 months ago. So compared to April, 2023. So we're going to start with a total number of new listings in the city of Temecula.

So last year, the city of Temecula had 129 new listings pop up on the market, and then this year we are seeing 135 new listings over the last 30 days. There's six more listings this year compared to last year. So that is a big change from what we've seen over the last six months, these videos. So it's probably the first time, obviously it might be closer to a year or a year and a half maybe that we've seen more listings today than we saw a year ago. So it's not by much. It is an extra six. So we're not moving the needle a ton, but at least that is encouraging, at least as a real estate agent, to see a little bit more inventory popping up so far this year compared to last year. So we will see how the next couple months ago, but to me that's encouraging.

City of Murrieta not the case. So last year we saw 169 new listings coming up on the market. This year we've only seen 128 over the last 30 days, so we're down about 24%. So that's a significant decrease. But for the city of men, we are actually back up. So last year we saw 154 new listings. This year we're up to 176 new listings. So another positive stat. So I dunno, two out of the three being positive, it could be worse. I mean, at least to me it feels like we're heading in the right direction. Hopefully that continues to be the case. I guess time will tell, but hoping so. Alright, so the next stat is the total number of active listings. So this is basically, hey, if I'm a home buyer, I want to buy a home in a given city. How many homes are there out there for me to choose from?

What is the inventory like, what's available? So unfortunately this stat, for the most part it's decreased. So we haven't seen same good news here just yet, but maybe that'll trickle in over the next couple of months. So city of Temecula, last year at this time, there was a total of 221 available listings for sale this year where there's only 183 available. So that is a decrease, pretty significant decrease. So last to choose from for home buyers and that has been consistent over the last year and a half for sure. City of Murrieta, last year we saw 274 available homes to choose from this year, only 237, so another decrease. And then ee, we did see a little bit of a flip. So last year, 255 available homes to choose from. This year we are up to 263. So that's a whopping increase of eight homes out there for a buyer to choose from, but at least it's an increase, at least it's going in the right direction.

So it'll be interesting to see over the next 60 days to see if that new inventory starts trickling into the active available homes. We start seeing actually more out there on the market. Alright, so the next stat is going to be the average days on market. So basically this is just how long the average home in a given city is taken to sell. So it is, we are seeing the average days on market go down across the board in all three cities. So we're seeing homes sell a little bit quicker this year compared to last year. So last year in the city of Temecula, the average home was taking 36 days to sell. This year we are down to 27 days to sell. So just under four weeks. So that's a decrease. City Murrieta, same trend. Last year we saw 38 days on average for the average home to sell.

This year we're down to 34 and in city of Menifee last year, 42 homes, I'm sorry, 42 days for the average home to sell. And then this year we are at 37 days. So decrease across the board. I mean, it's nothing too significant. We are coming into the spring season, ideally a little bit more of a busy time for real estate, more real estate transactions as we get closer to summer. So we will see as hopefully more inventory comes, the days on market starts to go up a little bit or you know how that starts to change. Alright, so the last stat that we're going to talk about is the average sales price and really across the board for all three cities, we've seen the average sales price go up over the last year. Honestly, the percentages that I'm going to go over right now, they are more than I would think.

As a real estate agent and someone that deals with clients and properties every day, I feel like things have gone up a little bit, not as drastically as what the numbers show. So I mentioned this before, but it's very easy over a 30 day period for a few high end sales or low in sales to really throw off our average numbers. So we'll have to see how that plays out again over the next 30, 60 days. But across the board, home prices are definitely up. So last year, city of Temecula, the average home price was at $771,000 for the month of April, and this year the average sales price is at 905,000. So that's a huge increase. That's over $130,000 uptick in price. I don't think people's average home has gone up $130,000, but it's definitely gone up. So the percentage change was 17%. So we'll see how that levels out over the next couple months.

City of Murrieta, last year the average home was selling for 650,000. This year we're up to $719,000. So it's almost a $70,000 increase. I mean, that's huge. City of Menifee. Last year the average home was selling for 530,000. This year we were showing $560,000 as the average sales price. So I said across the board, home prices are up across the board. That's definitely what we are feeling as real estate agents. Home prices are definitely up over the last 12 months. Are they up a hundred grand? Probably not, but they're definitely trending up. Especially it seems to be that as soon as the interest rate declines a little bit, a bunch of home buyers jump in and we see a lot more activity and prices bump up a little bit. So for example, right now the interest rate is right about 7% is the average mortgage rate just a few months ago.

So right around Christmas first of the year, rate was closer to about the 6.5% range and just that half percent, 0.5%. The amount of difference in buyer activity was significant. We saw a lot more multiple offers, we saw a lot more people jumping in homes, getting stepped up right away. So as we are now in April, 2024, most people are predicting at some point we will start to see that interest rate start to drop a little bit. How much when no one quite knows, right? Good thought is sometime before the election. So whether that's end of spring, beginning of summer, that's a lot of people's thoughts. I don't know, I think I've taken my hand at trying to predict things over the last couple of years and I don't know how anyone really can, so we'll just have to see how it plays out. But I think it is clear that with these higher rates at 7%, home prices have held steady.

They've even gone up a little bit over the last 12 months. So whenever that rate does drop, I think there's a really good chance that a lot of people jump in the market to buy. And maybe we see pricing bump up a little bit, or at least we see a pretty good theory from buyers who are sitting on the sideline waiting for things to be a little bit more affordable at least, if not on a purchase price, at least on a monthly payment basis. So we'll kind of see how things play out. Hopefully it's good information for you guys. If you have questions, let know, you can feel free, you can call, you can text, you can email. I'd love to hear from you and hopefully talk to you soon. Thanks.