All right, so here is our monthly real estate market update here for the month of May, 2024. We're going to go over all the latest stats for the cities of Temecula, Murrieta, and Menifee, California. We're going to talk about what's going on with the average price point, how long the average home has taken to sell, how many new listings are coming up on the market, and then how much available inventory is out there. 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 with the short real estate team here in Temecula, California, and Murrieta California, here at Keller Williams. And this video is our monthly staple. This is our May, 2024 real estate market update video. So we're going to get into all the latest stats. But before I get into it, if you're liking real estate videos like this, do me a favor, please hit like please hit subscribe. So obviously it helps me, it helps my channel. We're putting out new videos each and every week. We have from all types of videos over the last couple of years that we posted from home tours and market updates and best neighborhoods, worst neighborhoods to Temecula versus Murrieta and Menifee Exedra. So I think there's a lot of good stuff that you can check out as well.

And then if you guys have any real estate questions, you can feel free to reach out anytime. So you can feel free, you can call, you can text, you can email me, you're going to see my information at the end of the video or down below. You guys can feel free to reach out. I have people that reach out all the time. Happy to help answer any questions. Or of course, if myself and my team can help you out with your real estate search, I'd love to help you do that as well. But let's go ahead and get into, we'll get into all the stats here. So the first thing we're going to start with the same setup as our other videos. So we're going to start with the total number of new listings that we've seen over the last 30 days, and then we're going to compare that to a year ago to back, so that would be May, 2023.

So first up, city of Temecula. So last year in May, 2023, we saw a total of 144 new listings pop up on the market. This year, the last 30 days, we've seen 152 new listings. So this is actually positive news, but we are slightly up in the new listings this year compared to last year. So it's like a 5% uptick. So at this point, we'll take anything we can get, anything that's green and positive is going to be a good thing. That has not been the case for most of the last couple years. So more inventory is good. The reality is we're looking at eight more homes coming up on the market compared to a year ago. So that's not super significant, but it is good to see more rather than less. For sure. City Murrieta, you're going to see the same trend. So last year there was a total of 137 new listings popping up on the market.

This year we're at 156, so almost 20 new listings this year. So that's a bigger change. Percent uptick. City of Menifee. Last year we saw 163 new listings. Then this year it's 176. So again, about a little bit of an uptick, that's an 8% uptick. So it is good across the board, we are seeing more inventory come up on the market and that is a good thing. I mean, that's what we need for our real estate market for sure. Alright, so the next stat we're going to get into is for the total number of active listings. So basically what this is is, hey, if I'm a home buyer and I'm going to look in a given city, say city of Temecula, how many homes do I have to choose from? So that's just available inventory. So a year ago, if you're looking in Temecula, there was a total of 205 available homes for sale this year in the city of Temecula, there's 242 available homes for sale.

That's an uptick. That's a 17% uptick. That is good, that is positive for a healthy real estate market for sure. And then all three cities are pretty much right there. So last year in Murrieta there was 215 available homes for sale, and then this year there are a total of 287 available homes. So that's a 29% uptick. That's pretty significant, almost 30%. And then last year in EE there was a total of 244, and then this year there was 271. So we're seeing more inventory come up in the market and we're seeing some more available inventory that's out there. So all those things bode well. Alright, so the next stat is the average days on market. So this is how long the average home has taken to sell in each area. So you would naturally think that hey, if there's more inventory that's out there to choose from and there's a little bit more homes popping up in the market that maybe homes are taking longer to sell and kind of showing signs of a cooling market, that's not really the case.

We're actually seeing homes sell either slightly faster or basically about the same timeline as they did a year ago. So last year in the city of Temecula, we saw the average on market was 33 days. This year we're down to 27 days, so just under four weeks. So it's a 20% change, but basically homes are selling six days faster today than they were a year ago. City of Murrieta is really exactly the same last year and this year, so a year ago is 31 days. Today it is also 31 days. So no change, CEE a little bit faster. So last year was taking 39 days to sell and then this year, 34 days to sell. So basically five days faster this year as opposed to last year. Alright, so now we're going to get into the average sales price for each city. So across the board, we're seeing the average price go up for all three cities across the board.

So you're seeing a little bit more inventory, you're seeing more homes for sale, homes are selling quicker, and then price point is actually up. And keep in mind this is all happening even with higher interest rates. So interest rates right now are north of 7% on average. So these prices are holding steady and even jumping up even at these higher rates, which really hurts affordability. So City of Temecula, a year ago, the average price point was right at $121,000. This year it's up to $891,000. So that's a $70,000 increase in average price 0.8% change. City of Murrieta a year ago was right just under 700,699,000 in some change this year it's up to $771,000 over the last 30 days. So that's a $70,000 price increase. City of Menifee a year ago was 548,000. This year we're at 582,000. So that's about an 83, 80 $4,000 change.

I'm sorry it's a 33, 30 $4,000 change, but definitely an increase across the board, all three cities. Again, when we're looking at 70 and $90,000 price jumps year over year, I don't think that's really real indicative of what's going on with the actual market. I think for sure pricing is up a little bit between a 70 90,000 jump in average price point. That's a lot. I think there's probably some outliers, there's probably some more expensive homes than maybe some less expensive homes that are kind of swaying the average there. But in general, price point is definitely up 10%. Seems like a lot, right? Those are exactly what the stats show what's going on in the market. And then just to give you guys some perspective as a real estate agent, I can tell you we are seeing this ourselves. So we are seeing a hotter market this year compared to last year for sure.

We are seeing a good amount of buyers that are out there. We are seeing if a home is in a desirable area and it's move ready, it's selling quickly. Maybe there's a few exceptions here and there for some higher tax rates, et cetera. But across the board, nice homes are selling quickly as long as they're priced appropriately. One thing that we are definitely are noticing is if you push the price point too much right now, you're going to sit and you're not going to sell. So I've had clients and see other colleagues of mine work with clients where maybe they push the price point an extra 20, 30, $40,000 over where the comps are really showing what the neighbors have sold for recently. And when they're doing that, they're sitting, they're not selling. You really have to be priced in range right now in order to get the activity and get your home to sell. If you overpriced, you're going to sit. So it's just something to be careful of if you are thinking about making a move. So hopefully that's good information for you guys. If you have any questions, you can feel free to reach out. You're going to see my information. Please hit like please hit subscribe and hopefully talk to you soon. Thanks.