All right, so we are here for our June, 2024 real estate housing market update video. This is our monthly staple. We put this out each and every month. 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 how much new inventory is coming up on the market, how much available inventory is out there for buyers to choose from, how long the average homes are taking to sell, and then what's going on with the average sales price. So let's go ahead and get into it.

Hey guys. Hey again, my name is Justin Short. I am a realtor and team leader with the short real estate team here at Keller Williams in Temecula, California, in Marita, California. And this video is all about our market update for the month of June, 2024. Like I mentioned, we do this every month. We're going to go over all the latest stats for the cities of Temecula, Murrieta, Menifee, California. But before I get into all that, if you are in real estate videos like this, do me a favor, please hit like please hit subscribe. Obviously it helps me, it helps my channel as we try and continue to grow it. And then we have new videos that we put out each and every week. So we have market update videos like this, neighbors talking about the best parts of town, the worst parts of town, comparing different cities.

We have different community tours, all types of stuff. And we have hundreds of videos that we posted in the past and the new ones that we put out each and every week. And then if you guys have any real estate questions, of course we'd love to hear from you. So you can feel free to reach out anytime you can. Feel free, you can call, you can text, you can email me. I have people that reach out all the time and happy to answer any questions you may have. Or of course if we can help you out with your search, we'd love to help you do that as well. But let's go ahead and getting all the info here. So again, we're going to set this up just like our previous videos in the past. So we're going to compare right now the last 30 days compared to a year ago, which was June, 2023.

So first stat is going to be the city of Temecula. So over the last 30 days we have seen a total of 143 new listings pop up on the market. And if we compare that to a year ago in June of last year, we saw 164. So there is actually less new listings this year compared to last year. I'm a little bit surprised we had started seeing this stat trend the other way. We started seeing more and more listings come over the last couple months. So this is the first time we're seeing it reverse back and it is a little concerning, especially since a year ago we had such a shortage of inventory. When we have less new listings coming this year, it's definitely concerning. So it's a 13% decline this year compared to last year. City of Murrieta, you see the same trend. So last year there was 168 new listings coming up on the market and then this year there's only 163, so it's five less properties, but it is a decline.

So it is in red there. And then city of Menifee, we're going to see actually the opposite. So we did see more inventory. So a year ago we saw 171 new listings come up on the market and this year we are now seeing 199. So there is a pretty good chunk, it's 28 additional properties coming up for sale. So it'll be interesting to see as these stats shape up over the next couple months. Alright, so the next stats we're going to talk about is the total number of available listings and the total number of active listings that are out there for a buyer to choose from. So easiest way to think of this is, hey, if I'm a home buyer and I want to try and buy a home in a given city, say it's the city of Temecula, how many homes do I have out there for myself to choose from?

So a year ago, if you're trying to buy a home in Temecula, you had a total of 229 available properties to choose from. This year you're up to 248 available properties to choose from. So there is actually 8% more available inventory this year as opposed to last year. That is surprising with the stat we just went over because there's less new listings coming. So it'll be interesting maybe in a month or so if that starts to mellow down, we see it flip around. So city of Marietta, same trend. So a year ago we saw 271 available listings out there for buyers to choose from. This year we're only seeing 297, so we are up to 297. So that's an increase, that's a 10% increase. So more inventory this year compared to last year. And then ee, we actually saw a pretty big jump. So a year ago there was 263 available homes out there and this year there's now 329 available properties to choose from.

So that is a pretty big increase. Definitely more inventory out there this year compared to last year. And we'll kind of see how that plays out. We're going into the days on market. Alright, so the next stat we're going to talk about is the average days on market for each city. And basically this is just how long the average home has taken to sell and across the board, all three cities have their home selling significantly quicker this year compared to last year, the biggest change of which is Temecula. So the stats show, so a year ago the average home in Temecula was selling in about 32 days. This year they're now selling in just about 17. So that's a big difference. That's a 47% change. Faster homes are selling faster this year compared to last year. City of Murrieta, kind of same trend, although not quite as big of a jump.

So a year ago the average home was selling in 31 days and this year the home is now selling in 27 days. So definitely selling quicker and City of Menefee kind of same deal. So a year ago the average home was selling in 40 days and this year they're selling in 37 days. So across the board, definitely more of a seller's market. Definitely seeing homes sell quickly and they will show you what that does to the sales price. Alright, so the last stat we're going to talk about is the average sales price for each city. So the City of Temecula a year ago was selling just about $805,000. This year it's gone down about a thousand dollars or so to about 804,000. So not much of a change, more or less about the same. I mean it's technically a little bit of a decline, but pretty much staying flat year over year. A year ago, in the city Murrieta, the average home was selling for 748,000 and then this year they're now selling for 734,000. So that is a difference.

It's a 10 $14,000 difference year over year. Again, we talked about this before in some of these different stats videos, but that doesn't necessarily mean that the average sales price has gone down. I think a lot of times in a case like this you'll have some outliers on the high end or the low end that maybe changed that overall number. So that is kind of a limitation in how we look at the stats like this. But in general, I think it's fairly safe to say from my experience in working with clients that homes are staying pretty flat. I don't think anyone really lost $15,000 in equity over the last year, but home value is staying pretty flat in Murrieta and Temecula. It is kind of interesting because the City of Menifee, so the last one we're going to go over actually we do see the pricing has gone up.

So a year ago the average home was selling for just under $550,000 and then this year the average home is now selling for 595,000. So that's an 8% increase. That's a big jump over a $40,000 jump. Price wise, I don't know if that's really quite true, but in general I think it is fair to say that prices have creeped up in Menefee as more new construction, more people moving there, more people getting pushed out of Temecula, Murrieta due to affordability concerns. It's a big jump but not surprising to see that we're seeing prices go up in Menefee. So that's what the SAT show. And then just kind of some info as a real estate agent, kind of what we're seeing on a daily basis, what my team is seeing and then what other agents that I talk with in the office and around town are seeing.

It definitely continues to be a seller's market. Homes that are out there that are priced well tend to be selling quickly. We are seeing a little bit more at the higher end price points so that things are starting to slow a little bit. So like in Temecula, let's call that the over $900,000 range. We're seeing homes take a little bit longer to sell in Murrieta, kind of over that $850, $900,000 range. Homes take a little bit longer. So once you get over that million range, definitely not as strong of a buyer demand. So it'll be interesting to see how that plays out over the next couple months. But homes are still starting to sell pretty quickly. We are not seeing a ton of multiple offer situations maybe on something super, super desirable, maybe has a view or something with a pool or that's super dialed in. And we are seeing that if a home needs some work and needs some updating that it is starting to sit. That's for sure. People are wanting more of that move and ready. So if you are willing to do a little bit of work yourself, you definitely can get yourself a little bit better deal and probably face a little bit less competition out there as well. So hopefully that's good information for you guys. Like I said, please do me a favor, hit like please subscribe and we'll get you a new video next week. Thanks.