All right, so this is our July, 2024 real estate housing market update for the cities of Temecula, Murrieta, and Menifee, California. We're going to go over average sales price. How many new listings are popping up on the market, how much available inventories out there for buyers to choose from, and then how long homes are taken to sell on average in each city. 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 again, this video is our monthly staple. This is our real estate market update for the month of July, 2024. So we're going to get all the latest stats. But before I do, if you are liking videos like this, do me a favor, please hit like please hit subscribe. We have new videos that come out each and every week about all things real estate for Temecula, Murrieta, Menifee, California. We have market update videos like this. We have new home neighborhood tours, new home model tours. We have information about best neighborhoods and what worst neighborhoods, and you're comparing different parts of town, ect. So if you guys like information like that and you want to see more videos, please hit like please hit subscribe.

And then if you guys have any real estate questions, of course you can 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 either down below or at the end of the video. And of course, myself or my team would love to help you with your real estate search if there's anything that we can do to help you. But even if that's not the case, you can feel free. I have people reach out, just ask questions. Happy to point you in the right direction and give some advice, if at all, if at all possible. So let's go ahead and we'll get into the info. So same setup as our other market update videos. We're going to start with the total number of new listings for the city of Temecula. So what we do is we can compare year over year to help assess what the difference is and how the market has changed over the last 12 months.

So a year ago, so July, 2023, the city of Temecula, there was a total of 166 new listings that are popping up on the market a year ago this year. Now we are down in listings, so we're down to 145 new listings. So there's 21 less new homes popping up on the market this year compared to last year. And percentage wise, that's a 13% dip. So that's going to be a trend across all three cities. The new listing inventory is definitely down year over year. It is a little concerning for sure because we've had an inventory problem for a long time, but we'll talk about some of the other stats and how that expresses itself here. So city Murrieta, a year ago there was 203 new listings popping up on the market. This year there's only 142, so that's a big change. There's a 35% decline in new listings, and then Menifee, same trend, a little bit smaller spread, but a year ago there were 182 new listings.

This year there's only 166, and that's a 9% decline year over year across the board. Less inventory this year compared to last year for sure. Let's go ahead and we'll talk about the total number of active listings. Alright, the next stat we're going to talk about is the total number of active listings. This is basically just how much available inventory is there for a buyer to choose from in a given city. So if I wanted to buy a home in Temecula, how many options do I have? And we'll compare that year over year. So a year ago in Temecula, there was a total of 266 available homes to choose from. This year we're now up to 273, so that's a 3% increase. So it's a little bit more homes to choose from this year compared to last year. That is a little bit surprising because there is so much less inventory being listed.

So even though we've had less new homes come up on the market, there's still more to choose from. So that tends to show you that homes are taking a little bit longer to sell. Inventory is sitting a little bit longer. I mean, 3%. It's not a drastic change, but it does show you a trend. Homes are taking a little bit longer to sell and the market's cooled a little bit year over year. So city Murrieta, you're going to see each same trend. So a year ago there was 291 available homes to choose from this year, 299. So eight more homes to choose from. But again, that is the case, even though there is less new listings coming up on the market. So that shows you how much things have swayed their city of Menifee. A year ago, there was total of 294 available homes out there to choose from.

This year we're up to 336. So that's a bigger increase. That's a 14% increase. So again, all three cities, homes are sitting a little bit longer, a little bit more for home buyers to choose from. Alright, so the next stat we're going to talk about is the average days on market. So this is basically just how long the average home was taken to sell in a given city. So city of Temecula a year ago, the average home was selling in 22 days this year. Now the average home is selling in 26 days, so it's four days longer on average is how long your home was taken to sell. I mean, that is not moving the needle very drastically. And honestly, I was a little bit surprised that this was only the difference considering what we just saw with inventory, how there is more homes to choose from and there is less listings coming up on the market.

I thought we would see more of two or three week increase, but four days it's not really moving the needle very much. City Murrieta took over those stats. So really exactly the same. So a year ago, 22 homes or 22 days on average for the average home to sell. This year we're now 26 days. So just slightly longer four days. City of Menifee, same thing. A year ago, 32 days was your average home taken to sell. And this year we are now up just two days to 34 days for your average home to sell. So not huge swings there. That'll be an interesting set to watch over the next couple months to see if the trend increases and we start seeing homes continue to take longer and longer to sell all. So the last stat that we're going to talk about is your average sales price.

And really across the board, all three cities have seen a pretty big uptick in average sales price. So See Temecula, a year ago, the average home was selling for $827,000. This year the average home was now selling for $872,000. So that's a 6% increase, and you're going to see the same for all three cities across the board. This is another one that I was surprised at, or especially a year ago. I would not have anticipated that prices have gone up at all over these last 12 months, but with the way the market's going, even though interest rates are up, so that makes houses less affordable for people to buy, even though there's less out there for people to choose from, there's still enough buyer demand to keep the market going. And even again, we've seen across the board, we've seen home prices go up over the last 12 months, even in this low affordability environment.

So a year ago for the city of Murrieta, the average home was selling about 664,000. This year it's now up to 714,000. So that's an 8% increase. City of Menifee a year ago was 563,000. This year it's up to 590, so that's a 5% increase. So across the board, home prices are up. Again, that's a little bit of a surprising thing considering what else is going on in the market with interest rates, ect. I will tell you guys just my perspective as a real estate agent. So these stats are taking the last 30 days of market real estate market activity, and we're putting this data together and showing it to you guys. So it's a little bit of a lagging indicator. And as far as what has happened over the past 30 days, I will tell you myself as a real estate agent, my real estate team, and then other agents that I work with here in the office or other brokerages and other just friends that I have in the industry, we've definitely noticed over the last week, two weeks, we've seen a pretty big uptick in activity from both buyers and home selling.

So personally, I had a few listings that have been on the market one month, two months, one or two months, yeah, I would say one to two months that had not been selling. We've had to do a couple price reductions, ect, which had not been the case in the last couple years. Not a ton of price reductions are happening. And then all of a sudden over these last week to two weeks, pretty much all of them got snapped up really quickly. So they all got offers, some of them multiple offers after sitting for a little bit. So that's a pretty good indicator that we're seeing a little bit of an uptick in the market. A lot of people thought we would see kind of a late spring buying season. So now that we're here in the middle of the summer, seems like we're getting a little bit of a bump.

It'll be interesting to see how that plays out over the next couple months that continues to roll forward. And of course we're getting closer to the election, so typically that causes a little bit of a pause in the real estate market as well. So that's just, just some anecdotal data for myself personally and my small sample size. So we'll have to see as those numbers play out across the market over the next 30, 60 days. So hopefully that's good information for you guys. If you have any questions, you can feel free to reach out any, anytime you can call, you can text, you can email you. Happy to hear from you and hopefully talk to you soon. Thanks.