All right, so this is our monthly staple video. This is your August, 2024 real estate market update. 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 what's going on with average homes price, how much new inventory is popping up out there in the market, how long homes are taken to sell. And we're going to compare today's stats versus a year ago. 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 at Keller Williams in Temecula, California in ME to California. And this video is our market update for the month of August, 2024. So we're going to get to all the latest stats, but before I do, 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. Obviously we're trying to continue to grow it. And then if you guys have any real estate questions, of course, I would love to hear from you. So you're going to see my information either at the end of the video or down below. You can feel free, you can call, you can text, you can email me. Happy to answer any questions you may have or point you in the right direction.

Or even honestly, if you are looking for a rental, we don't do rentals. But I'm happy to give you some information, point you in the right direction, or maybe answer some questions. What's a better part of town to live in, or worst part of town, that type of stuff. So you can feel free to reach out, happy to be a resource for you guys, but we'll go ahead and get into all the latest stats. So we pretty much do the same format every time for these videos. So I'm going to give you the information for the last 30 days. So it's August, 2024. This is what's going on the last 30 days, and we're going to compare this to 12 months ago. And then talk a little bit how the market has changed or has not changed over the last year. And then I will also give you my perspective as a real estate agent and our real estate team and my office, what we're experiencing on a day toto day basis.

So we're going to start with the city of Temecula. So a year ago, the city of Temecula, we saw a total of 137 new listings pop up on the market this year. Over the last 30 days, we've now seen 143 new listings pop on the market. So that is a slight uptick in new listings. So we're seen a little bit more activity, more or less pretty stagnant though, Citi. Marietta, we saw definitely a bigger increase. So a year ago we saw 135 available listings or new listings come up on the market. And this year, over the last 30 days, we've seen 159 new listings. So that's a 16% increase. It's pretty substantial. And then city of ee, we actually, we saw it go the other way. So a year ago we saw 171 new listings. Over the last 30 days, we've now seen 156 new listings.

So that is decrease of right about 9%. So it's kind of a wash, right? So you saw a little increase, a few more compared to this year compared to last year in Temecula, a significant less inta or significantly more in Murrieta, and then a little bit less in Menefee. So a little bit of a wash. Not really much of a trend there to go over, but we'll go onto to the next stat. Alright, so the next stat we're going to talk about is the total number of active and available listings in a given city. And across the board, you're going to see a trend here. There are more available homes this year than there were last year, so, which is a good thing for sure. I mean, we're on track to hopefully get to more of a healthy market. So city of Temecula, a year ago we saw the total of 263 available homes out there to choose from.

This year we're now up to 285 available properties for sale. So that is an 8% increase, which is significant for sure. Definitely more homes available today than there was a year ago. City of Murrieta, a year ago we saw 264 this year we're now up to 325 available homes. That's a 21% increase. That's pretty significant. And then Menifee, kind of same trend line, a year ago we saw 304 available homes this year there's now 331. So it is kind of interesting that the new listings were kind of inconsistent across the board, but it is consistent that there are more available listings out there across the board. So that means that over the last few months, less properties have sold. They have not all got snapped up super, super quickly, which is causing more homes for buyers to choose from. In my opinion, that is a good thing.

That does lead to more of a balanced market, more of a healthy real estate market. Obviously this is kind of a small snapshot we will have to see over the next couple months as this continues to change. Alright, so the next stat we're going to talk about is the average days on market. And this really means how long the average home has taken to sell in each city. So city of Temecula, we are seeing homes sell faster this year compared to last year. So a year ago the average home was taking about 29 days to sell. This year we're down to about 24 days, so five days less. So not a huge change, but homes are selling quicker. City Murrieta, A year ago you saw homes taking on average 26 days. This year they're taking a little bit longer. We're now up to 32 days.

So that is an increase. So six day increase. City of Menifee last year, homes are taking 39 days this year they're down to 30 days. So definitely a little bit faster, nine days, week and a half or so faster. So kind of interesting looking at these, I would've assumed that with there being more inventory that homes were across the board taking longer to sell. Murrieta is the only city that we actually saw that, and it was only a handful of days. So it kind of shows you the stats are I think, showing some different things. And it'll be interesting to see how it actually plays out in the real estate market over the next couple months. It is fair to say, as a real estate agent, my team, my office, as I'm talking to other agents that I'm friends with and colleagues and all that good stuff across the board, we have felt the real estate market pick up since I would say the middle of June.

So things were definitely feeling a little bit stagnant. Once we got to middle of June, we saw a pretty big uptick in buyer activity. Personally, we had some homes that were on the market for a few months that weren't selling. We had to do a little price reductions on, they were getting a little bit stagnant. And then over the course of a couple weeks, almost all of 'em got snapped up and that was not the only one that happened to. I've had a lot of friends, a lot of colleagues that were kind of experiencing the same thing. So we have seen the real estate market pick up a little bit, which makes sense with showing the shorter days on market in some of these cities with the, I'm surprised to see more available homes with the active inventory. So again, we'll kind of see how the stats play out over the next couple months and I'll continue to give you my feedback as a real estate agent.

Alright, so the last out we're going to talk about is the average sales price. And this is the one that most people care about. They feel like it's the most significant, but I think you got to paint the whole picture and really get a feel for what's going on in the market overall and not just talk about average price. So across all three cities though, the average price point is up pretty significantly over the last 12 months. So a year ago in the city of Temecula, the average home was selling for right about $781,000. This year, the average home is now selling for about $871,000. So that a $90,000 increase across the board. I mean, that's a big price jump. City of Murrieta, a year ago, the average home was selling for 707,000. This year we're now showing 767,000. So that's a $60,000 increase. A year ago in Menifee, the average home was selling for $542,000, and this year we're now at $589,000.

So that's about a $47,000 increase or so. So across the board, price points are up. You will see the percentages, 8% to 11%, depending on the city it is. I know I talk about this in some of my other videos, but the average price point, we're comparing a 30 day period. There's not a ton of transactions that happen in 30 days, right? It's not like it's thousands and thousands of homes that sell each month in the local area at least. So there's definitely room for a few outliers to really sway these numbers pretty easily, whether that's in the low end, so maybe inexpensive older homes or pieces of land that are going to be cheaper or on the higher end by seeing a handful of higher multimillion dollar properties that are these big, massive estates that really can swing that number real easily. So I don't think the average home in Temecula has gone up 11% over the last 12 months.

I think that's probably farfetched. However, I do think it's fair to say that across the board, Temecula, Murrieta, Menifee, that home prices have gone up a little bit over the last 12 months. What the is maybe it's 1%, 2%, 3%. It's hard to say. Each neighborhood is going to be specific, each property is going to be specific, but home values are definitely trending up over the last 12 months, probably not 10%. So anyways, I hope that's good information for you guys. We'll continue to keep you updated. We'll do another one next month. If you have any questions, feel free to reach out. You can call, you can text, you can email me, and hopefully I will talk to you soon. Thanks.