All right, so this is our September, 2024 real estate market update. 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 new inventory, how many homes are out there available for sale, how long the average home has taken to sell, and then what's going on with average sales price. 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, in Murrieta, California at Keller Williams. And this is our monthly staple video. This is our market update. We're going to go over all the latest stats over the last 30 days. We're going to tell you what's going on today, and we're going to compare that over the last 12 months and show you how things have changed year over year.
But before I get into all the information, if you are liking 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'd love to hear from you. So whether it's myself or my team, we'd love to answer any questions you may have or of course, help you out with your home search. Love to be a resource for you, point you in the right direction. Or of course if you want to work with us and be a client, I'd love to do that as well. But let's go ahead and we're going to get into the stats. The first thing we're going to talk about is the total number of new listings over the last 30 days.
We've now seen in the city of Temecula there was 132 new listings that have popped up on the market. And if we compare that to last year, there was 152. So if we compare that year over year, that is a decrease. It's about 13% decrease year over year, less new inventory popping up this year as opposed to last year. City of Murrieta, I guess we'll start with last year. So City of Murrieta, last year there was 171 new listings popping up on the market. This year we are down to 156, so about a 9% decrease, so still less this year. City of eet, we actually, we saw the other way, so we're seeing more listings in Menifee. So a year ago there was 179 new listings, and then now this year there's 198 new listings. So that's an 11% increase across the board. This is something that we've seen over the last handful of months, just not enough new inventory popping up on the market.
And truthfully, if we compare this to a year ago, we had an inventory shortage a year ago. So right now there's not enough people putting their home up on the market. There's a lot of reasons for that. Affordability, interest rates, feeling like maybe they're rate locked with their current home, it's too expensive to move or maybe just overall uncertainty with what's going on with the economy. So we do need to see more inventory pop up on the market and we'll see how that plays out between now until after the first of the year. Alright, so the next stat we're going to talk about is the total number of active listings. So this is basically, hey, if I want to buy a home in a given city, how many available homes and listings are there out there for me to choose from as a home buyer?
So even though we had, we've had less inventory popping up on the market over the last 30 days, we are actually seeing a little bit more available inventory. So more homes to choose from than there was a year ago. So City of Temecula last year, there was a total of 281 available homes to choose from. This year we're now at 291. So a small increase, 4% increase. City in Murrieta, a year ago there was 282 available homes. This year we're now up to 356 available homes to choose from. So that's a pretty big increase. That's 26%. That's actually pretty substantial. City of Menifee a year ago, 314, now we're up to 355. Another pretty good increase, about 13%. So we are seeing a little bit more inventory. So even though we've had less homes coming up on the market, that means that homes on average are taking a little bit longer to sell typically.
So we'll get into the next sets. Alright, so the next stat we're going to talk about is the average days on market for a given city. So basically this is, hey, on average we take all the homes that have sold in the city of Temecula over the last 30 days. How long are they taking to sell? So if we look at Temecula a year ago, the average home was selling in right about 25 days. This year we've actually seen no change. They're also taking 25 days for that average home to sell. And actually across the board, all three cities, the average days on market's really exactly the same. And honestly, that is surprising given the fact that there is more inventory to choose from and less listings coming up on the market. So what that means is there's probably a subset of listings that have been sitting over the last couple months that haven't sold.
Keep in mind this average on market is sold properties, not listed properties. So they have to actually sell in order to skew the numbers and be affect the numbers. So that could be some of what's going on, but I was surprised, I thought we'd see more of a change considering the other numbers that we saw earlier. So City Murrieta, same thing. The average home was selling a year ago in 24 days. This year they're still selling in 24 days, no change. And then City of Menifee a year ago, the average home is selling in 33 days and this year they're taking 34. So not a big difference really, basically exactly the same across the board. Alright, so the last stat we're going to talk about, and really the one everyone cares about is the average sales price. So we're going to compare average sales price a year ago versus this year.
And across the board, all three cities have the average sales price has gone up a pretty decent amount. So a year ago, the average home in Temecula was selling for $790,000. This year it's $842,000. So that's a 7% increase in home prices year over year. City of Murrieta, a year ago was 682,000 was your average sales price. This year it's now right at 700,000. So that's a 3% increase. So not quite as massive, but still trending up. And then a year ago, city of Menifee average sales price, 542,000. This year it's 577,000. So that's a 7% increase. So across the board, home values are up. Again, you got to keep in mind this has happened over the last year as interest rates have remained very high or higher than they've been in the past. Now we are starting to see interest rates on mortgages decline.
We expect to see more of that a little bit later this month after the fed meeting. But even over the last 30 days, 60 days, interest rates are down a pretty good amount. So the thought is that as interest rate comes down, we're probably going to see a little bit more competition and more home buyers that want to jump into the market. And hopefully that will help free up some of the inventory that's locked up. So maybe some people may live in a home and the interest rate is low, it's three and a half percent, but maybe they've had a couple kids, they've really outgrown the home, they really needed more space, but they're just not wanting to make that move because it's so unaffordable with these higher rates to jump up and upsize. So now as interest rates come down a little bit, hopefully the affordability is a little bit better and makes that move a little more enticing for them and that will help free up some inventory as well.
So we'll have to see how things plan out. Obviously no one quite knows for sure. We have some assumptions and it'll be interesting to see as we get closer to election and then towards the end of the year and beginning of next year how the real estate market shapes out. So hopefully that's good information for you guys. You can feel free if you to reach out, if you have any questions, you can call, you can text, you can email. You're going to see my information down below the video or here at the end. And hopefully I will talk to you soon. Thanks.
