All right, so here is your February, 2025 real estate market update. We're going to go over all the latest stats for the cities of Temecula, Murrieta, and Menifee, California. 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 at Keller Williams in Temecula, California. And this is our monthly staple video. This is our monthly market update. So we're going to go over all the latest stats for the cities of Temecula, Murrieta, Menifee, California. We're going to talk about how much new inventory is coming up on the market, how many available homes are out there to sell, how long the average home has taken to sell, and then what's going on with the average price point. And to go over the stats, kind of show you where things have been trending.

And we're going to compare today's numbers versus last year's. So before we get into all the information, if you are liking real estate videos like this, please do me a favor. Please hit like please hit subscribe. Obviously it helps me, it helps my channel as we try to continue to grow it. And then if you guys have any real estate questions, please do me a favor. You can reach out to me, you can call, you can text, or you can email me. You're going to see my information either down below or at the end of the video. I have people that reach out all the time. So happy to answer any questions you may have help point you in the right directions. That is my cell phone, so I will be the one to answer your questions or if we can do anything to help you as your local agents, would love to be able to help you through that process and help you with your home purchase.

But let's get into all the stats. So we're going to keep the structure the same as our other videos over the last year or so. But we're going to start with the total number of new listings over the last 30 days. And then we're going to compare that to last year. So February, 2024. So actually we'll start with last year first. So in the city of Temecula last year, we saw a total of 142 new listings pop up on the market. And then this year we've seen a slight decrease down to 131 new listings over the last 30 days. So that's an 8% decrease. So you're about 11 homes less this year compared to last year. City of Murrieta, just about the same trend. I guess it's a little more even, but a year ago we saw a total of 155 new listings pop up on the market This year we're now at 153 over the last 30 days.

So it's two home differences, it's 1%, but it's not much of a difference there. And then Menefee, we actually saw an increase in inventory. So last year there was a total of 156 new listings popping up on the market. This year is 178, so that's a 14% increase year over year in Menifee. So Temecula went down fairly significantly. Murrieta is about the same. Menifee actually went up. So kind of a little bit of a mixed bag, but let's go ahead and move on to the next stat. Alright, so the next stat we're going to talk about is the total amount of active inventory. So basically this is just the total number of new listings or of total listings that are available in a given city. So if I want to buy a home in the city of Temecula, how many homes do I have to choose from?

How many options do I have? And then again, we're going to compare versus last year. So last year there was a total of 227 active available listings out on the market, and this year there's a pretty good increase. So now we're up to 259 total listings. So that's a 14% increase, which is pretty big. I think that's over the last 12 months. I think that's the biggest change that we've seen year over year percentage wise. So it's a pretty big increase. And actually city of Murrieta and Menifee were really along the same STAT line, actually a little bit bigger increases. So city of Murrieta, a year ago there was total of 294 available homes to choose from. This year in Murrieta, there's a total of 354. So that's a 20% increase. I mean that is an extra 60 homes this year as opposed to last year.

That's a big jump. And then the city of Menifee a year ago, we still have a total of 299, and this year we're up to 393. So 31% increase and just counting 'em up, that's a 94 home increase year over year in inventory. So that's pretty significant, especially when we're looking at the last stat that we just talked about is total number of new listings, how many new listings are coming up on the market, how many new properties. There was a little bit less, a little bit more. It wasn't super significant. So when we're seeing not as much inventory coming or kind of mixed bag on the inventory coming, but homes, more homes available to choose from. That means homes are not selling as quickly, they are sitting a little bit longer and really I guess it's showing a little bit more of a market slowdown.

Alright, so the next stat we're going to talk about is the average days on market for a home to sell. So this is just looking at homes over the last 30 days. If you pile 'em all together on average, how long has have they taken to sell in order to find a buyer and accept an offer, an open escrow? So we're going to start with City of Temecula. Last year the average home was selling about 42 days. This year the average home is actually selling three days quicker. So it's selling in only 39 days. So that's a 7% change. It's a few days, not much of a difference there, but it's kind of funny when we looked at the last stat where there's more inventory, but a little bit surprised to see that even though there's more inventory, at least in Temecula, homes are still selling a little bit quicker.

So that tells me that there's probably a good amount of inventory that's been sitting over the last few months that has just kind of been stagnant that's maybe gotten a little bit stale. Probably the biggest indicator to that is they're probably just overpriced. And I think this is pretty accurate to what I see on a daily basis with my clients and my sellers or my buyers that I help. If a home is overpriced, it's going to sit. The affordability is so tough right now. If you're going to go take a mortgage out on a home, you're going to pay six point a half, 7% on an interest rate, you're probably going to have a big giant mortgage payment. So it's going to be, unless you're putting a ton of money down, affordability can be really tough people right now. So when affordability is tough, it's going to be really, really hard for a seller to try and push the price point.

And we see, if you are overpriced at all, you are really, you are going to sit, you must be parked price right in line with market value or the market's going to reject you, your home's going to sit and it's not going to sell. So city Murrieta, we actually saw a pretty big change. So last year the average home was selling in 45 days. This year the average home has gone up to selling in 54 days. So that's a pretty big jump up. That's two weeks longer on average is the average home taking to sell. That's a 20% change year over year. Really we're getting close to 60 days on market. Once you get an average closer to 90 days on market, that becomes a true balance market between buyer and sellers and even leaning towards closer and closer to a buyer's market. So that's not something we've seen here since pre covid.

So definitely something to keep an eye on. City of Menifee, last year, the average home was selling in 41 days. This year we're up to 46 days. So Murrieta and Temecula homes are taking a little longer to sell. Murrieta and Menifee homes are taking a little bit longer to sell. Temecula homes are actually selling a little bit quicker. It'll be interesting as the inventory continues to balance out where these numbers go and how some of these homes that have been listed seeing if they're going to end up selling, if they're going to end up blowing their price, or if there people are just going to pull it off the market and decide, if I can't get my number, I'm not going to sell it. Alright, so the last stat we're going to talk about is the average sales price. And you know what? Across the board, all three cities, the average sales price is up year over year.

So it's kind of interesting. We look at the inventory numbers, homes, there's more homes available this year than there was a year ago. Two out of the three cities homes are taking a little bit longer to sell even to make those more or less about the same. But even with all that taken into account, average sales prices are still up year over year. So it shows that we're not quite in a buyer's market, right? And I'm going to go over some of the stats, but it's interesting to see some of these stats are leaning more towards the buyers, being more pro buyer. Some of these stats are leaning more towards pros, seller, and really it's interesting the way it's playing out. So the City of Temecula, last year, the average home sold for $807,000. This year the average home is now selling for eight and $60,000.

So that's an increase. It's not even a small increase that's over a $50,000 increase. $53,000 or so, right? Last year in Murrieta, the average home was selling for $680,000. This year it's now up to $717,000. So again, that's a $37,000 increase, 5% up and cfi. A year ago, the average home was selling for $558,000. This year we're up to $564,000. So that's a smaller increase. It's only 1%, but it's still at six grand increase across the board. So again, kind of interesting looking at these stats. So my interpretation as a real estate agent and what we're seeing on a day basis, if a home is overpriced, it's going to sit, it's not going to sell. If a home is a nice home and it's priced well and it's in good location, it's still going to sell relatively quickly. And it's probably why you're seeing these average sales prices still continue to show up year over year. The truth is the affordability is really tough for people right now. When you're getting a mortgage, you're paying a higher interest rate.

Everyone is feeling that affordability crunch, right? So if you're pushing the price point too much, you're going to sit. But homes in a good area are definitely still going to sell. If you're a buyer and you see a home that is sitting, you might have some opportunity to come in, negotiate, right? So for the last few years, you really haven't been able to do much of that, but now I'm seeing more often, or if a buyer, if you're going to go find a home that's been on the market 45 days, 60 days plus, you can come in with an offer significantly under list price, you can negotiate the seller down. You can probably buy a home for significantly less than what it's going to appraise for. I've had that happen a couple times over the last month where my clients are in escrow 2025, $30,000 less than what the home is appraising for. So that's pro buyer. There are going to be some good opportunities there. But again, if you have a nice property and you price it right, it's definitely going to sell quickly. So hopefully that's good information for you guys. Feel free to reach out if you have any questions, you can call, you can text, you can email. Feel free to reach out and hopefully talk to you soon. Thanks.