All right, here is your July, 2023 real estate housing market update. So we're going to get into all the latest stats for the cities of Temecula, Murrieta, Menifee, California. Let's go ahead and get into it.
Hey guys. Hey again, my name is Justin Short. I am a realtor and team leader for the Short Real Estate team here in Temecula, California, in Murrieta, California, and this video, so this is our monthly staple. This is your July, 2023 real estate housing market update. So like I mentioned, we're going to get into all the latest to stats for the local real estate market. So that's going to be the cities of Temecula, Murrieta, and Menifee California. We're going to talk about average price point, we're going to talk about days on market, how long homes are taken to sell, we're going to talk about inventory and then how much new inventory is coming up on the market. So we're going to get into all of that. But the first thing, if you are liking videos like this and you want to see more videos about the local real estate market, please do me a favor.
Please hit like, please hit subscribe. So obviously it helps me, it helps the channel. Obviously we're trying to continue to grow that and we're keeping videos coming each and every week. And to keep you guys updated on what's going on, talk about best neighborhoods, worst neighborhoods, what part of town you want to live on, why this is a great area, maybe why it's not such a great area for you, et cetera. So go ahead and subscribe if you want to see more of that. And if you have any real estate questions, I would definitely love to hear from you guys. So I have people that you can call me, you can text, you can email. We have people that reach out all the time. Happy to answer any questions that you may have or do anything that we can to try and help you guys out with your real estate search.
So definitely love to hear from you, but let's get in the stats. So we're going to keep the format the same as the other videos. We're going to compare basically our current stats right now from July, 2023 versus last year. So 12 months ago, we are no longer going to compare to what the peak of the market was, which was back in May, 2022. So I think the market's changed enough. We're going to get away from that now. So we're just going to do the year over year comparison and hopefully give you guys some good information. So the first thing that we are going to talk about is the total number of new listings that are popping up on the market. So last year, in July, 2022, we saw a total of 213 new listings popping up on the market. And then over the last 30 days, we have seen only 143 new listings popping up in the market, and that's going to be for the city of Temecula.
So really, I mean, that's a 70 really home difference year over year, and that's a huge deal. And you're going to see that really that trend across the board is there's just not enough available inventory. It seems like I've said that every video now for a very, very long time, but that's really the biggest challenge we're having. There's not enough new inventory on the market. So because of that, there's less homes for buyers to choose from. And demand is still relatively high, even though interest rates are up at a really high levels, based over the last 10 years, 10 year highs. So that makes affordability tough. But when those buyers don't have much to choose from, we're continuing to see pricing to be high, we're seeing some multiple offer situations in the right areas, et cetera, and it's still making them for a competitive real estate market.
So that was the stats for City of Temecula. City of Murrieta, last year we saw 246 new listings popping up on the market. This year we're seeing only 170 new listings popping up in the market. So again, significantly less last year. City of Menifee, same deal. You saw 296 new listings, and this year we only have 158 new listings. So that's almost 140 less homes for sale now than there was a year ago. I mean that, that's close to 50% of the new inventory. So that's a huge difference for Menifee, and that's really the challenge that we're seeing. All right, so the next stat that we're going to talk about is the total number of active listings. So really what this means, this is available inventory. So if you're a home buyer and you want to buy a home in the city of Temecula, how many homes do we have to choose from?
And honestly, this is really shocking for me to look at. I mean, inventory's low, but to see the numbers spelled out like this, I mean it is, it's slim pickings. So last year, so the city of Temecula, July, 2022, there was a total of 405 available homes to choose from of. Right now in city of Temecula, if you go out, you want to go try and buy a home, there's only 211 available homes to choose from. So that's really basically right at 50%, it's probably like 52% of the available inventory compared to last year. I mean, it's half, and that's obviously, it's just not much. City of Murrieta, same deal, little bit, actually even less. So last year there was 502 available homes to choose from, and then right now that's only 243 available homes. Menifee, last year, July, 2022, you saw a total of 527 available homes to choose from, and this year we are down to only 232 homes to choose from.
So I mean that that's probably pretty close to 40% of the available inventory that there was a year ago. I mean, those are huge, huge differences and that that's a challenge. And so right now when I'm working, we have a lot of buyers that we're working with, we have people we're out sharing properties to, there's kind of slim pickings. There's not a ton to choose from. Take the city of Temecula, if you want to buy a home in Temecula, there's only 211 homes to choose from that's across the whole city. But as a buyer, you're really going to be looking for, maybe you only want a four bedroom or a five bedroom. So now maybe there's like 50 four bedrooms that are out there, and then maybe you're like, well, we really only want these two or three different neighborhoods, and so now we're down to eight homes to choose from.
And maybe a couple of them you think are ugly or you don't like the kitchens or whatever it is, that's slim pickings. So we really have to be super, super prudent when homes pop on the market. Buyers are going to have to be quick and go out and try and take a look at it as soon as possible so they don't miss out on it. And also be patient, right? If you only have a week to try and buy a home, that's a tough situation to be in right now, that's definitely not ideal. You want to be able to give yourself some lead time to try and wait for maybe the right inventory, the right home to pop up, right? Because doesn't doesn't need to be a race to find that home tomorrow. And with not a ton to choose from, you got to give yourself some time.
All right, so next stat is going to be your average days on market. So this is just how long the average home is taken to sell. So keep in mind this is across the whole real estate market. So it's a weighted average. So some homes are going to be selling super quickly, some are going to take months and months. And then where that average comes out to gives us that total average days on market for the city. So last year in the city of Temecula, the average home was selling in just 22 days. So just basically three weeks, three weeks and one day. And then right now the average home in Temecula is now taking 26 days to sell. So still less than a month, less than four weeks that the average home is taking. I will tell you from the clients that we're working with and our listings and whatnot, a nice home that's in a good area and that's priced well is still selling super, super quick.
Most are still selling within the first week or two. A lot of times you're seeing multiple offers, especially maybe has a desirable feature like a pool or something like that, or a good lot or something that makes it kind of nice and unique and something that's going to stand out. We are seeing homes take a few days longer to sell this year as opposed to last year. City of Murrieta, last year we were seeing the average home selling in just 18 days, and then right now in Murrieta, so you're seeing the average home selling in 22 days. So again, right about that three week mark, slightly longer than last year. City of Menifee last year, the average home was selling in 21 days, and this year we're actually up to 33 days. So just over a month now that the average home is taken to sell.
And I'll tell you across really just this whole region, the same thing is true. Nice homes are selling quickly, but with these averages on market, what you're starting to see is maybe homes that are overpriced or homes that are maybe just need a ton of work and are not moving ready are kind of dragging out and can definitely sit there even if there's not a lot for people to choose. I think that's really because the rate is high. So affordability is tough, so you're going to have a pretty hefty mortgage payment on almost anything you buy. So it's hard as a buyer if you're going to have that higher mortgage payment, you're going to want something that's more moving ready and not something that's an ugly duckling that still needs a lot of work.
And then lastly, we have average sales price. So average prices, we saw them peak, and that's kind of why we're doing the other numbers. We saw them peak really in April or May of 2022. We saw the market cool down a little bit. We saw it pick back up a little bit this Spring. And right now you're going to see across the board we're really pretty flat line or maybe just a slight dip compared over the last 12 months. So back in July, 2022, the average home in the city of Temecula was selling for $846,000. And this year the average home is now selling for $836,000. So it's about a $10,000 price decline across on the average. And Murrieta, same trend. Last year, you saw the average home was selling for $687,000, this year it's down to $660,000. So that's a $27,000 price drop on your average sales price. And Menifee, last year you saw the average home selling for $571,000, and this year we are down to 567,000. So it's like a $4,000 drop.
And I really, from my perspective as a real estate agent, this pretty much reflects what we're seeing on a day-to-day basis to where the market is still moving along really well. We're seeing the average sales, the average days on market, right about the same homes are selling relatively quick. Historically speaking, pricing is down just slightly over where it was 12 months ago, but the inventory is still not there for buyers to choose from. So really we are seeing significantly less transactions. I think the last stat I showed was just 40%... The total amount of homes that are selling this year are down 60% as from what they were last year. So there's only 40% of the total transactions that there was a year ago. Some of that's inventory related, some of that is people unsure with maybe what they're going to be doing, et cetera.
But that continues to be the biggest challenge that we're having. It's just not enough available homes for buyers to choose from, and that's seeing what's happening price wise, slight dips, but nothing really too significant across the board. So I hope that's good information for you guys. If you have any questions, feel free to reach out. Again, you can call, text or email. Please like, please subscribe and we'll keep the videos coming. Talk to you soon. Thanks.
