All right, so here is your October, 2024 real estate market update video. We're going to get into the latest stats for the cities of Temecula, Murrieta, Menifee, California. We're going to talk about what's going on with new inventory, how many available listings are out there on the market, how long the average home has taken to sell, and then what's going on with average price point and what they are for 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 with the short real estate team here at Keller Williams in Temecula, California and Murrieta California. And this is our monthly staple video. This is our market update for October, 2024. We're going to get into all the latest stats for the local real estate market for the cities of Temecula, Murrieta, and Menifee, California.

But before I get into all the information, if you guys are liking videos like this, do me a favor, please hit like please hit subscribe. Obviously it helps me, it helps my channel. We have new videos that we've put out each and every week. And then if you guys have any real estate questions, of course I'd love to hear from you. So you can feel free to reach out anytime 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, or you can email me. Happy to answer any questions you may have or point you in the right direction. Or of course, myself and my team would love to help you out with your real estate search as well. So feel free to reach out. I have people that reach out all the time, so always happy to help.

But let's go ahead. We'll get into all the stats here. So this is very traditional kind of how we do our videos each week, each month. But we are going to start with the new listings. We're going to compare the last 30 days of data versus last year. So that was October, 2023 and give you that year over year comparison. So we're going to start with the city of Temecula and the total number of new listings. So a year ago in the city of Temecula, we saw a total of 112 new listings pop up on the market. And then this year, 2024, we've seen 116 pop up on the market. So more or less, it's pretty much about flat. As far as new listings this year compared to last year, it's a 4% increase. So not much of a change. City Murrieta, really kind of the same trend.

So a year ago we saw 149 new listings. This year we are seeing 155 new listings. So again, it's about a 4% increase. So nothing that's really super significant and in city of Menifee, more or less steady, a little bit of a larger change. But a year ago there's 149 new listings. This year it's 137, so that's an 8% decline in total number of new listings. So across the board, pretty steady year over year. Not much change. We will get into the next stat. Alright, so the next stat we're going to go over is the total number of active listings in each city. And basically what this is, this is, hey, if I'm a home buyer and I want to buy a home in the city of Temecula, how many homes are there for me to choose from? So it has no regard to square footage or size or anything like that or price point, anything like that.

But just how much available inventory is out there. So a year ago, the city of Temecula, if you wanted to buy a home, you had a total of 264 available listings to choose from. This year, you're going to see a pretty significant increase. So now you are up to 301 new listings to choose from. So that's a 14% increase. So definitely more substantial city Murrieta. A year ago there was a total of 298 this year, city Murrieta, it's gone up almost a hundred. It's a pretty big increase. There are now 396 new listings to choose from. That's a 33% increase. That's pretty huge. And then menifee, a year ago there was 305 available homes this year there's now 389, which is about a 28% increase. So across the board, all three cities substantially more inventory this year as opposed to last year. And keep in mind that is with not much change in the amount of

So what that means is there are homes that have been listed over the last handful of months that haven't sold that inventory is starting to build. I think there's probably a lot of reasons for that. Some of that is going to be seasonal as we get through summer. Some of that is like a traditional cycle as we get close to elections. So we're now early October elections coming about a month. That tends to kind of cause some pause for people on the real estate market side of things. And then some of that is just going to be some affordability where you have be able to look afford through your mortgage if you're going to be financing. It is a little surprising being that we just saw interest rates drop over the last 30 to 45 days. So we kind of assumed when we saw that rate drop that we'd see the market pick up a little bit.

That's really not what's happened. We've seen things can really flatten out a little bit more. So it'll be interesting to see how things play out over the next couple months and as the market continues to change. Alright, so the next stat we're going to talk about is the average days on market for a given city. So basically what this is is hey, how long does the average home take to sell? So I am a little bit surprised based on that last stat. I thought we'd see a bigger change in the average days on market. Really across the board. It's pretty stagnant year over year. So not as significant of a change as I thought, but this is going to be an interesting stat to keep an eye on over the next 30, 60, 90 days. So a year ago, the city of Temecula, the average home was selling about 24 days.

Right now, the average home is now selling in 27 days. So that is a 13% increase, but it's three days. It's not really significant. Really anything less than 60 days going to be considered a seller's market. So we're still definitely showing that. Again, as inventory starts to pile and home sales start to slow, it'll be interesting to see really how things play out. But Temecula homes are taking three days on average longer to sell City Murrieta. A year ago, the average home was selling in 31 days this year they're now selling in 29 days. So they're selling two days faster. Again, not super significant city of Menifee. A year ago the average home was selling in 23 days. They are now selling in 32 days. That one's a little bit longer. So that's now in nine day, not nine days longer for your average home to sell.

Again, still considered a super heavy seller's market. It is a big change, but just really not super significant. I guess it's a big change percentage wise, but just not really super significant in the grand scheme of things. But next, let's go over price point. Alright, so the last stat we're going to go over is the average sales price in each city with the other stats that we already have gone over. I don't know if surprise is the right word, but it is interesting to see that the average home price in all three cities is really about the same year over year. You're going to see a little bit of variance, but not anything super significant. So the average home sale for a home in Temecula a year ago was $871,000. This year it's actually gone up to $915,000. So that shows a 5% increase. And Murrieta, a year ago the average home sale was $719,000 and this year we're down to $679,000.

So that's a 6% decrease. So that is actually going down there. And then city of Menifee, a year ago, the average home was $537,000. We are now up 50 grand to $587,000. So that's a 9% increase. So you see some trends. You see Temecula and Menifee both had average sales prices go up, especially in Temecula when we're showing an average sales price of over $900,000. I don't know if that's really true as far as what I see on a day-to-day basis when we're showing homes to clients, I think what can happen is some of those higher end price points can sell, kind of sway this average significantly. Maybe a few less lower price point homes don't sell and that helps sway the numbers. But I don't know that home prices have gone up $40,000 in the last year. I think that's probably a stretch. Same thing in Murrieta a year ago you to see 19

I don't think the average home has declined $40,000 in equity. I think there's a handful of outliers there that are really swaying things. I think overall what I feel and what I see dealing with clients is home prices have stayed pretty steady. Maybe a very, very slight increase over the last year. Maybe like 1%, 2%, that type of thing. I think you're seeing a couple outliers here, really throw off the numbers, but we will keep an eye on the numbers over the next couple months and see how that continues to play out. So that's all the stats. We will keep an eye on the market, keep you guys updated. If you have any questions, please reach out and let me know. Hopefully it's good information for you guys. And always try to give you some perspective as a real estate agent, what we see on a day-to-day basis as well, and see how that reflects in the stats. So feel free, call, text, email, hopefully. Talk to you soon. Thanks.