All right, so here is your December, 2024 real estate market update. We're going to go over all the latest stats for the cities of Temecula, Murrieta, and Menifee, California. And we're going to compare the market and talk about how it's changed over the last 12 months. 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 a short real estate team here in Temecula, California and Murrieta, California at Keller Williams. And this is our monthly staple video. This is our monthly 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 average sales price, how much new inventory is coming up on the market, how many homes are active and available out there for you to choose from, and then how long the average home is taking to sell.

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're continuing to grow it. And then we have new videos that we put out each and every week. So that's the best way to stay. On top of all the news real estate videos we put out. We have new home neighborhood tours, we have market update videos, recommendations for best neighborhoods, worst neighborhoods, pros and cons, all types of stuff that we put out each week. So hopefully you can stay tuned for that. And then if you guys have any real estate questions, you can feel free to reach out anytime. So you're can see my information either down below or at the end of the video. You can feel free, you can call, you can text, or you can email me.

I'd love to hear from you, and I have people that reach out all the time. So happy to answer any questions you may have. Point you in the right direction, or of course if we can help you out with your real estate search, we'd love to help you do that as well. So we'll go ahead and get into all the information. So first stat that we're going to talk about is the total number of new listings. So we're going to talk about the last 30 days, and then we're going to compare that to 12 months ago. So that would be December, 2023. So a year ago in December, 2023, we saw in the city of Temecula, we saw a total of 99 new listings come up on the market. So just shy of a hundred. And in this year, over the last 30 days, we are down to about 83 new listings coming up on the market.

So that's a 16% decrease in new inventory. And this is something you're going to see really across the board, all three cities. So Temecula, Murrieta and Menifee. There's not as much new inventory coming up on the market this year as opposed to what there was last year. And honestly 12 months ago, if you go back and look at those videos, we were talking about having an inventory problem at that time and not enough new inventory. So it's something that definitely is continuing stats for Murrieta. So a year ago we saw 108 new listings come up on the market. This year we are at 104, so not much of a swing, but it is still about a 4% change. It's 4% decrease, so still less homes this year as opposed to last year. And then city of Menifee, last year we saw 138 new listings, and then this year we are now at 125 new listings.

So that's a 9% decrease. So again, all three cities, they're consistent. Less new homes coming on the market for sale this year as opposed to what we saw last year. Alright, so the next stat we're going to talk about is the total number of active listings. And so basically this is, hey, if I'm a home buyer and I want to buy a home in a given city, let's say Temecula, how many homes are out there for me to choose from? So this shows as a buyer how much inventory is out there, and it's a great way to see what the availability is. It gives you some really good trends on what's going on with the market. In Temecula, a year ago I had a total of 258 available homes to choose from. This year we are now up to 292 available homes to choose from.

So that's a 13% increase in available inventory. And you can combine that with the stat that we just talked about as there's been less homes coming up on the market. What that means is there's, when we have homes coming up on the market, but significantly more homes to choose from, that means the homes that were already listed have not been selling. So that means those homes are taking longer to sell. They are sitting. And really as we go over these stats, what this is showing us is we are definitely trending towards a buyer's market. We are seeing a slow down in how quickly homes are selling. We are seeing active inventory accumulate, and more homes sit, more homes available to choose from. So if you're a buyer, you are now going to have more leverage because you're going to have more options to choose from.

You might have three or four homes that you like and you can negotiate amongst them as opposed to just having one and being forced into pay, whatever they're asking or maybe over asking. So that's the stats for Temecula. We're going to talk about Murrieta. So Murrieta, a year ago, there was a total of 302 available homes to choose from. This year we are now up to 363. So there's 61 more homes today than there was last year. That's a 20% increase, and that's a really significant number. 20% jump in inventory, that's a big difference. And then Menifee, a year ago there was 315 available homes to choose from. This year we're up to 379. So that's again, that's a 20% increase. Again, across the board, all three cities, we are seeing significant increase in the available inventory, and that is after not as much new inventory coming up with the market.

So the market has slowed down, we're seeing things trend towards a buyer's market, which should start to mean when we get these other stats. Homes are taking a little bit longer to sell, and at some point you're going to start seeing some suppression and so decrease in average sales price too. So let's get into the next stat. Alright, so the next stat we're going to talk about is your average days on market. So is basically how long the average home is taking to sell. So as these numbers raise up, as homes take longer and longer to sell, that shows more and more of an indicator that we're trending towards buyer's market. We are seeing some change this year right now, year over year. I think you'll continue to see this stat go up over the next 30, 60, 90 days as well. So definitely something to pay attention to.

So city of Temecula, a year ago, the average home was selling in about 30 days. We are now up to 34 days. So it's only a four day difference. That's not super, super drastic. It is a 13% increase, but four days not the end of the world. City of Murrieta, a year ago, the average home was selling in 32 days. Now we are up to 40 days, so that's an extra eight days. So over a week increase, that's getting more significant to 25% jump. And then Menifee is actually an even wash. So a year ago the average home was sung in 34 days, and this year we are still right at 34 days. So this is a stat that I think, like I mentioned, over the next couple of months, you're going to see continue to increase. A lot of it's because when we look at all that active inventory, all those homes that have been sitting, so a lot of 'em have been sitting now 30 days, 60 days, 90 days, 120 days, and they haven't sold just yet.

So those sales are not closing to because this stat is based on closed sales. So as those homes eventually start to sell, I think you're going to see these numbers, the average days on market start to trickle up. So just something to pay attention to over the next couple months. All right, so the next stat we're going to talk about is average sales price. So for Temecula, a year ago, the average home was selling for about $838,000. This year the average home price is now up to $847,000. So that's a $9,000 price increase. This is the only city that we're seeing an actual increase. The other two are showing decreases. I know I've mentioned this in other videos. This is kind of a snapshot look just in a 30 day period. So it's hard to really gauge if this is the true trend in the market.

So we will go over the other stats and I'll kind of give you some of my opinions on it. So City Murrieta, a year ago, the, sorry, the average home was selling for $739,000. This year we've seen a decrease down to 699,000. So that's a 40,000 price decrease. That's 6%. That's definitely significant. And then in menifee, the average home a year ago was selling for 562,000. Today we're down to 552,000. So that's a 10 K drop and that's a 2% decrease year over year. So in general, you're kind of seeing a little bit of a mixed bag here. Probably the biggest change in Murrieta in general, I think it's fair to say pricing is about the same as what it was a year ago. It may have declined a little bit, probably not 6%, 1%, 2%, 3%, something like that. So we're seeing a little bit of a decrease.

What is happening is a lot of those homes that have been sitting, well, the sellers, the people that are selling the property, some of 'em have different levels of motivation. Some of 'em have already moved out of state, some of 'em already accepted jobs out of state. Some of 'em have already purchased their next homes, or maybe someone has passed away or they need to make sure it sells right away. So if your home does not sell right away, what they start to do is they start to chop the price, right? And I think you're going to see a little bit more of this. You've seen some price, some prices going down here over the next couple of months, I think you're going to see average sales prices come down a little bit, especially as that inventory was starting to sit. And then right now it's kind of towards the middle of the beginning of December.

What we've seen as real estate agents is we kind saw a busy summer for real estate sales. And then once we got into October, end of September, early October, we really saw the market really freeze up, which correlates well to what we've seen those homes that inventories that's been sitting more homes this year compared to last year, et cetera. I think there's a lot of reasons for that. One is the election. The election was all encompassing for a lot of people. So it takes a lot of attention, a lot of uneasiness. You don't know who's going to win, it's going to be red or blue. Is it going to be good or bad? So that tends to happen every four years where we see an election slow down, and then after we get through that, then we start getting towards the holidays. So now you're getting Thanksgiving and getting closer to Christmas and the New Year's.

So you're kind of seeing people that are so busy doing all those other things, they're not really focusing on the house search as well. So it'll be interesting really after we get past the first of the year, if we start to see the real estate market pick up a little bit, as you're starting to see, we are seeing more and more inventory there. So more homes for buyers to choose from. We are seeing pricing come down a little bit. We are seeing buyers have some leverage to be able to negotiate. You're seeing homes that are sitting, and it'll be really interesting to see after you get past the first year, do these start to get snapped up? Does it transition more of a seller's market? Do the buyers really keep the power and just not enough buyers out there to get these homes to sell. So it's something I am obviously paying quite a bit attention to. It'll be really interesting to see how that changes. And I'm looking forward to see what happens. So I think after the first of the year, we'll be the key. So hopefully that's good information for you guys. If you have any questions, you can feel free to reach out. You can call, you can text, you can email, and hopefully I will talk to you soon. Thanks.