Hey guys. Hey. This is our monthly staple video. This is our real estate market update for May, 2025. Uh, we're gonna go over all the latest stats for the cities of Temecula, Murrieta, and Menifee, California, and then we're gonna compare those to a year ago and talk about how the market has changed or exactly what, what's going on.
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 in Temecula, California at Keller Williams. And this is our monthly staple video. We're gonna go over all the latest stats for the city of Temecula, Murrieta, and Menifee, California. But before we get into all the information, you know, if you are liking real estate videos like this, please do me a favor.
Please hit like please hit subscribe to the channel. Obviously it helps me and you know, helps me as we continue to grow the channel. And then if you guys have any real estate questions. You can feel free to reach out anytime. So you're gonna see my information either down below or at the end. You can feel free to call, text, or email me.
Uh, that's my personal cell phone, you know. Happy to answer any questions you may have help. Point you in the right direction. Or of course, if myself and my team can help you with your real estate search, I would love to help you with that as well. So, um, cool. Let's get into, we'll get into all the stats.
It's kind of the same setup, um, as our, as our typical video. So we're gonna compare this year's stats versus last year's. We'll start with the total number of new listings, and we'll start with the city of Temecula. So, um, a year ago in the city of Temecula. Um, there was a total of 184 new listings that went up on the, on the market in May, 2024.
Okay. Uh, this year, over the past 30 days, we've seen a total of 176 new listings. So there's only, it's basically, it's about the same. Right. There's about eight less new homes coming up on the market this year compared to a year ago. That's a 4% decline. Uh, more, you know, pretty negligible. Um, city of Murrieta, kind of same, same trend line.
So a year ago we saw a total of 194 new listings. This year we're at 198, so there's four additional that is a 2% increase. But again, pretty negligible. And then city of Menifee, a year ago we saw 200 total listings pop up on the market, and over the last 30 days, we have only seen, well, we have seen 213, so a little bit bigger change.
It is a 7% change, but it's just an additional 13 houses, more or less. Pretty flat line in the total number of new listings across all three cities. All right, so the next stat we're gonna talk about is the total number of active listings. And basically what this is, if, hey, if I'm a home buyer and if I wanna move, buy a home in a given city, wanna buy a home in Temecula, and I'm open to all price ranges, all sizes, I wanna see all available properties, how many are there for me to choose from, right?
This is total number of active and available listings. And really this is. A huge change, in my opinion, from a year ago. And this is really following the same trend that we've seen. It's like the last three or four months now, but there's a heck of a lot more inventory this year than there was, than there was last year.
So, uh, last year in the city of Temecula, there's a total of 299 available homes for sale. This year in Temecula, we're up to 388 available homes. So there's 89 more homes. That's a 30% increase. And that, that's actually, that's pretty drastic. Um, we've seen the same thing over the last couple months, and especially if you consider that we just talked about how many new listings are coming up.
Really, it's exactly the same. So the, the. Flood of new listings has not changed. So the total, total number of new properties coming out in the market is the same, but there's much more to choose from. So what does that mean? That means that the homes that have been listed over the last few months have not sold.
So, and what, what we're seeing. As real estate agents on a real estate team and at, at my brokerage. Is that the way the world is right now? Right. I, I think everyone's, it's fair to say that it's, it's kind of a volatile world, right? There's all these things that are happening, um, you know, in the national media.
Interest rates are higher than they have been over the last couple years, which makes affordability really tough. And what we found is there are home buyers that are out there, for sure. Homes are definitely selling. And we'll talk about, you know, how quickly and for how much in just a minute. But with the way the affordability is and just the uncertainty out there, the buyers right now are very, very price sensitive.
So if your home goes on the market and it's overpriced, they're gonna know, and they're not gonna pay a premium over what the neighbor sold for. So. Pricing has been very flatlined over the last year or so, and it's just, it's just, it's affordability, right? Um, it is, you know, mortgage payments are high.
Interest rates are, when interest rates are high, it gives, it gives you a high mortgage payment and everyone's kind of, you know, inflation's happen. All these, everything's expensive, right? Everyone's at a ceiling and they're just not willing to go any further and pay more than, you know, what, what they've sold for recently.
So. Uh, that, those are the stats for Temecula. City of Murrieta. Really same thing, actually a little bit, a little bit worse as far as a little bit more available inventory. So a year ago there was total of 325 available homes for sale. This year we're now up to 147, so that's, you know, it's over 120. Uh, yeah, it's over 120 more homes per sale this year.
Uh, that's a 37% increase. City of Menifee a year ago. There's a total of three, three hundred and twenty nine available homes, and this year we're at 486, so that's over 150, you know, more homes this year than last year. That's a pretty big change. That's a 48% increase in menifee. Uh, I mean, you're, that's almost 50%.
So that, that's a big difference. And, uh, but it, it's kind of interesting 'cause as we get into the next stat, I think it'll, it'll be a little more clear. All right, so the next stat we're gonna talk about is the average days on market. So basically, this is just in a given city, how long is the average home taken to sell, right?
And this is a great trend line to show. Are we in a seller's market? Are we in a buyer's market? I. You know exactly what's going on. And kind of what I was starting to get into the, my last point is even though there's more homes that are out there, homes are not taking necessarily that much longer to sell, and homes are, are still selling relatively quickly.
So, um. I'll get into the, getting the stats here. So, city of Temecula, a year ago, the average home was selling about 25 days. Uh, this year we, they're now averaging 27 days, so it's an extra two day increase, you know, year over year. That's really pretty negligible. It, it does come out to 8%, but not, not much of a difference.
City Murrieta is kind of the one, you know, difference maker. We did see a pretty big change, so. A year ago, the average home was selling in 33 days. The average home is now selling in 49 days, so that's a 48% increase. Uh, that, that's a big difference. You know, that's, uh, it's a couple weeks longer now that it, you know, that it's taking.
Um, and that, that is something to continue, continue to watch as the inventory starts, starts to change. So, city of Menifee, a year ago, the average home was selling in 33 days. We are now selling in 41 days, so just another eight days longer, not got, not as much of a needle mover there, uh, but. In general, when we're looking at these, at these numbers, you know, anything under 60, 60 days is definitely still gonna be considered a seller's market.
I think we're really seeing more of a, a balanced market where, you know, nice homes that are priced well, that are well taken care of, are gonna sell relatively quickly. And then homes that are overpriced or maybe their junkie needs, needs some work or in undesirable areas are gonna sit. And I think that's what you're seeing with all that inventory that's starting to rack up is that, you know, homes that are, if you're pushing the home, the value too much, or if you haven't taken good care of it, it's, it's not gonna be as desirable and it's gonna sit.
Alright, so the last stat we're gonna talk about is the average sales price for each city. And, and I guess I'll, I'll, I'll give you the info, but basically across the board there really has not been any change in all three cities. They're pretty much par, right? Right across the board. So in the city of Temecula, a year ago, the average home was selling for $898,000.
This year in Temecula, the average home is now selling for $889,000. So it's a $9,000 decrease. Um, it is, it is 1%. Uh, but you know, I, I think the sample size is so small. I don't think it's really a needle mover. Basically, pricing is flatlined. Uh, city Murrieta. A year ago, the average home was selling for $721,000, and this year the average home was still selling for $721,000.
So that's actually exactly the same across the board. City of Menifee. A year ago, the average home was selling for $571,000. This year it's up to $574,000. So just a $3,000 increase again, basically just stagnant across the board. So it's an interesting market right now. Um, it is, you know, as we're seeing, there's, there are homes that are being listed.
It's about the same rate that we saw a year ago. But the homes that are available, more and more of them are starting to sit, and that's starting to pile up some inventory. So especially if you're overpriced, the average home is still selling in about 30 days or so. You know, Murrieta is maybe a little bit longer, but you know, less, less than a couple months for sure.
Um, and then price point is basically staying flat exactly the same across the board. So, um, it'll be interesting, you know, as you know, the, the, the worlds continue to change right as, um, all the. Just all the factors, you know, play out all the tariffs and all these different things, uh, the interest rates.
It's just an interesting time to, to watch kind of what, what's going on. I can tell you as real estate agents and our, our team, we've actually been super, super busy over the last couple months. Um, I know it's maybe not the case, you know, all across the board, but, um, right now with just the way the market is, you know, if a home's priced well, it's, it's gonna sell.
And, uh, it definitely feels like there's a good amount of. Home buyers out there that want to live here and feel like it's desirable area. So it's, uh, it just, I think it's an interesting market and I, I think I felt that way for like the last two years now, but, um, it's, it's continues to change a little bit and it'll be something to keep an eye on, you know, over the next few months for sure.
So it'll be a interesting time over summer. Cool. Hopefully that's good information for you guys. If you have any questions, feel free to reach out. You can call, you can text, you can email me, you can see my information down below. And hopefully talk to you soon. Thanks.
