Central Valley Housing Market Update - Buy Now, Sell Now, Sell & Buy Now!

Central Valley Housing Market Update - Buy Now, Sell Now, Sell & Buy Now!

[Transcript Below]

0:00 Hey, everybody, Caleb O'Hara, the Redshoe Realtor with the Core Team at REMAX bringing you your weekly Central Valley housing market update without further ado.

0:10 Let's go. The numbers are shaping up. As such, Turlock 74 active listings down one from last month, 64 pending which is up from the week prior, nine closed escrow that's down from 10 the week prior and the average number of offers on all the listings that went pending this last week was one.

0:27 1.9 so almost two offers for every house that went pending. Modesto inventory down slightly 208 active homes for sale down from 212 month prior, more pending 172 more closed escrow this week.

0:41 This week 36 average number of offers on everything that went pending this last week in Modesto is still at three so still very competitive in the Modesto market.

0:48 Ripon nine active listings down from 13 the week prior. Obviously the number of pinings went up which is a real giving us the results of less active listings.

0:57 Three closed escrow that's up from one week prior and the average number of offers in Ripon holds pretty steady at 1.6 offers on all homes that went pending.

1:06 Manteca's inventory up 118 active for sale. We'll see you in the next video. 10 closed escrow that's down from one week prior.

1:14 The average number of offers on all the homes that went pending in Manteca this last week, 2.2. So again, you're seeing that the market is staying pretty steady at 1.6. That's the most stagnant here in the Central Valley. When you look at the data for Stanislaus and San Joaquin County, you can see over

1:31 the last five years where the trends are at. If you go over here and you look on the right-hand side in 2023, you'll see that we're still very, very, very low on the number of homes for sale.

1:38 Last year, we started to get back into a normal rhythm that we can see from like the 18 and 19 season.

1:44 2020, 2021, those COVID years, we gotta throw that data out of the window. Because I was just a crazy time with lots of crazy circumstances, but we started to get back into a normal routine and then all of a sudden something happened around August, September of last year.

2:00 That's right interest rate spiked. They went up all the time. All of those 3% interest rates shot up into the high sixes sometimes into the sevens.

2:08 And as a result of that the number of homes for sale decreased drastically and we're still holding fast to that trend.

2:15 In fact, if you look here, the number . The number of homes available for sale is down 48.1% year to date.

2:21 That means you have half as many options of homes to buy as you did the year prior which was still a low year.

2:27 So we are very, very, very low on number of homes for sale. You We've only sold the number of homes that have sold is actually down 30%.

2:34 So a third less homes have sold in San Joaquin and Stanislaus County in the last year. The reason for all of this really boils down to the current.

2:44 Thank you for watching. Thank you for watching. Thank you for watching. Like, oh my goodness, you know, like the numbers are going up, inventory is going up because if you look over the months prior, yes inventory is going up and they're saying, oh my goodness, there's another crash coming, all of this

3:23 inventory is coming on the market. We went from 7 to 966 active listings to now 929 active listings, that's up 21%.

3:31 Yeah, but what they fail to tell you is that that's still 50% lower than an average normal year even though they've gone up 20%.

3:38 So, it's, Instead of being it 30-40% which is where we were, we're all, we've made up to the 50% mark but we're still way, way, way, way under inventory.

3:49 So, what does all of that mean to you as a home seller or as a buyer? Inventory is still low but it's slowly been increasing and it's the perfect time if you're a downsizer.

3:58 If you have a house to sell, you can capitalize on this low inventory, get a great offer on your property and then you can purchase and not have to worry about it.

4:06 If you're a seller, it's still a seller's market with low inventory however lower those expectations of your buyers because they're fighting high interest rates.

4:14 What it means for you to use a buyer is it's a great time to buy as inventory shortage has no in sight.

4:20 If you can afford it buy it now. If rates go up you'll be happy you bought now and if they go down guess what you get to refi it's a win win for you.

4:27 If you can afford to buy now now is the time to do it because the odds are in your favor.

4:32 Caleb O'Hara here the red shoe realtor volunteer with the core team at remax. We want to be your resource for all things real estate related.

4:38 If you have any questions whatsoever about the housing market or buying or selling home reach out to us two and nine two three seven zero three zero three we keep you moving forward.

4:47 Bye now and we'll see you next week. See you next week.

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