Central Valley Housing Market Update- Fall is in the Air!

[Transcript Below]

0:00 If you're thinking about buying or selling a home or selling a home and buying a home, you're not going to want to miss this week's Central Valley Housing Market Update. 

0:08 Hey everybody, Caleb O'Hara here, the red shoe realtor with the core team at Remax, bringing you the latest information that today is cutting edge data that nobody else is sharing with you. 

0:17 I'm sharing it with you right here, right now. So I don't want to take up any more of your time. 

0:22 Dilly dawing around. So let's go and look at the numbers. When you look at Turlock, 73 homes are active. That's now one from last week, 58 pending that's down from 64 the week prior, 13 closed escrow this week up from nine the week prior average number of offers to and slightly up from 1.9 the week 

0:41 prior. But look at the other, the other market, Smirresto, Ripon and Mantica 2.1 offers on the all the homes of one pending the last week, 1.3 and Ripon 1.4 in Manteca. 

0:51 You're definitely starting to see a downward trend with regard to the number of offers that are coming in on properties, which also reflects in the overall numbers that we're going to discuss here in a little bit as well. 

1:00 Modesto 202 active homes for sale down from 208th week prior. 169 pending this week down from 100th and 72th week prior. 1:09 26 sold closed escrow down from 36th week prior. Rip in 11 active homes for sale up from 9th week prior. 

1:18 11 went pending. That's down from 13th week prior and the number that sold is the same as 1th week prior 3. 

1:23 Now look at Mantique, a holding strong and 118 active listings. 104 pending. That's down from 106th week prior and 12 closed escrow. 

1:32 That's up from 10th week prior again. Average number of offers 

1.4. You're starting to see this a little bit of a slowdown and some stagnation in the market, which is what we told you is going to happen when school started and we're starting to move into the fall season. 

1:48 People start to focus. Some kids in all of the various changes that are taking place right now. This is a seasonal trend that always happens August, September things start to slow down as we move into the holiday season and that's exactly what we are seeing in the market right now. 

3:41 They're 3:41 more in the 6.8 range now compared to where they were up in the upper seven last month. So rates are starting to get a little better for you. 

3:49 Again, when you look at the grand scheme of things and if we were to go back, prior to COVID and all of that, you see this is where the rates typically hover around and we're still in an elevated place. 

4:00 Remember, 92% of people that hold a whole . Have a rate of 6% or less, 25% of people that have a mortgage have a 3% or less. 

4:09 That's why we're starting to see such low inventory because people with these lower rates unless they have to move, they're typically not doing it. 

4:15 Here's the summary. Inventory is still very low but it has slowly been increasing and it's the perfect time really. Again, we're going to emphasize if you're a downsizer, it's perfect for you. 

4:24 Sell your house, downsize, capitalize with your cash. It's still a seller's market with low inventory. For your help. However, as a seller, don't expect the moon because interest rates are high affecting our buyers. 

4:34 And if you're a buyer, it's still a great time to buy as inventory shortage. If rates go up, which they could, you'll be happy. 

4:39 But if they go down, you can refi even better. Caleb O'Hara here, the Red Shoe Realtor. If you have any questions whatsoever about the real estate market, or you're looking to buy or sell, reach out to us 209-237-0303. 

4:53 We'll see you next week.