For The First Time in 5+ Years in Turlock and Central Valley Real Estate!

[Transcript Below]

0:00 Hey everybody, Caleb O'Hara here, the Red Shoe Realtor with the Core Team at Remax Executive. I've got some really important information that I want to share with you.

0:08 Something very historic has happened. Something that has happened that hasn't happened in the last five years. What is it? Well, let's go.

0:14 I want you to take a look at these lines here. It's going to give you an idea of what's going on here in our local real estate market.

0:20 And these are numbers of homes in San Joaquin and in Stanislaus County in here in the Central Valley of California.

0:27 And this is historic. So this is the first data for the last five years that shows the number of homes for sale.

0:31 The light green, sold is the dark green and the homes that went pending is in the red line. So what I want you to focus on here is I want you to look over here all the way over on the right-hand side.

0:40 So here's for the month of April. The number of homes for sale and the number of home. Yeah, the number of homes for sale here and then right here is March.

0:48 So you'll notice that we're going in a downward direction. So less homes for sale in February, less homes for sale.

0:55 So in March and less homes for sale in April. Now, why is that historic? Why is that something that we need to pay attention to?

1:04 Well, go back and look in 2022. What happened in 2022? Well, you can go here. Here's January, February, March more, April more, May more, June more number of homes for sale goes up, right?

1:17 Go back to 2021. What happens in March? April it goes up. Go back to. You know, 2020, right? What happens in 2020 is a crazy year, right?

1:27 2020 was a year where we had the pandemic. And so some interesting things happen back in in 2020. And that kind of takes 2020 out of the equation as far as being good, you know, baseline thing to look at.

1:46 But even back in 2020, look what happened. So in March, here's the number of homes for sale. Oh, look, we went up in May excuse me, April, in April, we went up in the number of homes for sale.

1:59 So go back. And to 2019, you're going to notice the same thing happens here in 2019. If you look at the numbers here for there's May, and then you go back here and then we go to April and you go back.

2:14 Down here is March. So again, notice inventory goes up from March to April. That's historically what happens. The inventory, number of homes available for sale, goes up.

2:24 March, April gets better, May gets more, June, etc. Well, I want you to notice what's happened this year. We are going downward.

2:32 So in the month of March, we had 850 homes available for sale, whereas in the month of April, 766. So you'll notice that that is a decline.

2:47 So we didn't get more inventory. We had less inventory on the market. What does that mean for us? Well, if you're thinking about selling your home, you, You own something that a lot of people want that's in very scarce supply.

3:00 It is a phenomenal time to sell because you've got something that everybody wants. It's springtime. Kids are getting out of school.

3:06 Parents want to get moved before the new school year. And they, They need a place to buy, but there's nothing out there.

3:12 So if you have something to sell, it's a phenomenal time to sell it. If you're thinking about buying a home, you need to be very cognizant of this.

3:19 There are not a lot of options. You cannot be as picky and you have to write very strong on, ,and it offers.

3:24 Anticipate to be paying over asking price, writing really strong terms. Average number of offers on homes is averaging somewhere around three and four offers per home on the homes that are going pending.

3:35 So, we're in historic times with real estate. Inventory is not growing. It's still continuing to shrink for the first time in five years, even with the pandemic in 2020.

3:46 If you're thinking about buying or selling a home, give us a call. Caleb O'Hara at the Red Shoe Realtor with a core team at Remax.

3:51 We keep you moving forward!