Turlock and Central Valley Housing Market Update - July 28th, 2023

[Transcript Below]

0:06 The red shoe realtor with the Core team at Remax bringing you our weekly Central Valley housing market update before you get to board.

0:14 Let's go. The numbers tell the story. Story. 73 homes listed for sale in Turlock. Same as last week. 62 pending this last week down from 66th week prior.

0:25 Eleven sold and closed escrow up from seven week prior. And the average number of offers on the listings that went pending this week.

0:32 1.5. So we're still averaging multiple offers on all our listings. In the city of Modesto, our inventory has continued to increase.

0:40 193 homes for sale up from 106th week prior, 168 pending up from 167th week prior. 31 closed escrow, which is down from 38th week prior.

0:49 And look at this. The average average number. Average number of offers in Modesto is up 3.1 offers on average per listing the win pending.

0:58 City of Ripon, 13 homes actively for sale down from 16th week prior, 12 per currently pending down from 17th week prior.

1:05 8 closed escrow. That's a lot for Ripon. If you've been paying attention a closed escrow, which is why you're seeing the down tick in the number of available active homes as well.

1:13 That's up from two week prior. Average number of offers just won in the City of Ripon. Manteca, 93 homes for sale down from 99th week prior thought we might punch past the 100th.

1:24 Active listings, but we didn't 103 pending down from 100 week 6th week prior. 11 sold closed escrow down from 10th week prior and the average number of listings is 1.5 down from the week prior to so not a whole lot of changes.

1:39 Now pretty stable. Well, seeing pretty much the same thing. Let's bring all of this into perspective this week. Shall we?

1:45 This graph here is showing you all of the homes in Stanislaus and San Joaquin County available for sales sold or that went pending or number of the pending listings all the way back to last year.

1:55 So we're looking from April of 2022. Up through June of 2023. And what you're noticing is in June of 2023, there were 887 homes for sale.

2:06 Oops. Let's go forward again. 887 homes for sale. Well, let's go back to June of last year. Yes, you're looking at that chart correctly.

2:13 There were 2,000 homes for sale, and we're going to go back to June of 2022. We're going to go back to June of 2022.

2:14 We're going to go back to June of 2022. We're going to go back to June of 2021. We're going to go back to June of 2021.

2:21 We're going to go back to June of 2021. You were just going to go back to June of 2021. We're not going to go back to June of 2021.

2:25 You were just going to go back to June of 2021. We're going to go back to June of 2020. We're going to go back to June offers and grows under $10.12 In Create Album welcome from Cel have been higher.

2:32 Let's even put this into some better perspective. Maybe how about, let's say a 10 year perspective. Oh, let's look at that.

2:38 Now, this is San Joaquin, Stan Slos County, quarter two available homes for sale. Go back to 2013. There were 2,291.

2:46 You can go and look here at June of 2020. We're going to go back to June 2021, 2000, 2015, kind of the peak, almost push 3000 active listings, 2,973.

2:53 Then we had our pandemic years, right? Everybody remembers those 2020, 2021, COVID. Don't ever want to hear that word again.

3:00 1500 and 10 1228 homes available for sale, there was a very extraordinary circumstance. Well, then last year, things started to get back to normal, right?

3:09 2057 homes available for sale, but then something happened this year, only 887. Yes, you're seeing that correctly. 887 homes for sale in quarter two in Stanislaus and San Joaquin County.

3:20 One, two, three. What in the world is going on? Well, I'll tell you what's going on. Interest rates, interest rates are going on.

3:27 The number of current mortgages in the United States, 92% of those people have a 6% or less, 82% have a 5% or less, 62% of a 4% interest rate or less, and 25% have a 6%.

3:38 That's 3% or less interest rate. So why in the world would any of these people sell their homes and go buy another home and exchange their 3% interest rate for a 7% interest rate?

3:47 Hmm, you've got to really want to sell and move to swap out that 3, 4, 5, or 6% interest rate.

3:54 For a 7% interest rate, which tells the entire story inventory is still low, but it has been slowly increasing, but we're still historically low.

4:04 Demand is still high if you're a seller. However, buyers are starting to have a few more options. I would act fast if you're thinking about selling your home before school starts back up.

4:11 And before interest rates come down and everybody starts to put their house on the market. It's still a great time to sell.

4:17 And if you're a buyer, it means you still have lots of competition because the number of homes for sale is still very low.

4:22 Make sure you're writing really strong offers out there. Otherwise you won't get them accepted. Caleb O'Hara. Here are the red shoe realtor with the core team at Remax bringing you this week central valley real estate market update.

4:33 If you have any questions whatsoever, we're here to be a resource for all things real estate color text is two nine two three seven zero three zero three.

4:41 Caleb O'Hare. The red shoe realtor with the core team at remax week. Thank you. Keep you moving forward. Have a great week out there, everybody.

4:49 And let's talk soon. How about next week. Thank you.