Turlock and Central Valley Housing Market Update - July 7th, 2023

Turlock and Central Valley Housing Market Update - July 7th, 2023

[Transcript Below]

0:01 Hello everybody, Caleb O'Hara here at the Red Shoe Realtor with the Core Team at REMAX. Hope you all had a fantastic and safe 4th of July.

0:09 Let's take a look and see what's happening in our local Turlock and Central Valley real estate market. Are you ready?

0:15 Let's go. When you look at the numbers, yeah, it can be a little bit boring. Mm. What I say is boring while because there really hasn't been a whole lot of movement.

0:23 But there are some signs here that we definitely want to take pay attention to. In Turlock 68 active listings up one from last week, 59 pending up one from last week.

0:33 Six closed. That's gross last week down from 11 a week prior. Now number of offers shows 3.1. There's a couple.

0:41 Homes out there that attracted a lot of offers that are skewing those numbers a little bit. But you don't do notice a slight increase in the number of offers on all the listings that we.

0:50 And pending this last week, Modesto were up to 189 active homes for sale up from 182 week prior. 182 pending 182 week prior.

1:02 20 closed escrow last week. That's down from 36 the week prior average number of offers to points. 7 offers on all homes that went pending.

1:11 Ripon's number of active listings down to 12. Ripon one of those interesting markets. Very streaky. Not a lot of inventory in general typically and it definitely comes in waves.

1:22 18 pending this last week. So. A lot of inventory that was kind of sitting there pick went pending. That's up from 14 week prior for closed escrow.

1:31 That's down from the week prior average number of offers 1.9 offers on all the homes that went pending in Ripon.

1:36 So it's still some competition. Maybe not as much competition, but definitely still competition. There in the market. Manteca, you'll notice 92 active listings.

1:44 That's up from 85 the week prior which is good news for Manteca people that are one of buy a home 117 went pending.

1:52 That's down from 121 week prior 14 closed escrow. That's down from, excuse me, that's up. It's up from 10 the week prior and the average number of offers is 1.6.

2:02 So you're definitely starting to see a little bit of easing there as well. Well, we're in summer if you hadn't noticed it's July.

2:07 It's gotten hot. And what's super interesting is that you'll notice this time of year typically. People are already starting to think about school starting back up.

2:17 If you go into the stores, you're going to notice back-to-school supplies. Well, what does that have to do with the real estate?

2:21 Well, I'm going to tell you why here in just a second. Inventory is still very low. It's still historically low for us.

2:28 It's, it's, it's, it's, it's been increasing slightly, but even if we double our inventory, we're still below what would be considered normal.

2:35 Demand is still very high, but it does appear that there's a bit of a chill. And I believe the reason for that chill is a couple of things.

2:41 Number one interest rates. They've been flirting with going up and down and up and down and up and down and they're, they're definitely in the, been in the prep or price point.

2:48 So that's putting a little bit of a chill on the market as well as number two back-to-school supplies.

2:54 People are starting to think about school and they're on vacation right now. Lot of people are on vacation. They're spending time with their kids.

3:00 Plus they've got to work and take care of all of their other responsibilities in life. So what does that mean to you as a seller?

3:04 Well, it means that it's good news is demand is still high. However, buyers are starting to have a few more options.

3:10 And so now's a great time to act. I would act quickly if you're thinking about selling because once school starts back up, everybody is going to be distracted by school and you're not going to have as much leverage as you do.

3:21 Even in the market currently, it's still a great time to sell your home for sure. And then what does it mean if you're a buyer, you still have lots of competition.

3:31 However, the pressure does seem to be starting to ease, and here's a quick tip for you. Something that all of my clients.

3:37 In the past, when they've listened to have been very successful with, you need to be looking when everybody else is not looking.

3:43 In other words, when things get busy because school's starting back up and there's lots of craziness going on around you and interest rates seem to have gone up a little bit, seize the moment when everybody else's eyes up.

3:54 You put your eyes on the target, you find that home out there, you secure that deal. Yeah, your interest rate may be a little bit high when interest rates come down.

4:02 You refinance, you still own the home. You got the lower mortgage. Everybody else is seven the sidelines. They're either having to pay more now or they can't even get into the home.

4:11 So. If you're a buyer, now's the time to act, especially in the next month or so is everybody starts to concentrate on school.

4:18 If you're thinking about buying a home, you're thinking about selling a home. Don't hesitate to reach out to us. We're here to provide information to you all the time.

4:24 We want to be your go-to source for all things real estate. Caleb O'Hare. The red shoe realtor with the core team at Remax.

4:31 We keep you moving forward. Give us a call or text us anytime 209-237-0303. Hope you have a fantastic week and we'll see you next week.

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