Turlock and Central Valley Housing Market Update - July 21, 2023

Turlock and Central Valley Housing Market Update - July 21st, 2023

[Transcript Below]

0:00 Hey everybody, it's July 21st, 2023. This is your weekly Turlock in Central Valley housing market update How's everybody doing out there?

0:10 You ready for it? Let's go. I know it's been really hot outside Hopefully you're staying cool well-hydrated drinking lots The only thing that's hot is not just the weather It is also the real estate market if you've been following along with us week to week However, there are some interesting trends

0:27 that I do want to point out to you as we move forward look at your lock first 73 active listings up from 69 the week prior we've slowly been increasing our inventory week over week, which is a good sign for us since we are still extremely low in inventory even though we've been increasing number of 

0:43 pending listings this week 66 seven closed escrow last week down from eight the week prior average number of offers one.

0:50 And I want you to notice this trend here. Ripon, of course, is an anomaly because it's such a small market.

0:56 There's not a lot that moves as we've talked about prior. So this one here is not that big of a a surprise or, but you'll notice that on the other three larger markets that the number of offers on listings is beginning to decrease, noting that there is a little bit of a chill.

1:12 This isn't like, oh my goodness, like things are sitting forever. And they're now getting like no offers. No, no, no, no, no, but we're getting back down into a reasonable pattern of one to maybe two offers on every listing that's going pending.

1:25 So the competition of lots and lots of offers, it is happening on some listings, but not on all of them as it appears.

1:32 To be throughout the spring and summer months up until now, but Turlock 73 66 pending seven sold average number of offers 1.2 Modesto were up to 186 homes active on the market 167 went pending last week down from 185 the week prior 38.

1:49 Excuse me 167 are pending down from 185 week prior 38 homes closed escrow last week and average number of offers 1.9 Ripon our lovely town of Ripon 16 active listings up one from the week prior 17 pending up one from the week prior.

2:06 So we're going to be getting our two closed same as the week prior average number of offers to as opposed to one the week prior again that's a very, very small sample size so very difficult to make any kind of hard predictions baseball now.

2:17 So we're going to be getting our two closed We're going to be getting our two closed Up from 101 the week prior 10 closed escrow this last week down from 19 the week prior average number of offers to down from 2.3 offers so we are starting to note a little bit of a instead of being you know 110 degrees

2:39 . Real estate market like it is outside right now. We're getting down into the low 100s 103 maybe. I don't know, sounds like a good number to me.

2:47 What does that mean to you inventory is still extremely low but it's slowly been increasing in many of our local markets.

2:53 If you're looking to sell your home demand is still very high. However, buyers are starting to have a few more options as the inventory starting to increase.

3:00 So if you're considering selling your home right now, I want you to think about this. You probably should act fast before school starts back up.

3:08 Once school starts back up, people start to get distracted with school and kids and all those other things and then.

3:13 And the demand tends to back off a little bit inventory begins to increase because everybody's focused on other things besides real estate at that point.

3:20 Right now, though, it is a great fantastic time to sell. If you've got any thoughts of selling, do not hesitate to reach out to us.

3:27 209-237-0303. We'd love to share with you. We're going to do our core four listing launch and how we can put the most money in your pocket to net you the most money and the shortest time frame so that you can move on to your next goal.

3:38 If you're a buyer, you still have lots of competition. However, the pressure does seem to be starting to ease and this can only change if rates come down.

3:46 If rates do come down, you're going to see a lot more buyers come flooding back in the market. We're going to see lots of multiple offers again.

3:52 You're going to see a lot of sellers that are going to begin selling their properties because their interest rates are going to be more competitive to the sell and buy elsewhere.

3:59 And so as a buyer right now seems to be a very ideal time. If you can time it before the interest rates come down and nobody can time anything perfectly.

4:08 So if you've got thoughts of buying a home, you need to buy a home. You want to buy a home.

4:11 Now's a great time to buy a home. Give us a call. The core team at ReMax executive, Caleb O'Hara here, the red shoe realtor.

4:18 We keep you moving forward. Call us or Text us at 209-237-0303. If you have any real estate questions whatsoever, we want to be your go-to resource for all things real estate.

4:30 So do not hesitate to reach out to us. You're not bugging us. We're here to help keep moving forward. Talk soon next week in fact.

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