Turlock and Central Valley Housing Market Update - June 2nd, 2023

[Transcript Below]

0:00 Hey everybody, Caleb O'Hara here, the Red Shoe Realtor with The Core Team at REMAX coming to you with our June 2nd, 2023 Turlock in Central Valley housing market update without further ado.

0:14 Let's go. When you look at the numbers, you can see that there hasn't been a whole lot of change. Number of active homes in Turlock is 51, 50 last week up just one 64 went pending this last week.

0:26 60. Yeah, 64 are pending as of right now down from 69 last week. 14 homes sold eight homes had sold a week prior.

0:34 Average number of offers on price on the average number of offers on homes that went pending in Turlock 1.8 offers are down from the 3.3.

0:44 Big part of that is some of the higher priced point homes, which we aren't seeing as many offers. We're not seeing the multiple offer.

0:51 Pressure on the higher-priced homes near as much as we are in the lower-priced homes, especially when we're in the FHA loan limits.

0:57 We'll talk about that in another video. Modesto is up 153 listings up from 144 the week before 181 actively are, 181 of them are pending.

1:07 183 were pending last week. 23 sold down from 36 that it sold the week prior average number of offers. Pretty much the same 3.5 offers the average number on all the homes that went pending in the last week in Ripon 27 homes on the market down from 29 the week prior.

1:24 15 homes pending down one from the week prior. So not a whole lot of change there. Number of homes sold, closed escrow, in Ripon last week for and the average number of offers up a little bit at 1.8 offers on the average number of offers on the homes that went pending this week in Manteca.

1:39 Not a lot of change. Either 89 active listings up from 86 the week prior. 116 are currently pending 100 down from 138 the week prior and nine closed escrow in this last week down from the 26 of those closed the week prior average number of offers.

1:58 Down a little bit at 1.6. There's a couple other stats I want to share with you real quick before we wrap this up.

2:04 There is some positive news, which is that you'll notice, remember we had talked about before, the inventory. Typically this time of the year is going up and up and we weren't seeing that ,we were seeing some trends stuff happening that hadn't happened in years.

2:15 Well, the amount of inventory did go up slightly in between April and May, as you can see here on the graph, but you'll also notice the number of pending homes is also increasing as well.

2:26 So we're still well below where we need to be to have a real bounce. So we're getting a balanced inventory for buyers to have more choices and options.

2:35 We're heading in the right direction. You'll notice year over year. Okay, so this time versus last year, the number of active homes for sale is down 51.9%.

2:47 Yes, 51.9%. That means there's half as many homes available for sale this year as there was last year and last year was extremely low compared to normal averages.

2:56 So we're still dealing with an extremely thin amount of inventory. So when the news starts talking about, oh my gosh, look at all the new for sale signs going up.

3:03 There's gotta be a whole lot more For Sale signs and a whole lot more inventory that's gotta come on the market before we're anywhere near having too much.

3:11 We're not even close. If we double our inventory tomorrow, we're still not where we would be in an average equilibrium market.

3:19 We'd still be in a very strong seller's market if we doubled. Think about that. If we double our inventory tomorrow, which isn't going to happen.

3:26 So inventory is still low. Demand is still high. Interest rates have been easing a little bit and we're going to see that continuing.

3:32 And so it's still an important thing to remember. If you're thinking about selling your home, it's a great time to sell because there's not a lot of.

3:39 inventory, 51% less than that year over year. And if you're a buyer, make sure you're shopping below your max price points so that you can go up and then you can avoid disappointment.

3:48 When you write your offer and if you write it at a max price point and you've got to go up higher and you can't.

3:55 you're going to be extremely disappointed. So keep that in mind, especially in the lower price points. If you're in the FHA price limits, think lower and the need to go up most likely in order to secure the home of your dreams.

4:08 If you have any questions, don't hesitate to reach out. We're The Core Team at REMAX Executive, Caleb O'Hare here. We keep you moving forward.

4:16 Give us a call. Text us 209-237-0303. Hope you're having a fantastic week and we'll see you next week. Bye for now.