Turlock and Central Valley Housing Market Update - June 30th, 2023

[Transcript Below]

0:00 Hey everybody, Caleb O'Hara, the Red Shoe Realtor with The Core Team at REMAX Executive, coming to you with your Central Valley Housing Market update for June 30, 2023. 

0:12 Let's go. There have been some subtle changes that are happening inside of our housing market here in the Central Valley. 

0:19 You'll notice that in Turlock, we have 67 active listings this last week. That's up from 62 the week prior. So we've been noticing incrementally that the number of homes available for sale is slowly starting to go up. 

0:31 Still, well below average, but we're definitely only moving in the upward direction. Last week there were 62 for sale. There are 58 homes currently pending. 

0:40 There were 57 last week. So up slightly there. 11 homes closed escrow in the last week, 6 the week prior. 

0:47 The number of average offers on listings is at 1. So we've been kind of noticing this easing of pressure. 

0:54 We're still seeing multiple offers, but instead of seeing 3 or 4, we're starting to see 2 or maybe 3 offers as well. 

1:01 Modesto, we're looking at 182 active listings up from 173 the week prior. So we're definitely moving in that upward trending. 

1:08 We're looking at 182 pending 186 last week, 36 closed escrow this last week, 24 the week prior average number of offers in Modesto 2.7. 

1:19 So, kind of holding tight right around there, right around that 2.5 offers per listing on average. 

1:26 The city of Ripon is down slightly. 22 listings. Ripon's, you know, one of those unique communities, not a whole lot of inventory there typically, but down slightly 22 active listings 24 the week prior. 

1:37 14 homes pending 17 the week prior. Number that sold last week, 6, so up considerably from the o1ne that closed escrow the week before. 

1:46 And because of these low numbers, it's slightly skewed here, but we've got 3 average 3.5 offers on the homes that went pending this last week, up from

1:57 1 the week prior. Mantica is also noticing what we've been, and we've been noticing in Turlock and Modesto, which is an increase in inventory. 

2:03 So 85 homes available for sale. 81 of the week prior, 121 are currently pending. There was 127 week prior, 10 closed escrow. 

2:11 Same as the week prior average number offers to. 2.2. So again, we're not seeing the 3 or 4 offers, but we are still seeing multiple offers on average and most listings. 

2:21 What does all of this mean to you as a potential home buyer or as somebody that's looking to sell their home? 

2:27 Well, inventory is still low and demand is still high, but it does appear to be mellowing. There does appear to be a slowing where we're seeing more homes starting to creep on to the market. 

2:38 We're not seeing as much pressure on the market because that demand is still high. However, buyers are starting to have a few more options. 

2:47 So if you're looking to sell, my recommendation is that you act fast before school starts back up. Typically, what happens is when school starts back up people with children, they're not thinking about moving. 

2:58 They're thinking about trying to get their children into school. And so we typically see a slowdown that begins in August when. 

3:04 School starts up and that falls through into the winter months. So if you're thinking about selling, demand is still high, but pressure is starting to wane. 

3:12 And I would recommend that you get that house on the market before August 1st. It's still a great time to sell, but do notice that there is more. 

3:21 listings coming on the market, which means you're going to have more competition as a seller. If you're looking to buy, what does that mean for you? 

3:27 Well, you still have lots of competition. However, the pressure does seem to be starting to ease. So still, you know, shop below your max price point so that you have some margin in there, but it does. 

3:37 So, just to compare that you've got a little bit more wiggle room than you've had prior because of the easing of the pressure with the more inventory coming on the market. 

3:43 Write those competitive offers with great terms to make sure that they stand out from all the rest of the ones in the stack. 

3:50 So the stack may be getting shorter as far as number of offers, but there's still other offers in the stack. 

3:54 And you want your offer to be the one that's chosen. If you're thinking about buying a home or you're thinking about selling a home, don't miss the opportunity that this market is presenting to you right now. 

4:03 Give us a call 209-237-0303. Caleb O'Hara, the Red Shoe Realtor with The Core Team at REMAX Executive. We keep you Moving Forward. Have a fantastic July.