Turlock and Central Valley Housing Market Update - May 19th, 2023

[Transcript Below]

0:00 Hey everybody, Caleb O'Hara here, the Red Shoe Realtor with The Core Team at RE/MAX Executive, coming to you with your weekly Central Valley housing market update.

0:09 Without further ado, let's go. When you look at what's happening in the market, there hasn't been a lot of change in Turlock.

0:16 We have 50 active homes for sale down from 54 last week. Number of pending shot up 69 pending. Part of the reason why the number of active listings is down - seven sold in the last week and the

0:28 Average number of offers - check this out - average number of offers on all the homes that went pending last week -  3.8 - so down slightly from the 4.5.

0:35 If you remember from last week's video though, that average of 4.5 was elevated because of one investment property.

0:42 Like 30 or 40 offers on it. So even though the numbers are down actually when you take that one variable out the average number of

0:50 Multiple offers are -  the average number of offers - excuse me on all the homes - that went pending actually went up when you take that one variable.

0:56 Needless to say, 3.8 offers on average of all the homes that went pending is pretty incredible. So a lot of demand almost, for buyers, for every single home that went pending.

1:08 One of them, a house in Modesto, the number of active listings is virtually the same, down 1 to 142 number of pendings up 1 to 185 number homes that sold last week, 29.

1:20 So up a little from the week prior average number. The stock offers up to 3.6 in Modesto as well. So the pressure is still building in the Modesto market as far as a lack of homes for sale and the demand of buyers in the market.

1:34 In Ripon, 28 active listings up from the 20s. The week prior, 16 homes went pending this week down one from the week prior.

1:43 Four homes sold in Ripon this last week, up just one from the week prior and the average number of offers on.

1:50 Those that went pending this week in Ripon are two. In the Manteca market, the number of listings has actually increased from 88 to 95.

1:58 So, up seven, seven additional units, 122 and pending. So down a little bit is compared to the week prior in Manteca.

2:07 15 homes actually closed escrow and the average number of offers on a home sold in Manteca is 1.7. So a little less pressure in the Manteca market, higher price points as far as it’s

2:18 average sale price, the number of offers is also down slightly. What does all of this mean? Well, not a whole lot has changed this this spring.

2:25 If you've been following along, inventory is still incredibly low. The demand is still very high, even with the higher interest rates compared to where we had those crazy 3% 2.5 3% interest rates, even with the interest rates hanging in the sixes, demand is still high because home ownership is still

2:41 better than renting. And so that demand is still there and the inventory is still super low. So what does that mean?

2:49 If you're thinking about selling your home, you need to be calling me because it's an incredibly good time to sell your home.

2:54 You have something that lots of people want. In fact, on average about four people wanted the one thing that somebody else had, that sold this last week - in the local market.

3:03 So if you're thinking about selling your home, it's a fantastic time to do so because of the lack of inventory. That puts you in a really good position to be able to sell for top dollar and get a really,

3:13 really, really good terms as well. If you're thinking about buying again, we want to just remind you, it's very competitive out there.

3:20 You need an agent that understands the market, that knows what's going on, that knows how to write a competitive offer, and you need to take some responsibility and

3:27 not get yourself in a situation where you get discouraged because you're looking at properties outside of your price range. In other words, if it's listed at $400,000, most likely you need to be only looking at stuff up to $380,000.

3:41 Because with all of this competitive nature and all of these multiple offers is pushing the price up, if you don't have the capacity to go up in price, then there's no way that you're going to be able to secure that listing against the other competition.

3:52 So be looking lower, set the right expectations. Have a great agent. And if you don't have an agent, give us a call.

3:58 Text us 209-237-0303. Caleb O'Hara, the Red Shoe Realtor with The Core Team at RE/MAX Executive. We're here to help you out.

4:05 And we keep you moving forward. Have a fantastic week and we'll catch you. See you again next week. Bye for now.