Turlock and Central Valley Housing Market Update - May 5th, 2023

[Transcript Below]

0:00 Hey, everybody. Hope you had a fantastic week here to bring you your Turlock and Central Valley housing market update from May 5th, 2023.

0:10 Let's go. All right. Let's take a look at the numbers. One of the things that you're going to see. When you look at the numbers of what's actually happening in the market, stop paying attention to the media headlines.

0:19 A lot of the media headlines, especially the national news, they're looking at national markets. They're bringing in big markets like Austin, Texas where things are very different.

0:27 Phoenix. What's really important is that you understand what's happening inside of our local market, what's happening here because that's what matters most.

0:36 So that's exactly what we're going to do. Let's look at the numbers. In Turlock, we have 53 active homes this week.

0:41 So we're up slightly from last week. We had 47 last week, 53 this week. Number of homes pending 66 down just one.

0:48 So pretty negligible right about the same number of homes that sold in Turlock in the last seven days.

0:54 That's down from 10 the week prior. And look, this is a big number the average number of offers in Turlock 1.8, down from 3.1.

1:03 So the demand in Turlock did come down just a little bit this last week as far as the number of people offering on a property. In Modesto, 123 active homes on the market.

1:13 So we're down from 132. Inventory still shrinking in Modesto, which is a real problem. We have 173 homes pending that's down from 185.

1:22 Last week, probably because there are less homes on the market available to go pending. The number of homes that sold last week, 44 up from 34 the week prior average number of offers is three very similar to the week before a 3.1

1:38 So 18 homes active there were 18 last week, 19 homes went pending this last week, 19 homes went pending the week prior.

1:45 Or homes sold this last week compared to. So that's, that's a good indicator that stuff is actually moving in some direction.

1:54 Average number of offers 1.6. So a little bit more demand up just a little bit in the city of Ripon.

2:00 Manteca's coming in at 89 active listings, down from 91 the week prior. 128 homes pending down from 136 the week prior.

2:08 The number of homes that closed escrow and sold last week is 21. That's up from 15 the week prior. So that pressure is definitely still there on the market in Manteca.

2:16 Your average number of offers was down slightly to 1.7 offers on all the homes in Manteca last week instead of 1.8.

2:22 What does that mean to you if you are thinking about buying real estate or you're thinking about selling your home or you're thinking about selling your home and buying a home.

2:31 Well, what that means to you is this is probably starting to sound like a broken record… inventory is still low and demand is still high.

2:38 There's really no significant change in the real estate market this week. That means that if you're looking to sell your home, the increased demand is still here and it means that we're getting higher offers with better terms for our sellers.

2:51 It is a fantastic time to sell your home in Turlock or the Central Valley. If you’re thinking about buying a home.

3:00 You need to set your expectations accordingly. So that means that if you're shopping especially in the competitive price points, you need to make sure that you write

3:10 a very good offer that's competitive offer with great terms to make your offer stand out from the stacks of other offers that the listing agent is going to be going over with their sellers.

3:20 What's going to make your offer stand out to the sellers? Make sure you write a good one. That also means that if you want to be realistic and keep yourself from disappointment, you need to realize that the vast majority of homes in these competitive price points are going for over asking price in 

3:34 the neighborhood of ten to twenty thousand dollars over some. That means that if your max budget is five hundred thousand dollars, you should probably be looking at nothing higher than about 480.

3:51 And lower as far as the asking price goes so that you know that you have that cushion in that room in there to write that competitive offer and get it accepted.

3:59 Don't set yourself up for disappointment by thinking, oh, we're going to go look at stuff at our absolute max budget.

4:05 Or even over our max budget because unless it's been on the market for a really long time, there's a very low likelihood that your offer is going to get accepted.

4:13 If you have any questions whatsoever about real estate and what's going on in our housing market here in Turlock or the Central Valley.

4:18 Do not hesitate for one second to reach out to us here at The Core Team at REMAX Executive. I am Caleb O'Hara, the Red Shoe Realtor.

4:25 We keep you moving forward. Call or text us today, 209-237-0303. Everybody have a fantastic weekend and, We will check in with you again next week.