Turlock and Central Valley Housing Market Update - May 12th, 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 our May 12th Central Valley Housing Market update.

0:11 Without further ado, let's go. The numbers. As we look at what's going on here in the Central Valley, ignoring all the hubbub that you hear in the media, the reality is inventory is still incredibly tight as far as housing goes.

0:25 In Turlock, there are 54 active listings up to, just one from last week, so not really up, just about even.

0:31 Number of Pendings are down to 53. Number of homes that sold in the last week, 14. Average number of offers, this is a little tricky here.

0:39 It says it's 4.5. That's because there was one property that was an investment property. They got a whole bunch of investor offers on it.

0:46 They got thrown on the MLS and so that kind of skewed the numbers. If you remove that one property, you're looking at the average number of offers being closer to 3.

0:54 So still pretty, high. Average 3 offers on every home that went Pending last week in the city of Turlock. Modesto 134 active listings up 11 from the week prior.

1:03 Number of Pendings also up slightly. Number of homes sold down from 44 to 8. So quite a few less that actually closed escrow in the last week.

1:11 Number of offers pretty much unchanged. 2.7 average number of offers on all the homes that went Pending. City of Ripon - 23 active listings.

1:19 So we're up from 18. Number of Pendings down to 17. From 19 last week. Number of homes that actually closed escrow was 3 and the average number of offers was 1 on all the homes that went Pending this last week.

1:33 Manteca much the same - 88 active homes. Down one from the week prior 89. 131 went Pending - up from 128 the week prior.

1:42 13 homes closed escrow last week - down from the week prior of 21 and the average number of offers holding. 30 steady in Manteca at around 2.2 offers per home.

1:54 One of the stats that I wanted to take a quick look at real fast that are important for you to look at is we've got the numbers and the data in from last month's, May’s numbers.

2:03 And excuse me, April's numbers, and something happened over the last year that hasn't happened in the last five years on this chart and then even further back when you go back, which is that typically as the spring months come into play, you'll notice the number.

2:16 Of active listings goes up. Well, something happened that hasn't happened. And that was the number of active listings from March to April actually went down emphasizing our housing shortage, the lack of availability of homes.

2:29 In fact, you'll notice that year over year we are down 50%, 49.2%. So prior years, 1,534 active homes in all of San Joaquin and Stanislaus County this year, only 780.

2:44 And now we have the number of homes available for sale that's putting all of this pressure on the market, creating the multiple offer scenario and pushing prices up.

2:52 So again, without sounding like a broken record, if you're looking to sell a home now is a fantastic time. So it’s a good time to sell because inventory is still insanely low and demand is still high and there's no significant changes in the market this week.

3:06 One of the things that they are predicting is that the interest rates in quarter three and quarter four are going to be coming down, which means more.

3:11 More buyers are actually going to be coming into the market when that happens, which will be putting even more pressure on this.

3:17 So if you're a seller, increased demand means higher offers, better terms. It's a great time to sell. If you're thinking about selling your home, give us a call.

3:25 Shoot us a text message 209-237-0303. Happy to answer any questions that you might have. If you're looking to purchase, it's super competitive out there.

3:33 Make sure you're shopping below your max price point so that you can write offers and you can deal with counter offers.

3:39 With the ability to go up in price from where you start. If you have any questions, please reach out to us 209-237-0303.

3:47 We're here to help in any way that we can. Caleb O’Hara, the Red Shoe Realtor, with The Core Team at REMAX coming at you with this week's housing market update.

3:55 Hope you all have a fantastic week and we will talk to you again soon. Bye for now.