By Rocky G.H. Hawrysz
Realtor, Broker Associate
CRS, GRI, ABR, SRES, SFR, e-PRO, FACS
Prudential California Realty
As the data indicates:
In August, San Joaquin County active listings increased by 174 and pendings increased by 271 outpacing the homes added to market. The average list price fell to $256,000 (-$12,000) and the sold price dipped from $187,000 to $185,000. Months of inventory increased to 3.6 months. On average in the county, it’s taking 51 days to sell a home.
List Price: -4.5%
Sold Price: -1.1%
Supply: 7.6%
Pendings: 29.4%
Days on Market: -8.9%
In August, Stanislaus County active listings increased by 46 and pendings increased 306 again outpacing the additional homes added to market. The average price decreased to $234,000 (-2,000) and the sold price decreased by $5,000. Months of inventory remained flat. On average in the county, it’s taking 51 days to sell a home.
List Price: -0.8%
Sold Price: -3.2%
Supply: 2.6%
Pendings: 41.9%
Days on Market: 0%
Months of Inventory = Amount of inventory at hand divided by average monthly consumption or sales.
Supply and months of inventory continued to rise in San Joaquin County, while Stanislaus County basically remained flat. Pendings were at the highest level in both counties since mid to late 2009. This is great news and would normally be a clear indication of a recovery; however additional homes on market and the uncertainty in short sale closings may have a continued impact on the market. Overall, I am very impressed with how stable the average sold price numbers are in both counties considering the recent changes in inventory.
Home Buyers: For you bargain hunters, one important element that is seldom discussed by Real Estate agents is the “sold to list price ratio.” This ratio is the relationship between the list price and the sold price. On average in both counties this number runs at about 99-102%. For example a home listed at $300,000 ultimately sells for $297,000 to $306,000 on average. This basically tells us that bargains are rare unless set by the seller. If you’re considering offering a substantially lower price for a home, be prepared for the outcome. One tip is to use a buyer’s agent. Make sure if you’re not working with one now, you find an experienced agent who is willing to put in the effort it will take to find the perfect home at a great price. Unlike a sellers agent (the individual on the yard sign) a buyer’s agent will represent you and your interest.
Also, if your renting now - Don’t! A $200,000 home will cost you a mere $1,006 (make sure to check with your lender). You would be amazed at what you can buy today for a little more than what you may be paying in rent.
Investors: Today there are 81 properties in both counties under $50,000. The lowest priced single family home (non modular) came in at $25,000 in Modesto. It’s a 3 bed, 1 bath, 924sqft. on .138 Acres.
Homeowners: Even though we’ve had sharp increases in inventory the average sold and sales price has been very stable. If you purchased your home in the early 80’s or 90’s, now may be a great time to move up.
We’ll see how the market changes next month, with more analysis and opinion.
If you would like more information or would like to work with Team Hawrysz, don't hesitate to contact us at (209) 444-6610 or e-mail rocky@prucalifornia.com. We can also be found on the web at www.TeamHawrysz.com
