Knowledge is power! The news is full of information regarding the real estate market. It seems to be the biggest area of growth and restoration for our economy. So it’s pertinent that the information you receive is specific to the local market and not the industry as a whole.
With that in mind I’d like to share a little snap shot of our local market. On a monthly basis I’d like to continue to share statistical information regarding San Joaquin County. My hope is that you find the information helpful with purchasing your first home, a move up buyer, investor, or if you are looking at potentially selling your home.
To begin with let’s look at the low inventory. “With housing inventory dropping nearly 39 percent from a year ago, supply constraints continued to propel strong gains in the median price, but also intensified market competition,” said California Association of Realtors Vice President and Chief Economist Leslie Appleton-Young. “home buyers have been fiercely competing with each other. More than half of home sales are receiving multiple offers, with homes getting an average of four to five offers, and some even more.”
Next let’s look at the sales activity. Inventory is down 49 percent. The number of days each home is on the market is trending down as well. Today homes typically are on the market 41 days or less, down 50 percent from last year. The median price home for San Joaquin Co is $175,000 which is up 9 percent. Some areas are experiencing as much as 17 percent increases! To know if your home is in an area of higher appreciation contact your local Realtor.
Another area of a trend in the direction of restoration is a closer look at the existing inventory. Did you know the inventory of available homes in San Joaquin County consist of mainly bank owned homes, short sales, and equity sales? The number of bank owned homes is down and represents only 9 percent of the market while short sales represent 28 percent of available homes. But unexpectedly it’s the equity sales that are pleasantly influencing our market. With 458 homes available with equity, this reflects 63 percent of our market!
Sheri Aguilar is the president of the Lodi Association of Realtors and can be reached at Sheri@YourLocalAOR.com