Local Realtors were honored to have Kevin Brown, the president of the California Association of Realtors for 2014, speak to us about our local market. Mr. Brown provided us with a lot of information about our local real estate market. Here are a couple of the highlights.
The median home price in Lodi at the end of February 2014 was $200,000. This is down 9.1 percent month to month and up 53.8 percent year to year. This is great news as many underwater home owners have recovered their loss and may even have equity in their home.
Homeowners who rode out the real estate crash should be very happy that property values have come back. The Lodi area is seeing a lot of entry level properties come on the market, with sellers wanting to purchase a larger home.
We are seeing offers accepted with sale of current residence contingency, which has not happened for several years. This speaks highly to a normal market, with sellers having an advantage they have not had in several years.
As of April 11, 2014, Lodi has 45 Pre-foreclosure Properties, 15 properties slated for Auction and 8 properties that were on the market as bank owned. So if those 15 auction properties do not sell at auction, we could be seeing them come on market as bank owned properties for sale. This is a slight increase in foreclosures, possible related to the banks finally having time to clean up their loans. With the flood of short sale transactions in 2012 and 2013, banks were overwhelmed and some late loans slipped through the cracks. It’s nice to see the foreclosure rates below the year to year average as this speaks to the economy finally recovering and buyer confidence that prices are holding. It appears that 2014 will be a great year for buyers and sellers!
Eileen Schamber is the President of the Lodi Association of Realtors and can be reached at firstname.lastname@example.org