The most common question asked a Realtor is “How’s the market doing?” Everyone wants to know if the market is up or down.
Since the real estate market seems to be the fuel behind the steady rise of economic growth it’s no wonder the question is asked so often. But what most individuals really want to know is how the market is doing in their city, their neighborhood. I hope the information provided below will help you see the overall market for the San Joaquin Valley and more closely with your city.
The table below shows our county’s statistical data along with the cities of Lodi, Stockton, Manteca, and Tracy. The city of Stockton roughly represents 50% of the market share of data which creates a major impact on the figures. So for our area taking a closer look at each city is just as important and looking at the overall information regarding San Joaquin County.
|Location||Number of Homes For Sale||Months of Inventory||Average Days on Market||Median Price|
|San Joaquin County||1,050||2.2||40||$249,000|
The evidence above clearly shows a thriving seller’s market. Statistically, whenever we have 3 months or less of housing inventory it’s considered a “seller’s market”. Our area, like most of the nation is experiencing a housing shortage. This shortage is stimulating the steady rise of home prices.
Below are figures concerning the number of homes for sale over a one month, one year, and an 18 month time period.
|Location||1 Month||12 Months||18 Months|
|San Joaquin County||-1.4%||58.1%||32.1%|
All information provided above is taken from TrendVision published April 2014. The information does not include county recorded sales such as homes sold on the court house steps or for sale by owner.
Looking at this information will enable us to better predict where our market is headed. It’s pretty easy to see the outlook for 2014 is looking very clearly for prices to continue to rise. Home buyers that choose to sit on the fence today can expect to pay more for a home in the months ahead. Waiting could possibly price them out of the American dream of home ownership.
Eileen Schamber is the president of the Lodi Association of Realtors and can be reached at firstname.lastname@example.org.