Real Estate Market Trends for San Joaquin County, Stockton and Lodi
The month of June saw increases of available homes for sale in Stockton, Lodi and San Joaquin County because of a decline in pending home sales. The MLS database indicated there were 2105 homes for sale an increase of over 3% from the same period in 2009. Stockton’s available homes for sale was 1088, Lodi 252, Manteca 398 and Tracy 267. Tracy showed the only net decrease of available homes. The market trend for available homes for sale in Stockton, Lodi and San Joaquin County is definitely on the increase.
The median price for homes has increased 13% from the same period in 2009. The median price for homes in San Joaquin is $170,000, Stockton $140,000, Lodi $167,000, Manteca $195,000 and Tracy $246,000. Increases are trending a little over 1% a month. This is a welcome trend for home sellers but also an alarm for home buyers contemplating a new home purchase; there are indications we may have reached a bottom and home buyers may face escalating prices if they don’t jump into the market now. Home buyers should be aware that last week’s interest rates for mortgages reached a record low since 1971, 4.57%.
As mentioned sales have decreased 24%, pending sales have decreased 6%. Still there is a great deal of competition for home buyers. We are still in a real estate market in Stockton and Lodi that is seeing multiple offers on homes for sale within days of their listing on the Metrolist MLS. At this point in time there is a very low inventory of homes for sale, 1.7 months. Short sales in Stockton and Lodi are fast becoming a dominate source of available homes for sale.
Short sales comprise 33%, foreclosures and bank owned homes 23% and non-distressed properties 44% of the real estate market in San Joaquin County. Over 56% of the available homes for sale are distressed: either a short sale or foreclosure. Statistics are informative but the question is how do they relate to home buyers and home sellers in Stockton and Lodi. Now is the perfect time for home buyers: prices are still low and interest rates are at an all time low for fixed rate mortgages. Home sellers are starting to see an increase in their property’s value. You can access new MLS listings, new homes, foreclosures and short sales at www.hughlilly.com . Call Hugh Lilly Realtor at 209-479-9222 to start your search for a new home.