Stockton Real Estate Report September 2016
If you are watching the real estate market in Stockton, Modesto, Manteca or Sacramento, it shouldn’t be a surprise that existing Home Sales in California overall grew on a year to year basis in September. It was the first time however that there was a year to year increase in seven months.
According to the California Association of Realtors 2016 existing home sales saw a modest increase for the sixth straight month in California with a seasonally adjusted 425,680 existing homes sold in September. That number was up to 0.8 percent compared to existing home sales in September 2015. It was the sixth consecutive month that over 400,000 homes were sold.
“With new listings continuing to decline and demand still strong, especially at the lower end of the market, affordability will continue to remain a challenge for would be buyers.” CAR President, Pat “Ziggy” Zicarelli said in a recent press release.
Stockton, Manteca, Modesto and Sacramento remained one of the most affordable regions in the state. A median Priced home was $322,000 in San Joaquin County. Home Buyers in Modesto paid a median price of $270,000. Median prices in both cities remained stable with a slight drop of 1% as compared to August sales figures.
Central Valley Markets are still way above last year’s marks one year ago. Stockton’s house prices are up 9.2 percent from last year while Modesto and the surrounding area prices are up over 7.1 percent.
Affordability is really the key factor in existing home sales in Stockton and Modesto and while mortgage interest rates are still very low, there is not a lot of inventory of existing homes on the market that are in that affordable for first time home buyers.
I have witnessed home prices soar year after year for the past 9 years and especially in what I would term the entry level market. Keep in mind that home prices have continued to rise at almost double digit rates for several years and some entry level areas are experiencing triple digit adjustments in the past five years alone.
Keep in mind that the most dramatic areas of growth in sales price are with houses that have been remodeled and updated and are move in ready and have no issues with repairs. Also keep in mind that there are very few Retail Home Buyers that don’t require a bank or mortgage loan to purchase a house. With today’s banking rules that means that not only does the buyer need to qualify… so does that house. Many homeowners don’t realize that they can sell their house for cash to a real estate investor without making any repairs.
While distressed housing sales have declined from their 40 to 50 percent highs just a few years ago, cash sales still account for 25.1 percent of all real estate sales in the Stockton and Modesto real Estate Market.
My name is Peter Westbrook and I am a local real estate Investor, a cash home buyer with Westbrook Real Estate Investments. If you have a house to that you need to sell in Stockton, Modesto, Sacramento or Manteca, call me at 209-481-7780 and I will give you all cash, no obligation offer for your house.
There is no reason why you cannot sell your Stockton House for Cash on the day of your choosing.