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December 2023
- Median Sold price was DOWN ⬇️ from November 2023:
- December 2023 $384,000.00
- November 2023 $410,000.00
- 352 homes sold
- 6.383% Fewer ⬇️ homes sold December of 2023 than in December of 2022 (376 homes sold December 2022 versus 352 homes sold December 2023 that is 24 fewer ⬇️ homes)
- This year a total of 4979 single family, condo, and planned unit development (PUD) residences were sold in the cities of Fresno and Clovis. As a reference, all of 2022 6351 single family, condo, and planned unit development (PUD) residences sold in the cities of Fresno and Clovis, and all of 2021, 7748 single family, condo, and planned unit development (PUD) residences sold in the cities of Fresno and Clovis.
- 4.451% MORE ⬆️ homes sold in December 2023 versus November of 2023 (352 homes sold December 2023 versus 337 November 2023. That is 15 more ⬆️ homes sold in December than November).
- Average Days on Market:
- Average Days on Market for homes that sold was 27 days.
- This is UP ⬆️ from November 2023.
- DOM for November 2023 was 22 days
- For homes with no price changes the Average Days on Market is 13 days.
- Sales Price versus Offer Price was 99.9%
- For homes with 1+ price changes the Average Days on Market is 51 days
- Sales Price versus Offer Price was 93.4%
- This is UP ⬆️ from November 2023.
- Average Days on Market for homes that sold was 27 days.
- Median For Sale Price $435,000.00 versus Sold Price of $384,000.00
- 3 bank owned properties sold.
- This is MORE ⬆️ OREO property than in November (2).
- Other Real Estate Owned (OREO) is how financial institutions identify foreclosed properties on their balance sheets.
- US Serious Mortgage Delinquency Rate Falls to Lowest Level Since 1999 (See link to article below)
- This is MORE ⬆️ OREO property than in November (2).
- 315 homes went under contract.
- 344 New Properties were listed for sale.
- Months’ Supply Inventory of 2.1 months.
- November 2023 there was 2.2 months’ supply.
- Inventory levels have fluctuated this year (2023).
- January MSI - 1.8 Locally versus The National Association of REALTORS®️ 2.5
- February MSI - 1.7 Locally versus The National Association of REALTORS®️ 1.9
- March MSI - 1.2 Locally versus The National Association of REALTORS®️ 1.3
- April MSI - 1.1 Locally versus The National Association of REALTORS®️ 1.3
- May MSI - 1.1 Locally versus The National Association of REALTORS®️ 1.1
- June MSI -1.3 Locally versus The National Association of REALTORS®️ 1.2
- July MSI - 1.4 Locally versus The National Association of REALTORS®️ 1.4
- August MSI - 1.7 Locally versus The National Association of REALTORS®️ 1.7
- September MSI - 1.8 Locally versus The National Association of REALTORS®️ 1.9
- October MSI - 2.0 Locally versus The National Association of REALTORS®️ 1.8
- November MSI - 2.2 Locally versus The National Association of REALTORS®️ 2.2.
- December MSI - 2.1 Locally versus The National Association of REALTORS®️ 1.9.
- Economists describe a balanced real estate market as having 6 months of supply; a seller's market would be less than 6 months supply; a buyer's market would be greater than 6 months’ supply.
- The Fresno and Clovis markets still have low levels of inventory.
Please notice that the "Tracking sales in Clovis & Fresno" google sheet totals for the year has exceeded my forecast and revised forecast. Saying that, the local market did not reach 5000 closed units.
Articles/Interviews that may be of interest:
- US Serious Mortgage Delinquency Rate Falls to Lowest Level Since 1999 - Read Here
- Lower mortgage rates prompt homeowners to list properties, but housing supply remains constrained - Read Here
- Here's how much homebuyers could save if mortgage rates fall - Read Here
- Will the Silver Tsunami Change the Housing Market? Read Here
- Homes made in factories were supposed to save us from the housing crisis, but the companies that make them are failing- Read Here
- Property insurance rates keep climbing, worsening affordability crisis. The cost of home and auto insurance are set to surge further - Read Here
Please give me your feedback. Let me know if you see anything on the horizon that I may be missing. Also, for the investors and appraisers out there, my team and I track local residential and residential multi family market rents. If we can provide you with our research don't hesitate to reach out.
