October 2023
- Median Sold price was DOWN ⬇️ from September 2023:
- October 2023 $400,000.00
- September 2023 $410,000.00
- 418 homes sold
- 7.52% FEWER ⬇️ homes sold October of 2023 than in October of 2022 (452 homes sold October 2022 versus 418 homes sold October 2023 that is 34 fewer homes)
- Through October of this year a total of 4288 single family, condo, and planned unit development (PUD) residences were sold in the cities of Fresno and Clovis. As a reference, through October of 2022 5548 single family, condo, and planned unit development (PUD) residences sold and through October of 2021 6426 single family, condo, and planned unit development (PUD) residences sold.
- 7.45% MORE ⬆️ homes sold in October 2023 versus September of 2023 (418 homes sold October 2023 versus 389 September 2023)
- Average Days on Market:
- Average Days on Market for homes that sold was 19 days.
- This is FLAT ↔️ from September 2023
- For homes with no price changes the Average Days on Market is 11 days.
- Sales Price versus Offer Price 100.20%
- For homes with 1+ price changes the Average Days on Market is 40 days
- Sales Price versus Offer Price - 94.40%
- Average Days on Market for homes that sold was 19 days.
- Median For Sale Price $435,000.00 versus Sold Price of $400,000.00
- 6 bank owned properties sold.
- This is an Increase ⬆️ of OREO property from 2 in September.
- The Mortgage Bankers reported California's Q2 of 2023 mortgage delinquency rate was 2.4%. Q1 of 2023 was 2.1%. Just slightly up.
- 396 homes went under contract.
- 492 New Properties were listed for sale.
- Months’ Supply Inventory of 1.8 months.
- September 2023 there was 1.8 months’ supply.
- Inventory levels have fluctuated this year.
- 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 - 1.8 Locally versus The National Association of REALTORS 1.7
- 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 Very low levels of inventory.
Please notice on the "Tracking sales in Clovis & Fresno" google sheet I've revised my forecast for the number of sales in Clovis and Fresno DOWN ⬇️. I've done this because of the cyber-attack on Rapattoni. The forecast has been revised down from 4,763 closed units (SFR, Condos and PUDs) for Clovis and Fresno to 4,525. I believe having the MLS down for 14 days will reduce the number of sales by 5% of my original forecast. If my revised forecast is correct The Clovis and Fresno Markets will experience 28.75% fewer sales than 2022 and 41.60% fewer sales than 2021.
Three Articles that may be of interest:
- The ‘silver tsunami’ is about to hit the housing market—but millennials and Gen Zers may not come out any better in the wash
- Why Homebuilders Can’t Meet Demand For New Homes—It's Too Expensive
- New construction was supposed to boost supply and push home prices down, but builders are facing their own cost challenges
- Link
- WeWork’s $18 billion bankruptcy is the last thing the reeling commercial real-estate sector needed
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.
