Local Market Stats
The following information is from the local MLS database, as of September 2, 2008   and is compared to (August 1, 2008). If you are interested in a little more market information feel free to give us a call, we are always happy to talk about the market.

Tracy, CA
 
 
ACTIVE Status
Total # of residential properties for sale in the city of Tracy: 675 (705)
#of REO (foreclosures): 289 (281)
# of Short Sales: 318 (338)
Average # of days on market: 71 (82)
The median price of all homes for sale in Tracy: $264,900 ($275,000)
The average price of all homes for sale in Tracy: $286,569 ($289,970)
Lowest priced home: 1bd/1ba/594 sq. ft./$89,000
Highest priced home: 6bd/4,472 sq. ft./$1,249,000
 
PENDING Status
Number of properties currently under agreement:
390 (440)
# of REO: 328 (354)
Average pending price: $253,430 ($279,586)
 
Average pending home is 4 bedrooms, 1,988 square feet at a price of $253,430 that stays 40 days on the market.
 
SOLD Status
Residential property sold over previous 30 days: 159 homes or $42,307,068 in sales
(146 homes or $41,347,649 in sales)                                                       
REO’s sold in the last month: 123 (123)  
Average sale price: $276,517 ($284,622) 
Median sale price: $254,000 ($275,000)
High: $600,626 (6bd, 3,767 sq. ft. home)
Low: 105K (2bd, 702 sq. ft. home)
 
 

Weston Ranch, CA
 
 
ACTIVE Status
Total # of residential properties for sale in Weston Ranch: 291 (312)
#of REO (foreclosures): 152 (161)
# of Short Sales: 115 (121)
Average # of days on market: 67 (81)
The median price of all homes for sale in Weston Ranch: $179,500 ($183,550)
The average price of all homes for sale in Weston Ranch: $188,960 ($193,491)
Lowest priced home: 2bd/1,079sq. ft./$104,900
Highest priced home: 6bd/3,376 sq. ft./$390,330
 
PENDING Status
Number of properties currently under agreement:
201(197)
# of REO: 175 (176)
Average pending price: $174,023 ($176,611)
 
Average pending home is 4 bedrooms, 2,027 square feet at a price of $174,023 that stays 52 days on the market.
 
SOLD Status
Residential property sold over previous 30 days: 60 homes or $10,336,085 in sales
(52 homes or $9,240,200 in sales)                                                                     
Average sale price: $178,208 ($177,696)
Median sale price: $176,525 ($167,500)
High: 270K (5bd/3,376 sq. ft. home)
(275K(5bd/4ba/3,376 sq. ft. home))
Low: 111.5K (3bd/1,070 sq. ft. home)
(124K (3bd/2ba/1,079 sq. ft. home))
 


Lathrop, CA
 
ACTIVE Status
Total # of residential properties for sale: 259 (268)
# of REO (foreclosure): 110 (102)
# of Short Sale: 127 (133)
Average # of days on market: 83 (88)
The median price of all homes for sale: $239,000 ($244,450)
The average price of all homes for sale: $248,545 ($262,550)
Lowest priced home: 2bd/871 sq. ft./$89,999
Highest priced home: 6bd/4,165 sq. ft./$1,200,000
 
PENDING Status
Number of properties currently under agreement: 161 (155)
# of REO: 145 (134)
Average pending price: $226,230 ($238,923)
 
Average pending home is 4 bedrooms, 2,192square feet at a price of $226,230 and 37 days on the market.
 
SOLD Status
Residential property sold over previous 30 days: 50 homes or $11,785,390 in sales (54 homes or $13,339,600 in sales)
REO’s sold in the last month: 45
Average sale price: $235,708
Median sale price: $231,000
High: 435K (6bd,/4,019 sq. ft. home)
Low: 125K (2bd/1,123 sq. ft. home)
 
 
Summary:
Hello everyone! Welcome back to this fascinating and often bizarre ride we call the real estate market! We do have noteworthy happenings to report:
1.      Prices continue to fall as the numbers of REO (bank-owned) properties and short sale properties climb daily.
2.      SURPRISE! SURPRISE! Suddenly, there are multiple offers on nearly every property that is priced low and seems to be in a hardship situation! (This has never happened before in recent memory.) This is very exciting and also challenging for the buyers who have to make several offers, often are pre-qualified by the different “owner”/banks, and almost always have to go over asking price to get the property they want accepted...but it’s worth it! The deals are amazing! Be prepared to wait several days or even weeks for an answer and acceptance on REO’s, believe it or not.
3.      The investors and first-time homebuyers are out in droves! Apparently our price point just reached a point where, with 20% down an investor can break-even or have positive cash flow! It’s been years since we saw this available to our investors. There are myriad loan programs available for first-timers, but beware! The lending industry is changing almost daily, so what was approved last week may not be this week. Check with your lender often to be sure you’re okay during the lending/escrow process. Almost all of California has been labeled by lenders and appraisers as a “declining market”. That means at the end of the escrow they’ll demand a large down payment, higher interest, or who knows what else. Government loans like VA and FHA haven’t jumped on that bandwagon yet and are the best to use right now. 
4.      Seller’s, if you must sell now and are not in a hardship situation, please keep in mind that you are competing with all of the properties who are in a hardship. Marketing a home with “hardship” or “pre-foreclosure pricing” actually brings more buyers and offers. Remember, buyer’s don’t care if you aren’t in a hardship if the hardship homes are priced lower. They won’t pay you more because you’re a “normal” sale. So, if you’re serious about selling...price it at hardship sale pricing for the best results. (i.e., We put a home on the market at $299,000 when it was worth a little more. We had 4 offers in 5 days and we opened an escrow at $249,000! Amazing, huh? Think about it!)
 
So, that’s our update for the month. Remember, as always, markets come and go. People are buying and selling properties everyday...even now! If you want the best chance at a successful purchase or sale (hardship or not) give us a call or an e-mail.
 
Below are links to previous Tracy Area Market Reports:
 

2/2/09 vs 1/2/09 http://www.tracyrealestateexpert.com/Blog/Tracy-Area-Market-Report-2209-vs-1209

1/2/09 vs. 12/1/08 http://tracyrealestateexpert.com/blog_post.asp?post=20478

12/1/08 vs. 11/3/08 http://www.tracyrealestateexpert.com/blog_post.asp?post=19465

11/3/08 vs. 10/1/08 http://www.tracyrealestateexpert.com/blog_post.asp?post=18625

10/1/08 vs. 9/2/08 http://www.tracyrealestateexpert.com/blog_post.asp?post=17634

9/2/08 vs. 8/1/08 http://www.tracyrealestateexpert.com/blog_post.asp?post=16678

8/1/08 vs. 7/9/08 http://www.tracyrealestateexpert.com/blog_post.asp?post=15614

 4/4/08 vs. 3/4/08 http://tracyrealestateexpert.com/blog_post.asp?post=9503

3/14/08 vs. 2/14/08 http://tracyrealestateexpert.com/blog_post.asp?post=8914

3/14/08 vs. 2/14/08 http://tracyrealestateexpert.com/blog_post.asp?post=8913

2/14/08 vs. 1/11/08 http://tracyrealestateexpert.com/blog_post.asp?post=8227 

2/14/08 vs. 1/11/08 http://tracyrealestateexpert.com/blog_post.asp?post=8226

10/30/07 http://tracyrealestateexpert.com/blog_post.asp?post=5779