The following information is from the local MLS database, as of September 1, 2010 and is compared to (August 2, 2010).  The Tracy Market continues to be dominated with bank owned and short sale inventory.  The lack of inventory and abundance of buyers have created multiple offer situations on almost every active listing there by creating over bidding.  Appraisal is still at issue as if the home gets bided up it still must appraise for value.  Interest Rates are 4.36% for a 30-year fixed. This is the lowest since they have been tracking rates.  Buyers consist of first time buyers and investors. 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: 406 (384)

# of REO (foreclosures): 49 (46)

# of Short Sales: 289 (272)

Average # of days on market: 68 (60)

The median price of all homes for sale in Tracy: $240,000 ($249,900)

The average price of all homes for sale in Tracy: $253,917 ($267,399)

Lowest priced home: 1bd/440 sq. ft. /$31,700

Highest priced home: 18bd/8,112 sq. ft. /$1,999,000

PENDING Status

Number of properties currently under agreement: 237 (249)

# of REO: 65 (59)

# of Short Sales: 130 (140)

Average pending price: $225,357 ($222,672)

Average pending home is 4 bedrooms, 2,002 square feet at a price of $225,357 that stays 41 days on the market.

SOLD Status

Residential property sold over previous 30 days: 105 homes or $23,404,453 in sales (97 homes or $22,996,233 in sales)

REO’s sold in the last month: 30 (33)

Short sales sold in the last month: 45 (30)

Average sale price: $220,990 ($237,075)

Median sale price: $215,000 ($234,900)

High: 430K (5bd/3,698 sq. ft. home)

Low: 65K (1bd/593 sq. ft. home)

Mountain House, CA

 ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 109 (106)

# of REO (foreclosures): 13 (13)

# of Short Sales: 68 (71)

Average # of days on market: 66 (32)

The median price of all homes for sale in Mountain House: $316,000 ($292,450)

The average price of all homes for sale in Mountain House: $332,439 ($308,440)

Lowest priced home: 1bd/1,112 sq. ft. /$80,000

Highest priced home: 6bd/4,462 sq. ft. /$470,000

 PENDING Status

Number of properties currently under agreement: 81 (90)

# of REO: 13 (13)
# of Short Sales: 49 (53)

Average pending price: $298,427 ($303,545)

 Average pending home is 4 bedrooms, 2,491 square feet at a price of $298,427 that stays 54 days on the market.

 SOLD Status

Residential property sold over previous 30 days: 22 homes or $7,041,208 in sales (20 homes or $6,573,300 in sales)

REO’s sold in the last month: 2 (8)

Short sales sold in the last month: 8 (4)

Average sale price: $320,055 ($328,665)

Median sale price: $356,250 ($319,700)

High: $456,058 (5bd/3,634 sq. ft. home)

Low: $146K (2bd/1,262 sq. ft. home)

 Lathrop, CA

 ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 133 (120)

# of REO (foreclosures): 27 (26)

# of Short Sales: 84 (75)

Average # of days on market: 70 (45)

The median price of all homes for sale in Lathrop: $197,900 ($189,900)

The average price of all homes for sale in Lathrop: $208,094 ($252,508)

Lowest priced home: 2bd/728 sq. ft. /$35,000

Highest priced home: 5bd/4,165 sq. ft. /$2,500,000

 PENDING Status

Number of properties currently under agreement: 76 (93)

# of REO: 30 (33)

# of Short Sales: 24 (34)

Average pending price: $197,343 ($191,891)

 Average pending home is 4 bedrooms, 2,307 square feet at a price of $197,343 that stays 45 days on the market.

SOLD Status

Residential property sold over previous 30 days: 26 homes or $5,015,400 in sales (18 homes or $3,838,800 in sales)

REO’s sold in the last month: 12 (9)

Short sales sold in the last month: 3 (2)

Average sale price: $192,900 ($191,660)

Median sale price: $200,000 ($190,500)

High: 296K (6bd/3,743 sq. ft. home)

Low: $104,500 (3bd/1,144 sq. ft. home)

Weston Ranch, CA

 ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 159 (156)

# of REO (foreclosures): 41 (37)

# of Short Sales: 86 (89)

Average # of days on market: 66 (67)

The median price of all homes for sale in Weston Ranch: $154,900 ($164,900)

The average price of all homes for sale in Weston Ranch: $163,972 ($176,870)

Lowest priced home: 1bd/683 sq. ft./$27,800

Highest priced home: 6bd/3,376 sq. ft./$430,00

 PENDING Status

Number of properties currently under agreement: 235 (76)

# of REO: 64 (33)

# of Short Sales: 133 (27)

Average pending price: $224,296 ($150,763)

 Average pending home is 4 bedrooms, 1,997 square feet at a price of $224,296 that stays 42 days on the market.

SOLD Status

Residential property sold over previous 30 days: 27 homes or $4,402,650 in sales (28 homes or $4,031,405 in sales)

Short sales sold in the last month: 9 (5)

REO’s sold in the last month: 10 (15)

Average sale price: $163,061 ($143,979)

Median sale price: $159,900 ($148,750)

High: 222K (5bd/3,376 sq. ft. home)

(190K (5bd/2,905 sq. ft. home))

Low: 115K (3bd/1,440 sq. ft. home)

($1,205 (3bd/1,315 sq. ft. home))

The "Summer Slide"

Studies have shown that summer vacations take a steep toll on our kids academic knowledge base. Deprived of healthy stimulation, millions of low-income kids lose a significant amount of what they learn during the school year. Call it "summer learning loss," as the academics do, or "the summer slide," but by any name, summer vacation is among the most pernicious, if least acknowledged causes of achievement gaps in America's schools. Children with access to high-quality experiences keep exercising their minds and bodies at sleep-away camps, on family vacations, in museums and libraries and enrichment classes. Meanwhile, children without resources languish on street corners or in front of glowing screens, nunchuck or controller in-hand. By the time the bell rings on a new school year, the poorer kids have fallen weeks, if not months, behind. And even well-off American students may be falling behind their peers around the world.

The problem of summer vacation, first documented in 1906, compounds year after year. What starts as a hiccup in a 6-year-old's education can be a crisis by the time that child reaches high school. After collecting a century's worth of academic studies, summer-learning expert Harris Cooper, now at Duke University, concluded that, on average, all students lose about a month of progress in math skills each summer, while low-income students slip as many as three months in reading comprehension, compared with middle-income students. Another major study, by a team at Johns Hopkins University, examined more than 20 years of data meticulously tracking the progress of students from kindergarten through high school. The conclusion: while students made similar progress during the school year, regardless of economic status, the better-off kids held steady or continued to make progress during the summer, but disadvantaged students fell back. By the end of grammar school, low-income students had fallen nearly three grade levels behind, and summer was the biggest culprit. By ninth grade, summer learning loss could be blamed for roughly two-thirds of the achievement gap separating income groups.

"There is an idyllic view of summer, but we've known for decades that the reality is very different for a lot of underprivileged kids," says Ron Fairchild, CEO of a nonprofit organization in Baltimore called the National Summer Learning Association. "We expect that athletes and musicians would see their performance suffer without practice. Well, the same is true of students." Fairchild and his organization are part of a growing movement to stop the summer slide by coordinating, expanding and improving summer enrichment programs especially for low-income children. Supporters range across the political spectrum to call attention to the issue. Some of the nation's largest private donors including the Bill & Melinda Gates Foundation, the Wallace Foundation, the Charles Stewart Mott Foundation and the Atlantic Philanthropies are putting their muscle into the cause.

The romance of summer is so ingrained that this flock of reformers might remind some readers of a character from Tom Sawyer's world, the wealthy Widow Douglas, who "introduced [Huckleberry Finn] into society, no, dragged him into it, hurled him into it and his sufferings were almost more than he could bear. The widow's servants kept him clean and neat, combed and brushed ... The bars and shackles of civilization shut him in and bound him hand and foot." As our modern-day reformers strive to civilize summer as an educational resource, the trick is to seize the opportunity without destroying what's best about the season: the possibility of fun and freedom and play.