Market Trends Newsletter

Local Market Trends

The following information is from the local MLS database, as of March 2, 2010 and is compared to (February 1, 2010).  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: 423 (381)

# of REO (foreclosures): 57 (49)

# of Short Sales: 284 (260)

Average # of days on market: 82 (89)

The median price of all homes for sale in Tracy: $254,900 ($255,000)

The average price of all homes for sale in Tracy: $353,929 ($364,219)

Lowest priced home: 1bd/637 sq. ft. /$49,500

Highest priced home: 6bd/5,937 sq. ft. /$2,650,000

 

Square Feet

# of homes for sale in Tracy 

Median List Price

Average List Price

1,000 to 1,400

27

$170,000

$344,367

1,500 to 2,000

34

$227,475

$244,557

2,000 to 4,000

53

$310,250

$395,227

 

PENDING Status

Number of properties currently under agreement: 281 (276)

# of REO: 83 (77)

# of Short Sales: 138 (147)

Average pending price: $220,879 ($219,614)

 

Average pending home is 4 bedrooms, 1,975 square feet at a price of $220,879 that stays 38 days on the market.

 

Square Feet

# of homes for pending in Tracy 

Median Pending Price

Average Pending Price

1,000 to 1,400

49

$159,000

$145,358

1,500 to 2,000

79

$204,000

$205,495

2,000 to 4,000

124

$265,000

$272,233

 

SOLD Status

Residential property sold over previous 30 days: 97 homes or $22,192,250 in sales (91 homes or $22,220,740 in sales)

REO’s sold in the last month: 41 (31)

Short sales sold in the last month: 27 (29)

Average sale price: $228,786 ($244,184)

Median sale price: $225,000 ($245,000)

High: 439K (6bd/4,098 sq. ft. home)

Low: 85K (1bd/814 sq. ft. home)

 

Square Feet

# of homes sold in the last month in Tracy

Median Sale Price

Average Sale Price

1,000 to 1,400

17

$140,000

$145,291

1,500 to 2,000

29

$215,000

$213,298

2,000 to 4,000

40

$282,500

$288,016

 

 

Mountain House, CA

 

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 85 (82)

# of REO (foreclosures): 5 (5)

# of Short Sales: 68 (65)

Average # of days on market: 19 (36)

The median price of all homes for sale in Mountain House: $325,000 ($299,900)

The average price of all homes for sale in Mountain House: $322,712 ($322,941)

Lowest priced home: 2bd/1,262 sq. ft. /$184,900

Highest priced home: 5bd/3,858 sq. ft. /$429,000

 

Square Feet

# of homes for sale in Mountain House

Median List Price

Average List Price

1,000 to 1,400

1

$184,900

$184,900

1,500 to 2,000

2

$294,450

$294,450

2,000 to 4,000

13

$347,800

$348,262

 

 PENDING Status

Number of properties currently under agreement: 90 (91)

# of REO: 19 (20)

# of Short Sales: 42 (54)

Average pending price: $299,805 ($292,281)

 

Average pending home is 4 bedrooms, 2,592 square feet at a price of $299,805 that stays 38 days on the market.

 

Square Feet

# of homes pending in Mountain House

Median Pending Price

Average Pending Price

1,000 to 1,400

4

$222,475

$211,238

1,500 to 2,000

12

$214,900

$231,878

2,000 to 4,000

70

$310,000

$319,603

 

SOLD Status

Residential property sold over previous 30 days: 25 homes or $7,747,200 in sales (24 homes or $7,064,900 in sales)

REO’s sold in the last month: 13 (10)

Short sales sold in the last month: 11 (10)

Average sale price: $309,888 ($294,371)

Median sale price: $301,000 ($307,500)

High: 399.9K (6bd/4,082 sq. ft. home)

Low: 223K (3bd/1,753 sq. ft. home)

 

Square Feet

# of homes sold in the last month in Mountain House

Median Sale Price

Average Sale Price

1,000 to 1,400

0

$0

$0

1,500 to 2,000

5

$232,000

$244,680

2,000 to 4,000

19

$313,000

$322,311

 

Lathrop, CA

 

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 121 (95)

# of REO (foreclosures): 26 (13)

# of Short Sales: 78 (71)

Average # of days on market: 38 (41)

The median price of all homes for sale in Lathrop: $198,800 ($198,500)

The average price of all homes for sale in Lathrop: $243,237 ($212,921)

Lowest priced home: 2bd/728 sq. ft. /$57,500

Highest priced home: 5bd/3,840 sq. ft. /$2,500,000

 

Square Feet

# of homes for sale in Lathrop

Median List Price

Average List Price

1,000 to 1,400

11

$129,900

$129,964

1,500 to 2,000

9

$168,000

$174,016

2,000 to 4,000

20

$223,900

$353,103

  

PENDING Status

Number of properties currently under agreement: 74 (88)

# of REO: 37 (41)

# of Short Sales: 28 (31)

Average pending price: $186,520 ($186,829)

 

Average pending home is 4 bedrooms, 2,261 square feet at a price of $186,520 that stays 39 days on the market.

 

Square Feet

# of homes pending in Lathrop

Median Pending Price

Average Pending Price

1,000 to 1,400

5

$101,900

$105,920

1,500 to 2,000

26

$149,950

$151,591

2,000 to 4,000

41

$214,900

$221,445

 

SOLD Status

Residential property sold over previous 30 days: 31 homes or $6,098,000 in sales (29 homes or $5,255,700 in sales)

REO’s sold in the last month: 16 (17)

Short sales sold in the last month: 2 (6)

Average sale price: $196,710 ($181,231)

Median sale price: $204,000 ($190,000)

High: 310K (5bd/3,969 sq. ft. home)

Low: 68K (3bd/988 sq. ft. home)

 

Square Feet

# of homes sold in the last month in Lathrop

Median Sale Price

Average Sale Price

1,000 to 1,400

6

$115,000

$105,833

1,500 to 2,000

2

$161,950

$161,950

2,000 to 4,000

21

$215,000

$233,386

  

Weston Ranch, CA

 

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 105 (113)

# of REO (foreclosures): 19 (21)

# of Short Sales: 78 (69)

Average # of days on market: 38 (33)

The median price of all homes for sale in Weston Ranch: $164,900 ($169,900)

The average price of all homes for sale in Weston Ranch: $164,991 ($173,217)

Lowest priced home: 3bd/1,348 sq. ft./$110,000

Highest priced home: 5bd/3,000 sq. ft./$229,000

 

Square Feet

# of homes for sale in Weston Ranch

Median List Price

Average List Price

1,000 to 1,400

1

$110,000

$110,000

1,500 to 2,000

13

$150,000

$151,085

2,000 to 4,000

12

$187,125

$186,729

 

PENDING Status

Number of properties currently under agreement: 106 (84)

# of REO: 42 (33)

# of Short Sales: 35 (36)

Average pending price: $150,011 ($145,185)

 

Average pending home is 4 bedrooms, 1,984 square feet at a price of $150,011 that stays 35 days on the market.

 

Square Feet

# of homes pending in Weston Ranch

Median Pending Price

Average Pending Price

1,000 to 1,400

11

$106,900

$107,305

1,500 to 2,000

40

$139,900

$139,831

2,000 to 4,000

43

$184,900

$179,817

 

SOLD Status

Residential property sold over previous 30 days: 31 homes or $4,937,100 in sales (35 homes or $5,864,800 in sales)

Short sales sold in the last month: 10 (4)

REO’s sold in the last month: 14 (22)

Average sale price: $159,261 ($167,566)

Median sale price: $158,000 ($159,000)

High: 225K (6bd/3,376 sq. ft. home)

($225,150 (6bd/3,376 sq. ft. home))

Low: 90K (3bd/1,547 sq. ft. home)

($117,500 (3bd/1,547 sq. ft. home))

 

Square Feet

# of homes sold in the last month in Weston Ranch

Median Sale Price

Average Sale Price

1,000 to 1,400

1

$90,000

$90,000

1,500 to 2,000

14

$141,900

$140,214

2,000 to 4,000

14

$182,500

$185,707

 

Check out this Month's Pod cast. Click on link below.

http://www.talkrealty.com/billbarringer/audio/player.aspx

March Podcast

 

Check out our new Podcast. It tells you about the current market here in the San Joaquin Valley. It is updated monthly so be sure to check it out every month it is a very informative tool that all buyers and sellers should take advantage of.

 

http://www.talkrealty.com/billbarringer/audio/player.aspx

When is the right time to buy?

Spring is here and we are enjoying the Green hills and blooming of beautiful Flowers here in Tracy,California.

When is it a good time to invest in residential Real Estate?  This is a question that I am asked very often.  My standard answer these days is "NOW"!  Several years back when residential home prices were at their peak and mortgage interest rates were higher than they are today, we saw investors standing in line and entering into bidding wars to purchase investment homes.  At that time these investors had no chance of purchasing a property that cash flowed, yet they were eager to buy.  Today we have unbelievably low home prices.  In some case 30% lower that during the heated market.  In combination with the low home prices we also are experiencing historically low mortgage interest rates.  Additionally, we are seeing rental rates remain steady at at about the same rates as during the hot market several years ago.  With this combination investors should be rushing to buy.

Over the past year we have helped many veteran Real Estate investors and many new investors make some great purchases that not only cash flow today, but will have a great return on their initial investment down the road as the market picks up and home prices go on the rise again.  Clearly if you purchase at the bottom of the market your investment is going to do much better than buying at the peak.  Today, I am seeing so many opportunities out there that it would be easy to find great investments for many.  We are also helping investors take their retirement funds and invest them through self directed IRA's which is a great way to purchase investment property.  

If you are thinking about investing, don't wait.  The combination of being at or very near the bottom of the market and the current low mortgage rates will not last forever.  In fact the governments announcement that they will soon discontinue the purchase of mortgage backed securities is a sure sign that interest rates are soon going on the rise.  If you would like to explore the purchase of investment Real Estate, please contact me for a no obligation consultation.

 

Contact Information

The Barringer Team
Century 21 M&M and Associates
912 W 11th Street
Tracy CA 95376
Toll Free: 800-894-7282
Fax: 209-229-7426
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DRE License #00959667