Market Trends Newsletter

Local Market Trends

The following information is from the local MLS database, as of July 2, 2009 and is compared to (June 1, 2009).  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: 355 (357)

# of REO (foreclosures): 47 (58)

# of Short Sales: 244 (245)

Average # of days on market: 119 (116)

The median price of all homes for sale in Tracy: $241,900 ($280,450)

The average price of all homes for sale in Tracy: $353,817 ($382,315)

Lowest priced home: 1bd/612 sq. ft./$50,000

Highest priced home: 6bd/5,667 sq. ft./$1,350,000

Square Feet

# of homes for sale in Tracy

Median List Price

Average List Price

1,000 to 1,400 *

25

$154,900

$165,856

1,500 to 2,000 **

24

$234,900

$249,000

2,000 to 4,000

38

$497,000

$487,010

 

PENDING Status

Number of properties currently under agreement: 359 (371)

# of REO: 189 (222)

# of Short Sales: 127 (116)

Average pending price: $222,201 ($216,774)

Average pending home is 4 bedrooms, 1,980 square feet at a price of $222,201 that stays 47 days on the market.

Square Feet

# of homes pending in Tracy

Median List Price

Average List Price

1,000 to 1,400 *

64

$135,000

$133,497

1,500 to 2,000 **

107

$189,900

$192,926

2,000 to 4,000

152

$270,00

$285,982


SOLD Status

Residential property sold over previous 30 days: 168 homes or $36,079,370 in sales (161 homes or $34,488,887 in sales)

REO’s sold in the last month: 123 (129)

Short sales sold in the last month: 30 (20)

Average sale price: $214,758 ($214,217)

Median sale price: $200,000 ($220,000)

High: 735K (6bd/5,030 sq. ft. home)

Low: 55K (2bd/720 sq. ft. home)

Square Feet

# of homes sold in the last month in Tracy

Median List Price

Average List Price

1,000 to 1,400 *

33

$125,000

$128,988

1,500 to 2,000 **

45

$190,000

$195,767

2,000 to 4,000

69

$269,000

$273,911


Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 97 (105)

# of REO (foreclosures): 5 (11)

# of Short Sales: 79 (81)

Average # of days on market: 62 (47)

The median price of all homes for sale in Mountain House: $320,000 ($317,450)

The average price of all homes for sale in Mountain House: $337,136 ($320,171)

Lowest priced home: 2bd/1,262 sq. ft./$196,900

Highest priced home: 5bd/4,082 sq. ft./$549,500

Square Feet

# of homes for sale in Mountain House

Median List Price

Average List Price

1,000 to 1,400 *

2

$196,900

$196,900

1,500 to 2,000 **

4

$209,950

$229,475

2,000 to 4,000

10

$396,950

$364,369


PENDING Status

Number of properties currently under agreement: 90 (86)

# of REO: 32 (35)

# of Short Sales: 37 (34)

Average pending price: $303,375 ($304,103)

Average pending home is 4 bedrooms, 2,628 square feet at a price of $303,375 that stays 45 days on the market.

Square Feet

# of homes pending in Mountain House

Median List Price

Average List Price

1,000 to 1,400 *

4

$214,900

$197,156

1,500 to 2,000 **

12

$222,500

$224,186

2,000 to 4,000

67

$329,000

$327,275

 

SOLD Status

Residential property sold over previous 30 days: 29 homes or $9,262,384 in sales (25 homes or $7,904,200 in sales)

REO’s sold in the last month: 15 (15)

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

Average sale price: $319,393 ($316,168)

Median sale price: $310,000 ($325,000)

High: $582,381 (5bd/4,290 sq. ft. home)

Low: 162K (2bd/1,282 sq. ft. home)

Square Feet

# of home sold in the last month in Mountain House

Median List Price

Average List Price

1,000 to 1,400 *

2

$182,500

$182,500

1,500 to 2,000 **

1

$210,000

$210,000

2,000 to 4,000

24

$214,250

$330,000

 

Lathrop, CA

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 100 (105)

# of REO (foreclosures): 13 (17)

# of Short Sales: 68 (76)

Average # of days on market: 60 (48)

The median price of all homes for sale in Lathrop: $195,938 ($179,900)

The average price of all homes for sale in Lathrop: $218,163 ($199,967)

Lowest priced home: 2bd/768 sq. ft./$80,000

Highest priced home: 5bd/3,870 sq. ft./$799,900

Square Feet

# of home sale in Lathrop

Median List Price

Average List Price

1,000 to 1,400 *

5

$121,900

$175,860

1,500 to 2,000 **

6

$154,500

$173,763

2,000 to 4,000

18

$207,725

$253,908

 

PENDING Status

Number of properties currently under agreement: 129 (136)

# of REO: 77 (88)

# of Short Sales: 31 (30)

Average pending price: $182,286 ($185,111)

Average pending home is 4 bedrooms, 2,332 square feet at a price of $182,286 that stays 39 days on the market.

Square Feet

# of homes pending  in Lathrop

Median List Price

Average List Price

1,000 to 1,400 *

13

$89,000

$98,331

1,500 to 2,000 **

27

$153,450

$153,672

2,000 to 4,000

85

$198,900

$202,973

 

SOLD Status

Residential property sold over previous 30 days: 63 homes or $11,506,668 in sales (66 homes or $11,131,088 in sales)

REO’s sold in the last month: 47 (59)

Short sales sold in the last month: 11 (6)

Average sale price: $182,646 ($168,653)

Median sale price: $180,000 ($168,000)

High: 305K (6bd/3,522 sq. ft. home)

Low: 32.5K (2bd/1,040 sq. ft. home)

Square Feet

# of homes sold in the last month  in Lathrop

Median List Price

Average List Price

1,000 to 1,400 *

7

$103,900

$101,650

1,500 to 2,000 **

16

$161,000

$160,670

2,000 to 4,000

37

$205,000

$210,795

 

Weston Ranch, CA

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 104 (102)

# of REO (foreclosures): 31 (21)

# of Short Sales: 65 (72)

Average # of days on market: 35 (45)

The median price of all homes for sale in Weston Ranch: $144,200 ($138,950)

The average price of all homes for sale in Weston Ranch: $147,563 ($144,023)

Lowest priced home: 3bd/1,041 sq. ft./$100,000

Highest price home: 6bd/2,905 sq. ft./$249,000

Square Feet

# of homes for sale in Weston Ranch

Median List Price

Average List Price

1,000 to 1,400 *

2

$124,450

$124,450

1,500 to 2,000 **

18

$134,900

$135,483

2,000 to 4,000

16

$163,200

$167,634

 

PENDING Status

Number of properties currently under agreement: 119 (147)

# of REO: 78 (105)

# of Short Sales: 29 (72)

Average pending price: $137,009 ($138,622)

Average pending home is 4 bedrooms; 1,973 square feet that stays 32 days on the market.

Square Feet

# of homes pending in Weston Ranch

Median List Price

Average List Price

1,000 to 1,400 *

15

$112,500

$108,679

1,500 to 2,000 **

44

$125,000

$124,792

2,000 to 4,000

52

$159,900

$164,302

 

SOLD Status

Residential property sold over previous 30 days: 77 homes or $10,869,868 in sales (61 homes or $8,607,850 in sales)

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

Average sale price: $141,167 ($141,112)

Median sale price: $135,000 ($135,000)

High: 218K (5bd/3,376 sq. ft. home)

(220K (6bd/3,000 sq. ft. home))

Low: 98K (3bd/1,214 sq. ft. home)

(85.5K (3bd/1,176 sq. ft. home))

Square Feet

# of homes sold in the last month in Weston Ranch

Median List Price

Average List Price

1,000 to 1,400 *

4

$105,500

$106,000

1,500 to 2,000 **

34

$130,000

$128,649

2,000 to 4,000

36

$159,500

$158,384

 * $0-$250,000

** $0-$260,000 

Getting Pre-Approved

In this market it is more important than it has ever been before to get pre-approved for your financing before starting your search for a home.  The banks will not even look at offers unless the buyers have a full written commitment letter from a reputable lender. 

There are many benefits for a buyer to go with a big lender now a days.  Wells Fargo, for example, owns many of the foreclosures on the market in this area and if you write an offer on one of their foreclosures they try and show preference to someone who is using their company for financing.  This is just one of the many strategies you will get from our "Barringer Buyer Advantage" system.

This is what you will need to provide Alex Alvarez, our preferred lender from Wells Fargo, to be pre-approved.

He needs to look at your:

  • gross income,
  • monthly debts and
  • cash available for a down
  • full name,
  • address,
  • social security number and
  • date of birth to preview your credit

He can give you a good idea of what you can do with this information.

To pre-approve you, he will need the following paperwork from each borrower:

  • 2007 and 2008 W2's (federal Tax Returns with all pages if you are self employed)
  • Current pay stubs reflecting a full months pay
  • last two bank statements with all pages including any other accounts with assets
  • Copy of your driver's license(s)

You may also apply online on my secure website at www.tracyloans.com.

Just email us if you would like Alex to give you a call at sales@tracyhomes.com.

Pre-Approved...Now What??

Recently a client emailed this question and I thought everyone can learn from it.

Question: Hi, I was wondering what the sales prices were lately compared to the list prices.  I just got pre-approved and was trying to figure out which houses to look at.  Thanks, Daniel

Answer: Daniel, That's a good question!  Usually a bank will set the price low and the home gets bid up 10-25K, depending on your price range.  In the market currently, banks list low.  Some banks rule of thumb is to list homes at 80% of the appraisal value.  A bulk of the inventory comes on the market with a low price and are under contract within 1-10 days with multiple offers (this is why its very important to make an offer the first day it comes out).  Bank sellers do this to attract attention to their home and to compete to get their assets sold quickly.

Some of the inventory is over priced and you can usually tell by how long it has been on the market.  If it has been on the market over 30 days with no recent price reductions, the home is over priced.  Another indication that a home is over priced is when its new to the market but comparable sales show a lower price, or the condition of the property is not in line with the comparable sales.

Once you get started on the process and start watching the inventory for the area you are interested in, you will get a good understanding of the market.  It's a case by case basis which I can help with you. 

What is your house criteria and price range you are trying to keep it under?  I will send you some listings that are within that range and exclude ones that will get bid above.

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
Search Listings Now