North Modesto Homes, Sold vs Pending March 2009 Numbers

Extraordinary numbers, the number of sold homes, turned up greater than the listed number of homes for sale!

The charts and tables provided by Trendgraphix, inc were compiled using the following criteria:
Published Apr. 2009
Location : Modesto S of Briggsmore E/McHenry (20104)
Number of Homes For Sale vs. Sold
Price Range: $0 – No Limit
SQFT Range: 0 – No Limit
Single Family Homes – REO

It is true! According the numbers taken from the local Metrolist the number of listed homes for sale (bank owned properties,was less than number of sold homes.
As seen below, the number of for sale homes decreased to 53 homes compared to 65 the month of february and 87 homes in the month of January; That’s a 40% drop in inventory in just two months, These are some huge numbers being presented here!

	1 year			15 months
	Mar 08	Mar 09	% Change	Jan 08	Mar 09	% Change
For Sale	107	53	-50.5%	94	53	-43.6%
Sold	37	55	48.6%	11	55	400%
Pended	46	61	32.6%	28	61	117.9%

Next, the average price per square foot; the chart represents the price range of the homes that closed escrow for the month of March, indicating in this case $87. per square foot, an increase from $85 in the month of February. $9 lower than the month of January.

	1 year			15 months
	Mar 08	Mar 09	% Change	Jan 08	Mar 09	% Change
Avg. Sq. Ft. Price	127	87	-31.3%	135	87	-35.3%

The next chart, sold vs. list price %; out-of-town or relocation buyers can assist them in making their investment decision, the percentage element helps identify where the market activity is the strongest.

In our case,of the homes that sold (bank owned homes), the chart shows 36 days is the average number of days the sold homes were on the market for. In addition, it continues by displaying that the accepted offers on the homes sold were averaging about 1% above the listing price.

	1 year			15 months
	Mar 08	Mar 09	% Change	Jan 08	Mar 09	% Change
Avg. Days on Market	68	36	-47.1%	85	36	-57.6%
Sold/List Diff. %	96	101	5.2%	92	101	9.8%

The average price (in $,000), helps determine whether the market is a buyer or seller market.

Generally, if the listing price and the average sold price are the closest, the area has a healthiest market. If the average sold price is below the average listing price, and falling, the market is moving toward a buyers’ market. If the average sold price trend is above the listing price, the market is moving toward a sellers’ market.

From our chart, we can see that the average sold price (bank owned properties), has been below the listing price the past two months February and March; while continuing to fall since May of 2007. We can see that for the month of March the bank owned homes sold at an average of $119,000.

	1 year			15 months
	Mar 08	Mar 09	% Change	Jan 08	Mar 09	% Change
Avg. Active Price	190	130	-31.6%	207	130	-37.2%
Avg. Sold Price	180	119	-37.2%	189	119	-37%

Months of inventory, also helps determine whether we are moving into a buyer or seller market. Six months of inventory is typically considered as the mid-point, more than six months of inventory indicates a buyers’ market.

So, what is the chart telling us? Well here it is, if we had no more homes bank owned homes added to the market, we would be out of homes in ONE month.

	1 year			15 months
	Mar 08	Mar 09	% Change	Jan 08	Mar 09	% Change
Months of Inventory (Closed Sales)	2.9	1	-65.5%	8.5	1	-88.2%

All reports presented are based on data supplied by Metrolist MLS. Metrolist MLS does not guarantee or is in anyway responsible for its accuracy. Data maintained by Metrolist MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

Always Grateful,

Daniel Valencia, Realtor
(209) 988-7055