Business

Report: ‘Rona rebound’ continues in Valley real estate market

After an initial dip because of the COVID-19 pandemic, the California housing market is booming. 

The California Association of Realtors released its year-to-year report for October with three key points: sales are up, the average home prices has remained over $700,000 and the supply is the lowest since 2004. 

In the Central Valley, existing home sales are up 9.9 percent year-to-year, and the average home price is up to $395,000, a 14.7 percent increase. 

Homes in the Central Valley are moving fast as the median number of days a listing is on the market comes it at seven. The unsold inventory index is reported at 1.8 months, far below the 6-8 month range that is considered normal. 

The sales price to list price ratio is 100.1 percent, meaning sellers are receiving offers that match what they are asking for. 

Here’s a look at the month-to-month and year-to-year median sale price data for Central Valley counties: 

Oct. ‘20Sep. ‘20Oct. ‘19Price MTM% ChgPrice YTY% ChgSales MTM% ChgSales YTY% Chg
Fresno$331,500$325,000$287,0002.0%15.5%9.8%6.7%
Kern$295,000$292,000$262,0001.0%12.6%-1.2%13.4%
Kings$290,500$264,000$251,00010.0%15.7%8.9%37.5%
Madera$302,750$331,120$299,950-8.6%0.9%-7.5%18.5%
Merced$322,500$300,500$285,0007.3%13.2%18.0%-10.0%
San Joaquin$431,440$435,000
$375,500-0.8%14.9%10.5%9.8%
Stanislaus$377,000$375,000$343,0000.5%9.9%-1.0%-3.4%
Tulare$283,000$275,000$255,0002.9%11.0%-2.8%-6.6%
Daniel Gligich
Daniel Gligich is a reporter for The San Joaquin Valley Sun, focusing on Fresno State Athletics and the southern San Joaquin Valley. Email him at daniel.gligich@sjvsun.com.