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. ‘20 Sep. ‘20 Oct. ‘19 Price MTM% Chg Price YTY% Chg Sales MTM% Chg Sales YTY% Chg Fresno $331,500 $325,000 $287,000 2.0% 15.5% 9.8% 6.7% Kern $295,000 $292,000 $262,000 1.0% 12.6% -1.2% 13.4% Kings $290,500 $264,000 $251,000 10.0% 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 $285,000 7.3% 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 $343,000 0.5% 9.9% -1.0% -3.4% Tulare $283,000 $275,000 $255,000 2.9% 11.0% -2.8% -6.6%
