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1999 prices triggering homebuyer stampede

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1999 prices triggering homebuyer stampede

The following are the median price of existing homes sold within Manteca's city limits through the Multiple Listing Service.

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POSTED February 11, 2009 5:15 a.m.
In the clearest  sign yet that the resale housing market is at or near bottom there are now 309 homes either sold or pending so far in 2009 with a median price hovering around $179,650.

For the first time in more than three years, there is little difference between the actual selling price of homes that have closed escrow and deals pending.

As of Feb. 6, there have been deals completed on 105 homes so far this year within the city limits of Manteca for a median price of $180,000. That compares to 204 pending sales for a median price of $178,900. Once all of those sell, the median price will end up being $179,650.

The real estate market so far in 2009 has produced the following statistical gems:

•The median price of homes is comparable to late 1999 in Manteca.

•An existing home is closing escrow on an average of every 8 hours and 45 minutes in Manteca so far this year.

Perhaps most telling is what the median price of $180,000 is buying these days.

•A three bedroom, two bathroom home with 1,491 square feet at 1248 Laurel Park Circle south of Daniels Street, east of Fishback Road and backing up to the Highway 120 Bypass built within the last five years closed escrow in January for $180,000. Compared that to a home that closed escrow in Powers Tract sandwiched between Spreckels Park and Manteca High during March of 2008 with two bedrooms and one bathroom and 996 square feet built in 1951 for $185,000.

•Two homes in the Vintage Estates neighborhood off of Mission Ridge Drive west of Mervyn’s each closed for $180,000. Both were three bedrooms, two-bathroom homes with the one at 1137 Chianti Lane having 1,501 square feet and the other at 1161 Champagne Lane having 1,672 square feet.

•A 1,491-square-foot home with four bedrooms and three bathrooms at 431 Pioneer Ave. in the Walnut Place neighborhood bounded by Walnut Avenue, Alameda Street, the Tidewater Bikeway, and the railroad sold for $180,000. The neighborhood is less than 10 years old.

The least expensive home within the city limits to close escrow so far is 401 Wilma Court. The three-bedroom, two-bathroom home on an oversized cul-de-sac lot with 1,056 square feet of living space closed escrow for $124,400. That was close to the median price home in 1995 although those homes 14 years ago typically had 1,500 square feet of living space.

The most expensive home to close escrow so far can be found at 1068 Heartland Drive near Woodward Park. The five bedroom bathroom home with 3,141 square feet sold for $322,500. To put that in perspective, the median price of all homes sold in Manteca in 2007 was $345,000 while the median in 2006 was $413,000.

There are currently 344 available listings in Manteca with a median asking price of $199,450.
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