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Sales statistics reflective of confidence in Manteca market

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POSTED December 10, 2010 3:25 a.m.
Almost a fifth of Manteca’s single family homes that are in existence today have sold in the past three years.

That is an astonishing number by any standard.

Based on a City of Manteca survey, there were 23,810 single family homes in Manteca at the start of November.

In the past 35 months, there have been 3,446 closed deals involving previously owned homes with more than 80 percent being sold either under duress or after they were in foreclosure. Additionally, 908 new homes have sold during that same time period.

As of Monday, there were 204 pending deals with a median price of $199,000 compared to the median selling price of $184,000 for the 1,070 homes that have closed escrow so far this year. In addition there are 275 active listings with a median listing price of $191,000.

 The tidbits of information are strong signs for Manteca.

It demonstrates several things.

•The housing market is more resilient than elsewhere as the demand is strong when pricing is back down to earth. Lower prices don’t always translate into sales. Think Detroit. The fact 908 people bought new homes in the past 35 months says a lot about the community’s appeal to non-residents since spot surveys of builders show at least four out of every five buyers of new homes are non-Manteca residents.

•The median prices of homes in pending deals plus those that are still active listings is higher than the median for homes that have closed escrow. That is a sign that 2012 prices will be higher - although not significantly so - than the median price of $184,000 so far for 2010. It will mark the second straight year that overall values have started to rebound.

•Whether they are people buying homes to live in them or investors, 3,446 closed deals speak volumes of the confidence in Manteca and the nation in general.

•New home sales - by standards elsewhere in California and the rest of the nation - are going like gangbusters. Consider that when Manteca built 308 homes in a year, Stockton built 120 and Modesto just eight.
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