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Manteca on pace to sell 1,026 homes during 2011

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Manteca on pace to sell 1,026 homes during 2011

A foreclosed home for sale at 771 Pebble off of Northgate consist of three bedrooms, and three bathrooms with 1,690 square feet for $154,900.

HIME ROMERO/The Bulletin


POSTED February 5, 2011 2:26 a.m.
Manteca is on pace for a fourth straight year of 1,000-plus existing homes exchanging hands.

Thirty-two days into 2011, there have been 90 resales that have closed escrow for a daily pace of just over 2.8 homes. If the rate continues there will be 1,026 home sold by year’s end.

Existing homes sales for the previous three years in Manteca are as follows:

•1,193 homes in 2010 with a median selling price of $185,000.

•1,211 homes in 2009 with a median selling price of $178,000.

•1,165 homes in 2008 with a median selling price of $225,000.

There were 402 homes that closed escrow in 2007, the lowest amount since 1998 when 259 deals were made in the final year of an eight-year housing stall following the 1989 recession.

The median price after just four and a half weeks into 2011 is $178,500 based on closed escrows. Not enough homes have sold to get a clear picture of what the median price really is for the market. A comparison, though to seven weeks into last year shows home prices are within $800 what they were in January of 2010

There were 164 pending deals as of Monday with a median pending price of $174,950.

That is in addition to 270 available listings with a median asking price of $199,000.
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