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Manteca prices up, SF prices down in 2011

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POSTED March 12, 2011 2:15 a.m.
Bay Area housing price trends in the past have been used by real estate agents as a barometer as what is to come in Manteca and the rest of the Northern San Joaquin Valley.

The reason is simple. The Northern San Joaquin Valley is the East Bay area’s de facto affordable housing.

Typically what happens in the Bay Area ripples eastward and happens here about six months later. That was true of most every real estate trend from the mid-1960s to 2006. Then in 2006 the foreclosures started hitting here first and then the Bay Area.

Now there is another trend in the Bay Area that may signal what’s to come in the rest of 2011 for the Manteca housing market. Inland areas in 2010 showed gain in median prices ranging from 1.4 percent in Rio Vista to 6.1 percent in Pleasanton and 9.5 percent in Oakland. Most coastal areas saw drops in median prices including San Francisco that fell 3.4 percent in value.

Manteca median prices rebounded from $178,000 in 2009 to $185,000 to 2010. Prices peaked in Manteca at $429,000 in 2005.

Bay Area experts say the inland prices had dropped so far that it made sense they were going up since people were snapping up bargains. That same is true of Manteca.

If that continues you can expect to see a slight uptick in median value of homes sold in Manteca by the time 2011 ends.

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