How did the 2008 resale housing market shape up in Manteca?
Here’s what the numbers say:
• There were 1,158 homes sold.
• The average price of those homes sold was $231,016.
• Foreclosures accounted for 935 of the homes that were sold.
• The average selling price of a foreclosed home was $218,732.
• There were 76 short sales that the banks allowed people to get out from under that were completed in 2008.
• The average selling price of a short sale home was $234,922.
• There were 147 non-bank owned and non-distressed homes sold.
• The average selling price of the non-bank owned homes were $307,639.
• It took 48 days to sell a typical home in Manteca.
• Short sales took 91 days on average to sell, non-bank owned 64 days, and foreclosures 42 days.
• The average foreclosed home sold for 100 percent of its asking price, the average short sale for 99 percent, and non-bank owned homes for 95 percent.
The next question: What has happened so far in 2009?
As of Tuesday:
• Three homes have closed escrow at a median selling price of $292,900.
• There are 184 pending sales with a median deal price of $193,050.
• There are 391 active listings with a median asking price of $195,000.
The current inventory is a far cry from September 2007 when the available listings hit a record 651 homes.
The least expensive bank foreclosure listing now on the market is $44,900 for a two bedroom one bathroom, 765-square-foot home at 116 S. Washington Ave.
There are 17 homes available in Manteca for under $100,000.
The lowest priced home over 3,000 square feet is a three-bedroom and two-bath home with 3,066 square feet of living space for $224,900 at 181 Cavalier Place.
The FHA mortgage program is practically the only ball game in town for first-time buyers.
Prior to Jan. 1, it required just 3 percent down and you could secure as much as $488,7590 for a single-family home if you qualified for a loan.
After Jan. 1, the down payment requirement went up to 3.5 percent with the loan limit reduced to $304,750.
It is a perfect illustration of how other factors besides price that have a big impact on whether you can afford to buy a home.
The FHA loan limits prior to Jan. 1 would have excluded just two of the 376 current listing available in Manteca on the resale market. You also qualified for the base model of every home developers are building currently in Manteca.
The lower loan limit of $304,750 — that is now in place — means 18 of the 376 homes available no longer qualify for FHA loans at their asking price. It’s not a large drop but it illustrates how ever so slowly the inventory available to first-time buyers plus other factors impact the ability to buy more so than the price does