Every market is different.
That’s been the advertising mantra of the National Association of Realtors for the past several years.
It is something to keep in mind given the sudden dive in sales in many parts of the country.
While it isn’t exactly “happy days are here again” in Manteca, Ripon, and Lathrop the number of resale homes closing escrow has barely dropped.
In many spots nationally the sale of existing homes has dropped by double digits since June. Not the case in Manteca.
Sales in the seven-day period ending Sept. 20 in Manteca came in at 27. That actually is an increase of three closed deals over the previous week. Sales have consistently been 20 plus each week since June in Manteca when it comes to existing homes.
Median selling prices in Manteca have consistently been between $181,000 and $186,000 all through summer. Median pending prices have been inching up and are now at $189,900.
That contrasts sharply with the national trend.
So how can that be?
Easy, market dynamics are different in various markets though Manteca has a higher unemployment rate that the national jobless level.
Keep in mind that on the way down, Manteca and the rest of the Northern San Joaquin Valley were among the first markets to drop. Others regions of the country were still going strong when Manteca and surrounding areas went into retreat.
That’s because this area’s affordability had gotten so far out of whack. At one time in 2005, the average home was selling for 7.5 times the median income. Economists generally say anytime a housing market is 2.5 times an area’s average income it is affordable.
Most buyers - especially investors - get how homes today in Manteca are penciling out in terms of being able to manage mortgage payments comfortably or to establish a positive income flow from rentals.om
That’s been the advertising mantra of the National Association of Realtors for the past several years.
It is something to keep in mind given the sudden dive in sales in many parts of the country.
While it isn’t exactly “happy days are here again” in Manteca, Ripon, and Lathrop the number of resale homes closing escrow has barely dropped.
In many spots nationally the sale of existing homes has dropped by double digits since June. Not the case in Manteca.
Sales in the seven-day period ending Sept. 20 in Manteca came in at 27. That actually is an increase of three closed deals over the previous week. Sales have consistently been 20 plus each week since June in Manteca when it comes to existing homes.
Median selling prices in Manteca have consistently been between $181,000 and $186,000 all through summer. Median pending prices have been inching up and are now at $189,900.
That contrasts sharply with the national trend.
So how can that be?
Easy, market dynamics are different in various markets though Manteca has a higher unemployment rate that the national jobless level.
Keep in mind that on the way down, Manteca and the rest of the Northern San Joaquin Valley were among the first markets to drop. Others regions of the country were still going strong when Manteca and surrounding areas went into retreat.
That’s because this area’s affordability had gotten so far out of whack. At one time in 2005, the average home was selling for 7.5 times the median income. Economists generally say anytime a housing market is 2.5 times an area’s average income it is affordable.
Most buyers - especially investors - get how homes today in Manteca are penciling out in terms of being able to manage mortgage payments comfortably or to establish a positive income flow from rentals.om
