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1,181 homes sell in 2010
Existing homes selling for over $400,000 again
HOME2-6-25-10
One of the distressed homes that sold in 2010 in Manteca.
The sale of existing homes in Manteca in 2010 fell 30 homes short of tying the all-time record as 1,181 homes closed escrow.

At the same time, the median sale price reached $185,000 at year’s end. That’s $7,000 higher than in 2009 when 1,211 homes sold. It is also higher than the third quarter of 2008 when the median price dipped to $174,500.

The 1,181 homes that sold in 2010 represent $281.5 million in real estate transactions.

The upward swing in home prices as well as the steady sale of homes bucks national trends that have seen prices dip and sales slow a bit.

Two Manteca trends that may bode well for the market involves larger homes and those stuffed with upgrades that are in move-in shape and homes that sell for under $100,000.

Manteca in September broke a 136-day streak of not selling a single previously-owned home for over $400,000. In December there were two $400,000 plus deals - $439,000 for a 3,738-square-foot five bedroom and four bathroom home at 1077 Clearwater Creek and $429,238 for a 3,412-square-foot home with five bedrooms and four bathrooms at 1050 Hickory Hollow Street.

A buyer in November paid $410,000 for a 2,635-square-foot two-bedroom, three-bathroom home in the age-restricted Del Webb Woodbridge at 2483 Belle Glade Lane

Back in 2005 the median resale home fetched a record high $429,000. There were just a handful of homes sold for less than $300,000. Those in the low $300,000 range often were less than 900 square feet, were in postage-stamp-sized lots or accessed off alleys and often had no garages.

In the first four months of 2010, less than 9 percent or 39 of the 424 homes sold in Manteca have gone for more than $300,000. Compare that to December when 14 percent of the 104 homes that sold and closed escrow for more than $300,000.

Realtors have noted it is getting “extremely difficult” to find homes under $100,000 in Manteca today that are  three bedrooms and two baths with more than 1,100 square feet . Most of the activity is occurring in the $130,000 to $240,000 range.

Since 2008 some 3,557 existing single family homes in Manteca have been sold. That reflects 19.7 percent of all homes in existence in Manteca as of Dec. 31, 2009.
As of Monday there were 169 pending deals in Manteca with a median price of $190,000. At the same time there were 261 active listings with a median asking price of $205,000.

A market trend can be found in the homes that are active listing. They have been on the market 598 days yet it took the typical home selling in 2010 26 days to get an accepted offer, 23 days in 2009, and 24 days in 2008.

That reflects the fact foreclosed homes priced to sell are still dominating the market as those tend to be lower priced.

The current inventory of 261 existing homes for sale is about 60 percent less than when the inventory bloated to a record high of 651 homes on September 2007 when the market was at its absolute bottom. Back then that presented a 21.7 months’ supply based on the monthly absorption rate determined by closed deals. The inventory of 261 homes today reflects a 2.28 month’s supply based on current market conditions.