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Home values drop 57% in 4 years
Median has been around $175k for 10 months
There were 1,211 existing homes that sold in Manteca during 2009 at a median price of $178,000. - photo by Bulletin file photo
The days of Manteca’s housing prices mimicking Six Flags at Vallejo’s Medusa super roller coaster plunging to earth are over.

The housing market’s downward spiral over 42 months from early 2006 to mid-2009 slashed 56.9 percent off the median value of an existing home in Manteca. Houses that sold for $413,000 in 2006 dropped $235,000 in value down to $178,000 by the time 2009 came to a close.

At one point the median value was dropping an average of $10,000 a month from September 2007 to March 2008.

Since May of 2009 the median price of closed deals has fluctuated from $175,000 to $179,780.

A Bulletin survey of Manteca real estate agents shows general agreement that the days of the huge drops in values are over.

They indicate that prices of some homes might still drop slightly – especially two-bedroom, one-bathroom floor plans – but that for all practicality the market is essentially at the bottom.

Even the Seeno Homes’ largest models built near Joshua Cowell School in East Manteca with 4,336 square feet that have been dubbed McMansions have stopped their nosedive in value. The most expensive tract home transaction every recorded in Manteca was for $750,000 for a McMansion on Pestana Avenue in late 2005. The lowest price paid for a McMansion was $230,000 in June 2009. McMansion prices since then have bounced back to right around $300,000.

The median based on 96 closed transactions of existing homes in the first 40 days of 2010 is now at $175,000.

There are indications that will rise with 181 deals in escrow with a median pending price of $185,000. As of Tuesday, there were 211 existing homes available in Manteca that are not pending with a median price of $224,000. That represents a 2.1-months of inventory based on the market absorption rate in January.

Experts, though, caution that doesn’t mean prices are rising across the board. It does mean that buyers are now purchasing larger and newer homes that were going largely untouched as buyers scrambled to snap up lower priced properties.  

When that happens, it brings up the median price.    
A record 1,211 previously owned homes changed hands in 2009. Since the start of 2008, there have been 2,472 existing homes that have sold representing $494,483,000 in transactions.