Manteca homes continue to sell.

*Four million dollar residential properties — including three in rural Manteca — have been recorded as sold or are in escrow.

*Almost half — 28 of 57 — homes that closed escrow in July within the city limits had multiple offers.

*And while more homes are taking longer to sell, those properties priced right — and meet or exceed buyers’ expectations — are still moving fairly fast.

One such example is a 2,896-square-foot tract home on a 9,161 square-foot lot in the 1500 block of Freestone in southeast Manteca that went pending after 8 days for $949,000.
The home with four bedrooms, 3.5 bathrooms and a swimming pool first sold  2018 for $597,000. That’s a $352,000 gain.

The median price of homes in Manteca that closed escrow in March, ranged from $580,056 to $585,000 — based on the web-based real estate sites Redfin, Rocket, and Zillow.

Each site uses slightly different metrics and don’t necessarily include all housing transactions such as mobile homes.

That is why the year-to-year price drops between the three sites for Manteca range from 7.7 to 15 percent.

Real estate experts indicated that is simply the market adjusting.

While that sound like a “duh” statement, it underscores that the housing market is not in the toilet simply because prices are down in year-to-year comparisons.’

It’s just that pricing a year ago was fairly heated with sellers pushing the envelope of market analyses and then some to see if they could get more money.

The California Association of Realtors reported that statewide in July, the median closing price for the 823,340 homes that closed escrow was $823,340. That’s down 0.7 percent from June but up 0.2 percent from July 2022.

CAR economists point to data that shows housing prices in California are apparently stabilizing.

Of the 57 homes — including mobile homes that closed in July within the city limits — the lowest priced was $242,000 for a traditional free standing house.

That was a 927 square foot home in a pre-1950s neighborhood in the 100 block of Lupton Avenue in central Manteca west of downtown.

While the overall market had 28 of 57 homes with multiple offers, there were 10 of the 13 homes under $500,000 that had multiple offers.

That included a 1,131-square-foot home at 997 East Alameda that had seven offers — the most of any home that sold.

Thirty of the 57 homes selling were priced between $500,000 and $700,000. Nine were between $700,000 and $800,000, and four were between $800,000 and $900,000.

The four homes above a million dollars included one for $1.1million  in the gated community of Oakwood Shores west of Manteca’s city limits.

The other three were rural properties with acreage south and east of Manteca  that sold for as high as $1.4 million.

To contact Dennis Wyatt, email dwyatt@mantecabulletin.com