A home built five years ago is poised to shatter Manteca marks for valuation gain.

The home — in the 1700 block of Mono Street in the neighborhood southeast of Woodward Park — has gone pending for $1,099,000.

The 2,896 square foot house with four bedrooms, 3.5 bathrooms on a 9,791 square-foot lot was built in 2019. The buyer paid $579,000.

Now, five years later, it is selling for 95.94 percent more than what it was purchased for in 2019.

It is in the stratosphere in terms of valuation gain given the median sale price of a home in Manteca in October compared to a year prior saw a 3.3 percent increase.

At the other end of the spectrum, the lowest priced “stick built” free standing traditional single family home that has gone pending is in the 300 block of North Maple in Central Manteca just north of downtown.

The home built in 1948 with two bedrooms and one bathroom with 728 square feet of living space on a 6,861 square foot lot has a pending offer of $319,900.

It last sold in September of 2005 for $265,000.

As such, it reflects a more down-to-earth 20.7 percent gain in value over 19 years.

The two ends of the housing markets are on different paths headed in the same direction — up.

There are no less than a dozen different new home models in Manteca selling between $900,000 and $950,000.

Almost every builder is trying to stay a bit ahead of the market.

That means starting homes before they have a sales deal.

As such, it has impacted the upper end market of resale homes built in the last 5 to 15 years.

It’s because the wait time for a new home to be built is less making them more comparable to buying on the resale market.

That has led to a slowdown in how fast tract homes in the $800,000 and up market have been moving once they are placed on the market. That is turn has brought expectations in sale prices down just a bit

However, the right house and the right buyer can fetch higher prices per square foot than comparable new homes, but the time on the market is relatively short.

In the case of the Mono Street listing, it had been on the market 32 days prior to going pending.

The home in the 300 block of North Maple built in 1948 commanded a $436 per square foot offer. That compares to $379 per square foot for the Mono Street home.

The North Maple home last sold in 2005 for $265,000 after it sold for $49,400 in 1998.

The highest price ever paid for an existing tract home within Manteca’s city limits  was $1,199,900.

The record was set in November 2021 for a resale home built in 2004 two blocks southeast of Woodward Park on the Iris Place cul-de-sac.

A quick look at the over Manteca housing resale market shows in October:

*The median sale price was $670,000, up 3 percent from the year prior.

*There were 327 homes for sale, up 114 percent from the year prior.

*There were 122 homes sold, up 22 percent from the year prior.

To contact Dennis Wyatt, email dwyatt@mantecabulletin.com