Four years ago when the median resale price topped $1 million in San Jose for typical tract homes, Manteca was still flirting with $400,000.
Today the median prices of homes that have closed escrow in Manteca ($516,300), Lathrop ($575,000), Ripon ($615,000), and Tracy ($616,000) so far in 2021 are still a long way from San Jose that is now at $1.2 million after peaking at $1.3 million last year. But unlike San Jose, the housing market on this side of the Altamont is still making double digit gains.
And nowhere is it more intense than in the Tracy-Manteca-Lathrop triangle.
There are now 30 pre-existing tract homes in Manteca that have gone pending with contracts ranging from $605,000 and $699,990. There are only four resales tract homes on the market in that price range available.
There are six tract home resales that have gone pending in the Manteca market between $714,000 and $968,000.
The highest priced two homes with contracts — a 5 bedroom, 3.5 bathroom 3,841-square-foot home at 1388 Como Drive selling for $968,000 and a 4 bedroom, 3.5 bathroom 3,113-square-foot home at 1490 Riva Trigoso Drive selling for $935,000 — are in the gated Oakwood Shores neighborhood.
Oakwood Shores is built on land that once was home to the Manteca Waterslides. While the homes are based on a half a dozen floorplans it isn’t your typical tract neighborhood. Besides being gated it has access to two manmade lakes and is a short stroll to the San Joaquin River. The $968,000 home does not back up to a lake.
It is bordered by the City of Manteca on the east and the south where the 1,237-home Manteca Trails is breaking ground this year.
And while the median of Manteca closed escrows are lagging San Jose by over $600,000, the almost $1 million sales price puts a portion of the Manteca resale market to almost where San Jose was in 2014 when the first resale tract home topped $1 million.
The fact Manteca with a $516,000 median for resale homes is the lowest priced community that is closest to the Altamont Pass in South San Joaquin County is why buying activity is so strong.
Based on Realtor.com year-to-year prices in Manteca of closed deals are up 15.7 percent for April.
After the two Oakwood Shore homes the next highest home is a custom home in the gated Terracina neighborhood of some 30 or so houses in west Manteca. After that the more standard tract homes that is pending top out at $749,990 for a 4 bedroom, 4.5 bathroom home with 3,312 square feet on a 9,683-square foot lot at 2350 Shady Mill Place in the Union Ranch neighborhood east of Del Webb at Woodbridge.
The highest priced tract home that is pending in Lathrop is at 2540 Middlebury on River Islands. It has 5 bedrooms and 4.5 bathrooms with a 3,509-square-foot floorplan on a 6,682-square-ffoot lot. The home with a $922,990 contract does not back up to a lake.
Topping the pending list in Tracy at $1,050,000 with 5 bedrooms and 4 bathrooms with 3,918-square-foot floor plan on a quarter acre lot is a custom home neighborhood in southwest Tracy on Schantz Way.
The highest priced pending tract home in Tracy is $900,000 for 5 bedrooms and 3 bathrooms on Amatchi Drive on a 7,166-suare-foot lot.
To contact Dennis Wyatt, email dwyatt@mantecabulletin.com
