In the next 10 days Manteca will hit a milestone that real estate professionals even in the housing boom days never imagined.
That milestone is three consecutive years of more than 1,000 existing homes closing escrow within the Manteca housing market. Unfortunately, it took the mortgage crisis and the resulting drop in value in excess of 44 percent across the board to make that happen.
As of last week, 984 existing homes in Manteca, Ripon, and Lathrop have closed escrow at an average selling price of $184,900. That’s up from the 2009 median selling price of $178,000 but down from the peak of $345,000 in 2007.
There were a record 1,211 homes sold last year. The second highest year was 2008 with 1,165 homes sold. Even if another home doesn’t close escrow 2010 is already the third highest year on record for closed deals involving existing homes. There were 208 pending deals and 278 active listings as of Friday on the Multiple Listing Service.
Among the 3,390 homes sold in the three communities during the last 34 months were closed deals in Manteca that translated into one out of every nine single-family home in the city changing ownership.
A large number of the homes were purchased by local and other valley residents who had been squeezed out of the housing market when prices took off in the late 1990s.
At the peak of the housing bubble the average price of an existing home selling in Manteca was almost 7.5 times higher than the median income. Prices in 2008 when the median selling price hit $225,000 were at just under 2.5 times the median income of Manteca households. The fact homes crossed below the 2.5 times higher than median income threshold is important as that is when most economists contend housing becomes truly affordable.
That milestone is three consecutive years of more than 1,000 existing homes closing escrow within the Manteca housing market. Unfortunately, it took the mortgage crisis and the resulting drop in value in excess of 44 percent across the board to make that happen.
As of last week, 984 existing homes in Manteca, Ripon, and Lathrop have closed escrow at an average selling price of $184,900. That’s up from the 2009 median selling price of $178,000 but down from the peak of $345,000 in 2007.
There were a record 1,211 homes sold last year. The second highest year was 2008 with 1,165 homes sold. Even if another home doesn’t close escrow 2010 is already the third highest year on record for closed deals involving existing homes. There were 208 pending deals and 278 active listings as of Friday on the Multiple Listing Service.
Among the 3,390 homes sold in the three communities during the last 34 months were closed deals in Manteca that translated into one out of every nine single-family home in the city changing ownership.
A large number of the homes were purchased by local and other valley residents who had been squeezed out of the housing market when prices took off in the late 1990s.
At the peak of the housing bubble the average price of an existing home selling in Manteca was almost 7.5 times higher than the median income. Prices in 2008 when the median selling price hit $225,000 were at just under 2.5 times the median income of Manteca households. The fact homes crossed below the 2.5 times higher than median income threshold is important as that is when most economists contend housing becomes truly affordable.
