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Manteca on pace to match near record home sales
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Manteca is on-target to match 2008 for existing home sales.

There were 1,165 previously owned homes that closed escrow in Manteca in 2008.

So far this year there have been 896 closed deals on existing homes as of a week ago. That translates into 3.2 closed escrows each day. If that pace continues the year will end with 1,168 homes sold or three more than in 2008.

A record 1,211 existing homes were sold in Manteca in 2009 based on Multiple Listing Service data. That compares to 402 in 2007 when the housing bubble burst.

So far this year the median selling price of a home is $182,000. That is up from $178,000 in 2009 but down from $225,000 in 2008, and $345,000 in 2007.

The least expensive free-standing home closing escrow so far in October is a 1,055-square-foot Golf Villa off North Union Road next to the golf course on Benjamin Place that closed escrow for $85,000. At the market’s peak similar property was pushing $400,000.

The least expensive residential property can also be found across the street on North Union Road at the Cherry Lane apartment condo conversion project. A 944-square-foot unit closed escrow for $50,000.

The most expensive home closing escrow so far this month was a six -bedroom, four-bathroom home with 3,033 square feet at 683 Zurich Drive that sold for $268,000 or less than half of what a similar home sold for in the Villa Ticino neighborhood at the peak of the market.

There are currently 214 homes in escrow with pending deals that have a median price of $195,000.

There are 292 active listings with a median listing price of $201,250. They have been on the market an average of 42 days compared to the pending sales that were on the market an average of 29 days.

The pending selling rate nearly mirrors the fast-paced sales months of 2009 and 2008. In 2009 it took the typical home 23 days to sell compared to 24 days in 2008. So far this year it has taken 49 days for a home on the market to sell.

In 2007 when things started to downslide it took an average of 60 days to move a listing.