Median prices fetched by existing homes sold in Manteca have increased $6,000 over 2009 levels.
The prospect that prices will recover a bit more in 2011 is reflected in Multiple Listing Service data that shows as of Friday there were 204 pending sales in Manteca with a median price of $199,900. In addition, there are 275 active listings with a median listing price of $191,000.
The pending deals cobbled together in the past two months in Manteca also reflect another trend - the reemergence of somewhat quicker sales. The average days homes that have entered contracts were on the market was 30 days compared to 50 days for all of the homes that have closed escrow so far this year in Manteca.
That compares to 2009 when 1,211 homes sold with an average of 23 days on the market and in 2008 when 1,165 homes sold with an average of 24 days on the market.
Realtors surveyed by the Bulletin over the past three-weeks generally believe the bottom of the market for three bedroom and two-bathroom homes – as well as what two-bedroom homes are out there – has been reached. Homes of the same age and basic floor plans in a number of neighborhoods that fall into the three-bedroom and two-bathroom category generally has had some small gains in value since the start of 2010.
FHA financing for condos is non-existent due to requirements that the majority of the units must be owner-occupied. As such buying activity is driven essentially 100 percent by the market. In rare instances a first-time buyer had cash that allowed them to secure a part of the $8,000 first-time buyers’ tax credit. To get the credit, housing had to sell for $100,000 or more.
The conversion of the apartment complex at Union Road and Cherry Lane nearly six years ago created what was touted as Manteca’s most affordable housing.
At the height of the housing bubble in early 2006, the 941- and 944-square-foot units peaked at $220,000.
A 944-square-foot unit closed escrow on Jan. 21 of this year for $44,900. That represented a 78.6 percent plunge in value over four years compared to the median value of overall resale homes that dropped 57 percent over the same time period going from $413,000 to $178,000. A 941-square-foot unit eight days later closed escrow for $46,200.
A 941-square-foot Cherry Lane condo sold for $53,000 in November and a 944-square-foot unit sold for $50,000 in October.
That is an upward bounce of at least $5,100 in eight months.
A year ago, it was common for 15-plus homes in Manteca under $100,000 – excluding the Cherry Lane condo units that may have sold - to close escrow each month. In January the number of sub-$100,000 homes selling has been slashed roughly in half.
There are only 13 foreclosed homes now available in Manteca that are under $100,000.
A year ago this month there were 21 foreclosed homes in Manteca listed for under $100,000.
The prospect that prices will recover a bit more in 2011 is reflected in Multiple Listing Service data that shows as of Friday there were 204 pending sales in Manteca with a median price of $199,900. In addition, there are 275 active listings with a median listing price of $191,000.
The pending deals cobbled together in the past two months in Manteca also reflect another trend - the reemergence of somewhat quicker sales. The average days homes that have entered contracts were on the market was 30 days compared to 50 days for all of the homes that have closed escrow so far this year in Manteca.
That compares to 2009 when 1,211 homes sold with an average of 23 days on the market and in 2008 when 1,165 homes sold with an average of 24 days on the market.
Realtors surveyed by the Bulletin over the past three-weeks generally believe the bottom of the market for three bedroom and two-bathroom homes – as well as what two-bedroom homes are out there – has been reached. Homes of the same age and basic floor plans in a number of neighborhoods that fall into the three-bedroom and two-bathroom category generally has had some small gains in value since the start of 2010.
Condo sales reflect virtually pure market conditions on pricing
While it is hard to gauge how the market is doing due to an infusion this year of various stimulus such as tax credits for first-time home buyers and the ability to qualify for FHA loans that accounted for the overwhelming majority of owner-occupied mortgages handled by Manteca-Ripon brokers so far this year, at least one segment of the Manteca housing market that is unaffected by such factors - condos.FHA financing for condos is non-existent due to requirements that the majority of the units must be owner-occupied. As such buying activity is driven essentially 100 percent by the market. In rare instances a first-time buyer had cash that allowed them to secure a part of the $8,000 first-time buyers’ tax credit. To get the credit, housing had to sell for $100,000 or more.
The conversion of the apartment complex at Union Road and Cherry Lane nearly six years ago created what was touted as Manteca’s most affordable housing.
At the height of the housing bubble in early 2006, the 941- and 944-square-foot units peaked at $220,000.
A 944-square-foot unit closed escrow on Jan. 21 of this year for $44,900. That represented a 78.6 percent plunge in value over four years compared to the median value of overall resale homes that dropped 57 percent over the same time period going from $413,000 to $178,000. A 941-square-foot unit eight days later closed escrow for $46,200.
A 941-square-foot Cherry Lane condo sold for $53,000 in November and a 944-square-foot unit sold for $50,000 in October.
That is an upward bounce of at least $5,100 in eight months.
A year ago, it was common for 15-plus homes in Manteca under $100,000 – excluding the Cherry Lane condo units that may have sold - to close escrow each month. In January the number of sub-$100,000 homes selling has been slashed roughly in half.
There are only 13 foreclosed homes now available in Manteca that are under $100,000.
A year ago this month there were 21 foreclosed homes in Manteca listed for under $100,000.
