Great news! The COVID restrictions have been lifted! For real estate that means fewer forms to show a home and we can now have open houses without restrictions on social distancing, masks and so many other requirements that made showing and selling homes so difficult and time consuming.
We are still in a very hot market with many bay area buyers bringing a lot of cash to the table and willing to pay top prices. Not surprising when you see what they were paying for rent and the fact that owning a home was out of reach. Instead of living in a 1000-1200 square foot apartment they can buy a 1800-2200 square foot home for less than they were paying for rent!
More and more companies are going to continue letting employees work from home and will start downsizing their office square footage to save on rent in some very pricey areas.
Stockton hit the $400,000 median price this month for an all-time high! The median price for San Joaquin reached $500,000 this month as well. Lodi reached $510,000, Manteca $568,000 and Tracy $745,000!!
Prices aren’t just climbing higher, they are jumping higher at a rate that we haven’t experienced before and won’t be calming down soon unless interest rates increase substantially.
For sellers, it is a great time to sell. With tax free gains of $250,000 for a single person and $500,000 for a couple it is a great time to cash in on your investment, especially if you are retired or you can work from any location. There will be a fall, we can’t sustain this forever. This could be the best time!
Here are the latest updates on the market.
HOME SALE FAST FACTS
SAN JOAQUIN COUNTY
MEDIAN SALES PRICE: $500,000 (+19%)
FOR SALE: 378 Homes (-52%)
HOMES SOLD & CLOSED: 578 (+53%)
INVENTORY: 0.7 MO.
MEDIAN SALES PRICE: $400,000 (+25%)
FOR SALE: 189 Homes (-46%)
HOMES SOLD & CLOSED: 245 (+55%)
INVENTORY: 0.8 MO.
MEDIAN SALES PRICE: $510,000 (+26%)
FOR SALE: 60 Homes (-56%)
HOMES SOLD & CLOSED: 91 (+82%)
INVENTORY: 0.7 MO.
MEDIAN SALES PRICE: $568,000 (+24%)
FOR SALE: 67 Homes (-66%)
HOMES SOLD & CLOSED: 151 (+54%)
INVENTORY: 0.4 MO.
MEDIAN SALES PRICE: $745,000 (+39%)
FOR SALE: 49 Homes (-53%)
HOMES SOLD & CLOSED: 88 (+28%)
INVENTORY: 0.6 MO.
This article is written by Jerry Abbott, CEO and Co-owner of RE/MAX Grupe Gold. Jerry has over 48 years of real estate experience. Source: Trendgraphix May 2020 to May 2021.