Sunday, July 1, 2018 / by Jeff Reyes
The graph above shows what has been happening in our market for the last 12 months. We saw a 20% increase in the number of homes for sale over last month but only a 15% increase in the number of homes sold and pended in the same time period.
You also see that we saw a 22% increase in the number of homes for sale year over year but a big decline in the number of homes sold by almost 27% with pended homes dropping slightly by 6%.
What does that mean?
When you look at the graph below you will see what I believe to be the answer in the number of homes for sale increasing and the number of sold homes decreasing year over year.
The average price for a home that SOLD in 95355 increased by 13% year over year. With such a large increase it makes it more difficult for willing and able buyers to purchase a home in an affordable price bracket.
Here is a link to the current real estate market conditions for Modesto in 95355:
Market Report for Modesto zip code 95355
How does this effect you?
If you are considering selling your home and buying something smaller or maybe something bigger, now maybe one of the best times to capitalize on great interest rates. Here is a link for an updated home value report: Home value report
If you are looking to buy should you wait? That's a great question. Will home values continue to go up 10% year over year? I don't think so. Will there be a huge drop like 2009, 2010 etc? I don't see that either. What I do see are interest rates low now that continue to go up that make it more and more difficult to buy the longer you wait.
Here is a list of all the homes currently for sale in 95355
95355 homes for sale