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2017 3rd Quarter Market Report: Home Sales and Prices Hit a Wall

The 3rd quarter of 2017 ended with not much of a change from the 2nd quarter. Home sales are down slightly and home prices continue to rise with median home prices up 4.2% year over year, but down from the second quarter's 6.2% increase. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was a shift in the amount of buyer activity declining 16% from last quarter. Additionally we found a significant change in the amount of price appreciation. Although 91% of the markets reported price appreciation there was an 11% shift from those markets reporting 5-10% appreciation and over 10% appreciation to those markets reporting under 5% appreciation.

According the National association of Realtors (NAR) existing home prices were up 4.2% over last year; the inventory of unsold homes is at a 4.2 month supply and 48% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

The data in this report is generated primarily from our survey of HouseHunt.com and MoveUp.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in buyer activity is significantly higher than seller activity, however there was a definite downward trend in the number of markets continuing to show increasing buyer activity in the 3rd quarter. Our Realtors reported increasing buyer activity in 73% of the markets - down 16% from last quarter, but up 7% compared to last year. Seller activity was increasing in 49% of the markets in the 3rd quarter which was no change from the 2nd quarter, but up 9% over last year.

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Spring 2018 Market Update
If you can qualify, now is an exceptional time to buy a home in Tracy. Call Grace, your local representative for HouseHunt.Com now for more information at 209-640-7722
Average Sold Home Price: $225,000

Average Time on Market: 60-90 days

Best Selling Price Range: $150,000 - $199,000

Existing Home Prices for the past 90 days: No Change

Market Trend: Decreasing

Buyer's or Seller's Market: More buyers than sellers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: Decreasing

Multiple Offers? Yes

Multiple Offers Commentary: Higher down payments are more successful.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? More than 50%

Is Financing Available For Qualified Buyers? Yes

Comments on Financing For Qualified Buyers: Yes, always available.

Housing Inventory: Limited Supply

Housing Inventory Comments: Super Hot Market! Bidding wars, multiple offers, all cash, highest dollars down, conventional offers beating out FHA/VA buyers. Very low inventory, lowest in years. Also, lowest interest rates in decades. Buyers know it is a GREAT time to buy. Heck, even Warren Buffet says, It is still the very best time to buy real estate, period especially before the interest finally start to rise.

Greatest Activity: Investors

Best reason to buy or sell: Lower prices with good selection and competitive interest rates creates a perfect time to buy in Tracy!

Nearest Metro Area: Stockton

Housing Hot Spots: Most cities within the San Joaquin County area are considered Housing Hotspots

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Grace R. Alvarez
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Mortgage Rates for Apr 21st, 2018
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15 year fixed rate: 3.66%
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15 year jumbo rate: 4.12%
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Real Estate Professional, Grace R. Alvarez Grace R. Alvarez
CENTURY 21 M & M Associates
Specializing in Tracy Real Estate
912 W. 11th St.
Tracy, California 95376
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Grace R. Alvarez for current Tracy, CA market conditions before acting on this information.)
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