Local Home Sales Up By Double Digits
Sonora, CA – The number of local home sales so far this year compared to last year at this time – and the median sales price are both up a whopping 13 percent in Tuolumne County.
So says the Tuolumne County Association of Realtors (TCAR), which recently released its housing market statistics for January through June 2017, comparing those figures to the first and second quarters of last year.
Total reported sales for this year’s Q2, at 494, with a median sales price of $270,725 respectively compare with 438 and $239,000 for the same time in 2016. TCAR notes that home sales that year at the end of the second quarter were up six percent. This year’s growth is more than twice that.
The average sale price of $304,201 for homes in Q2 2017 rose ten percent from the Q2 2016 average sales price of $275,391. Days on the market also rose five percent from 131 days in Q2 2016 to 137 for the same period this year. Private sales are currently making up 94 percent of the housing sales market, up four percent from Q2 2016, a 17 percent market change. Bank-owned (REO) sales of 24 homes represented five percent of the Q2 market this year whereas in Q2 2016 they comprised nine percent of it – a 38 percent market change. While short sales held steady at one percent there were six that sold in Q2 2017 versus three over the same time last year.
Slightly More Than One-third Of Home Sales Sold Below $220K
For Q2 2017, 111 of the home sales were in the $200,000 and under category, representing 22 percent of overall sales. During the same period last year 143 homes sold, which made up 33 percent of that market. Comparing the two shows a 22 percent downtrend. Home sales of properties at $175,000 and under, of which 66 were reported in Q2 this year, made up 13 percent of the overall market; the same time last year 93 homes sold, which at the time was 21 percent of the market. The difference between then and now reflects a downtrend of 29 percent. Contributing to these decreases, according to local realtors, is that desirable properties under $200,000 are difficult to find.
The highest sale price recorded over Q2 2017 was $2,150,000 – a 90 percent improvement over Q2 2016’s top sale of $1,130,000. The low sales price of $31,000 over both periods remained static.
TCAR’s market snapshot, taken July 11, captures a “current median listing price” of $324,900 – nearly eight percent higher than the snapshot taken last year on July 5 at $299,900. Currently, TCAR is reporting an average of just over 82 sales per month and roughly six-plus month inventory of 523 active listings. Last year around this time there were 503 active listings.
Of 128 listings with sales currently pending, the median list price is $269,900 and average list price is $291,223. While 118 of these are private listings, there are nine REOs and one short sale. Of the total listings, 29 of these fall within the category of $200,000 and under; 17 are $175,000 and under. The highest listing price in the bunch is $869,900; the lowest is $33,500.
Statewide: Slowdown Pending With Price Growth Still Rising
Across the Golden State, the California Association of Realtors (CAR) reports that despite robust closed escrow sales, pending home sales in June slipped for the sixth consecutive month, which the group says may suggest an impending slowdown in the state’s housing market as the peak home-buying season winds down. CAR’s latest indicator of its Market Velocity Index, which reflects home sales relative to the number of listings that come online each month that replenish housing stock, shows that in June the index reached its highest level since 2013. Realtors see that as a sign that price growth will continue to accelerate.
CAR realtors’ concerns continue to lead with lack of available inventory, followed by declining affordability and high interest rates and inflated home prices. Among other worries are a slowdown in economic growth; lending/financing; policy and regulations.