This week we're looking at the Stockton CA housing market for the month of March 2024 on today's episode of the "Did You Know Show."

So if you're considering making a move in 2024, you will want to check out this month's housing market update. As we jump into our first chart, we can see that the biggest change took place in the number of homes that went pending. The pending homes shot up from 164 to 199. The number of sold homes went down from 153 to 119, and the number of homes on the market stayed about the same, going from 263 to 262. Taking a look back to this time last year, we can see a similar trend in the pending sales, with the red line moving upward from January through February. However, the number of homes for sale, during this time in 2023, was definitely higher at the beginning of last year.

Taking a look at the median sales price in the city of Stockton, we can see that price is $445,000. That number has remained pretty consistent since about May of 2023. The median sold price has gone up and down somewhat, but has remained in the $440,000 to $450,000 range. We feel that this consistent median sales price could be related to interest rates. With interest rates rising, affordability of homes has gone down somewhat, keeping home prices from rising as quickly.

Looking at how fast homes are selling in the Stockton housing market, we can see that homes were selling in 44 days. This was a little bit of an increase from the previous month at 37 days. Looking back to this time last year, we can see that homes are still selling relatively quickly as the previous amount of days on market was 58 days. So heading into 2024 homes are still being sold at a good pace.

Our final chart this month shows the months of inventory in the Stockton housing market. We can see that number dropped last month to 1.3 months. This is most likely due to the number of homes that went pending in February. To indicate a neutral market, a housing market that does not favor the buyer or the seller, we would want to see anywhere from 3 to 6 months worth of inventory. With the current amount of inventory sitting at 1.3 months, we can see that the Stockton housing market is remaining a seller's market as we move forward into 2024.

Where do you think the Stockton housing market is headed? Do you think interest rates will start to cause home prices to come down, or do you think the lack of inventory will cause home prices to rise? Let us know your thoughts in the comments below!

Schedule a 15 Min Call with me: [ Ссылка ]

Thank you,
David McKeever
m | 209.483.6523
Broker | Advance 1 McKeever Real Estate
Voted "BEST REALTOR" 2019 & 2020 Best of San Joaquin County Awards

WEBSITE: [ Ссылка ]
FACEBOOK: [ Ссылка ]
INSTAGRAM: [ Ссылка ]

свернуть