Home prices up over 5% across Stanislaus County in first quarter of 2022
Home prices are up over 5% across Stanislaus County when compared to the beginning of the year.
Market data from TrendVision shows prices up 5.1% in mid-April, with a 4.2% increase from March. Inventory, meanwhile, has increased by 14.1%, and pending sales have spiked by 18.7%.
According to Realtor.com, the median home listing price in Modesto sits at $434,500 at the end of March, up from $425,000 in February. In March 2021, the city’s median listing price was $396,500.
Countywide, these numbers are even higher. In March, the median active price for homes was $525,000, according to TrendVision, down from $526,000 in February.
“It shows what kind of pressure buyers are in, what kind of pressure tenants are in,” Daniel Del Real, a broker associate at PMZ Real Estate, said in a mid-April video statement. “It has to do with the fundamental housing issue that we have right now: that we’ve under-built what we need in these past ten years.”
The countywide inventory shortage came to a head during the pandemic and has been exacerbated by supply chain issues and price increases on construction materials. Housing isn’t being produced at the rate it’s being sought out.
In February and March, Stanislaus had 0.6 month’s worth of inventory in the market — the number of houses required to meet a month’s worth of demand. In a healthy market, there is typically three to four months’ worth of inventory at any given time.
But the market is slowing down, too. Gone is the summer 2021 surge, where houses spent as little as 12 days on average on the market in any given month. In March, houses were on the market for an average of 19 days; in February, it was 24.
“Buyers are tired of rent increases, they’re tired of their cost of living going up,” Del Real said. “They’re tired of the dollar not going as far.”
To help fund The Bee’s economic development reporter with Report for America, go to https://bit.ly/ModestoBeeRFAThis story was produced with financial support from the Stanislaus Community Foundation, along with the GroundTruth Project’s Report for America initiative. The Modesto Bee maintains full editorial control of this work.
