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March 2012 Stockton Area Market Update

 

(Links are available at the bottom of this page to neighborhood specific market reports for Brookside, Lincoln Village, Lincoln Village West, Morada, Morada West, Quail Lakes, Spanos East and Spanos West.)

 

Click here to search the MLS like a realtor or the following links to view the homes available in the following neighborhoods!

 

 
 

Stockton Market Trend:

The foreclosure delay we have experienced resulted in a temporary reduction in housing inventory, although home sale prices continue to decline. Shadow inventories that are estimated at in excess of one and a half million units nationwide indicate a substantial increase in inventory for sale. Traditional laws of supply and demand dictate this eventual increase in inventory will place downward pressure on prices.

We should see a substantial increase in inventories within the next six months, and a continued decrease in housing prices for the next 12 months.

Stockton Stats for March 2012

  • There were 1,492 homes for sale in Stockton at the end of the month. This total includes 440 pending units, leaving a balance of 1,052 units (2.7 months' inventory) available for sale.

  • 4,620 homes were sold in Stockton during the 12 month period, an average of 385 homes per month. This compares to 4,737 homes, or a 375 unit average per month one year ago, a 3% drop.

  • SALES ARE SLOWING...

  • There is a 4 month inventory on the market (see the "Months Sales In Inventory" chart above). Exclusive of pending sales (more transactions fall out of escrow in this market than in a normal market) there is a 2.7 month adjusted inventory.

  • There should be new homes placed on the market over the next few months as inventories appear out of "The Shadows".

  • Normal pricing rules related to supply and demand do not work in this lender controlled market. Despite the scarcity of inventory, prices continue to decline.

  • 414 units were sold this month this year, 457 were sold this month last year.

  • The average sales price per square foot is $77 - less than the cost to build a home.

  • The average home sales price in March 2012 was $127,000.

Click on any of the following links to view neighborhood specific market reports.