o There were 2,221 homes for sale in Stockton at the end of the month. This total includes 595 pending units, leaving a balance of 1,626 units (4.1 months’ inventory) available for sale.
o 4,737 homes were sold in Stockton during the 12 month period, an average of 395 homes per month. This compares to 5,790 homes, or a 483 unit average per month one year ago, an 18% drop.
o SALES ARE SLOWING…
o There is a 6 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 4.1 month adjusted inventory.
o There should be new homes placed on the market over the next few months unless lenders "bank" foreclosed-upon homes, or some other solution is found for ‘warehoused’ foreclosures and other "Shadow Inventory".
o 457 units were sold this month this year, 470 units this month last year.
o The average sales price per square foot is $79 – less than the cost to build a home.
o The average home sales price was $128,000.
o Continued increases in mortgage delinquencies will result in new measures, increased inventories, and should continue the downward pressure on Stockton home sale prices.