· There were 2,248 homes for sale in Stockton at the end of the month. This total includes 874 pending units, leaving a balance of 1,374 units (2.9 months’ inventory) available for sale.
· 5,637 homes were sold in Stockton during the 12 month period ended April 2010, an average of 470 homes per month. This compares to a 566 unit average per month one year ago, a 17% drop.
· 1,642 homes sold in the last 4 months, compared to 2,169 units sold in the same period last year. SALES ARE SLOWING…
· There is a 5 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 2.9 month adjusted inventory.
· There should be a rash of new homes that will be 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". Click here for our comments on Shadow Inventories in October.
· 456 units were sold this month.
· The average sales price per square foot is $85 – less than the cost to build a home.