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Lincoln Village East Market Reports
Lincoln Village West Market Reports City of Stockton Market Reports
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(Links are available at the bottom of this email to detailed market reports for Brookside, Lincoln Village, Lincoln Village West, Morada, Morada West, Quail Lakes, Spanos East and Spanos West.)
Stockton Market Trend:
The moratorium on foreclosures - some lenders have been sloppy about documentation - should result in a temporary decrease in housing for sale, and upward pressure on home sale prices. The government (Obama) is not happy about this, and interference will probably continue in bank, lender, and other finance industry policies and practice. Traditional laws of supply and demand dictate an eventual increase in inventory and downward pressure on prices.
There were 2,460 homes for sale in Stockton at the end of the month. This total includes 658 pending units, leaving a balance of 1,802 units (4 months' inventory) available for sale.
4,947 homes were sold in Stockton during the 12 month period, an average of 412 homes per month. This compares to 6,691 homes, or a 558 unit average per month one year ago, a 26% drop.
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 month adjusted inventory.
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".
373 units were sold this month this year, 511 units this month last year.
The average sales price per square foot is $85 - less than the cost to build a home.
Continuind increases in mortgage delinquencies will result in new measures, increased inventories, and continue a downward pressure on Stockton home prices.
Click on any of the following links to view neighborhood specific market reports.
This Site Courtesy of Pat Holkesvig,Your Home Team DRE #01393419
3439 Brookside Road Suite Stockton, CA 95219 PH: 209.471.6516
Broker: Werner Properties Inc.