Fresno Clovis Real Estate Market Update July 2010
The real estate market in Fresno and Clovis is holding steady and continues to see plenty of positive activity. In July 2010, 530 single family homes sold in Fresno and Clovis for a median price of $161,000. Of these 530 homes, 40% were bank owned, while 60% were either short sales or traditional sales. The median price of a bank owned home was $125,000 while a non-bank owned home was $177,500. The average days on the market for the sold homes was 61 days.
Lowest Priced Home Sold in July
4134 E. Washington-Sold 7/1/10
Bank Owned, 1 Bed/1 Bath, 708 SF
Located in Southeast Fresno
$30,000 Cash
Highest Priced Home Sold in July
12400 Via Tuscania-Sold 7/26/10
Trad. Sale, 4 Bed/4 Bath, 4827 SF
Located in Monte Verdi in Clovis
$950,000 Cash
While the number of closed sales were down from the past few months, the number of New Pending Sales was up!!! In July we had 717 homes in Fresno and Clovis go under contract. This is up 8% from July 2009. The median price of these homes was $160,000 with an average days on market of 56 days. Of the pending homes in Fresno and Clovis, there were 267 Bank Owned Homes, 37.2%, and the median price was $134,500. That leaves 450 Non-Banked owned homes, a 62.8% share, with a median price of $173,750. See the chart below for homes in Fresno and Clovis that went under contract for the past 12 months.
Homes That Went Under Contract in Fresno and Clovis
During the month of July 952 new listings came on the market in Fresno and Clovis. The median price of these homes was $169,995. Of these listings, 269 were bank owned, which is only 28.3%. The median price of bank owned homes was $137,900, while the 450 non-bank owned homes was $190,000.
In July there were 3,443 homes for sale in Fresno and Clovis with a median price of $179,900 and an average of 113 days on the market. Here's the breakdown.
Bank Owned-769 Listings, 22.3% of the market with a median price of $144,900.
Non-Bank Owned-2,674 Listings, 77.7% of the market with a median price of $195,000.
On the last day of the month there were 2,433 homes for sale, which constitutes a 3.4 months supply of homes.
What can we conclude from all of this data?
- The median sales price of homes in Fresno and Clovis is fluctuating slightly, but holding steady within a small range during the last 12 months compared with the lowest month in February 2009 when it was $129,000.
- Homes of all sizes and prices are actually selling.
- Not all homes that are selling or coming onto the market are bank owned.
- It's a good time to buy or sell in Fresno and Clovis-prices are low, but steady, interest rates are at historic lows, buying low means lower property taxes, and best of all, Fresno and Clovis are a great place to live!!!
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