Well, here it is folks, the much anticipated monthly Fresno/Clovis Real Estate Market for September 2010 and we still have good news here in the local Fresno Real Estate Market. The number of homes going into contract is up significantly from September of 2008. We had 101 more homes go under contract, which is an 18% increase. The number of available homes for sale is also down. Lastly, the median price has remained steady. It is actually the same as it was one year ago. This is great news. Stability is good.
The number of homes for sale is down 24%. This is quite a large number as it translates to 1,142 less homes for sale. The months supply of inventory is down 40%. The current months supply of homes available is 3.8 months, down from 6.5 months 2 years ago.
The last graphic to be included is the homes sold. This is what people will take one look at and make a judgement on the housing market. I have to argue against that. Things have changed over the past two years. Homes are taking longer to go through escrow. The loan process can rarely be done in 30 days anymore. Also, with more short sales, homes are taking longer to close. A better indicator of our activity is looking at the number of homes going under contract and the amount of inventory that is out there.
The Median price of single family homes in Fresno and Clovis is $165,000. If you take a look at September of 2009, you will see the same median price. As you can see it has fluctuated over the past 12 months, but it is staying stable.
For those who are waiting for the bottom in regards to pricing, there is reason to believe that we hit it 20 months ago in February of 2009. That was the lowest month with a median price of $129,000. It has been above $150k since May 2009.
What does this mean? Well, it means that we may be through the worst of this cycle. It means that with low interest rates and low prices, it is a good time to buy real estate in Fresno and Clovis. Don't wait too long, rates are sure to rise. Unfortunately, we don't have a crystal ball and you never know what is going to happen. All we can do is look at the data, study the trends, and realize that real is estate is a LONG term investment.
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