Is it a buyers or a seller’s market today in Stockton? As experts in the Stockton real estate market, we get asked this question a lot.
The answer isn't as simple as yes or no.
The State of the Market for Buyers in Stockton, California
First, it really depends on the property type, location and the condition.
Throughout 2018, single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for all areas and even in what was typically a slow market, we have seen houses of all price ranges sell.
We started to see an end of year slow down but I think that is more a seasonal thing than a concern. Prices in all ranges have stalled so where we were seeing 3% to 5% growth in prices from this year to last we are starting to see a leveling off in the numbers. The market appears to be slowly adjusting. It may be too early to call it a real slow down.
Buyers at all levels are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market still even when the market typically tends to slow seasonably.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were up in certain areas of [market_city], but seem to be leveling off as the rental market increases.
That is the real story. Rents are rising at the fastest pace since 2005 and 2006. Its getting to the point that many families are complaining about the high cost of rent even in the San Joaquin Valley and the Sacramento Valley.
Investment properties are in demand - Investment properties are always in demand, but in today's low inventory real estate market, things are uncomfortably tight for investors in Stockton and Sacramento. There are just not a lot of bargains out there and the ones that are no one is hearing about.