Have you asked yourself recently "What's my Modesto Ca home worth?" The numbers below might give you some idea and also an idea of what the market is doing. The sales figures for Modesto California for September 2022 are in. The totals below are for single family homes sold in Modesto.
|Sept.||Zip Code||# of Sales||Median Sales Price||Average % Of List Price||Average Days on Market||Average # of Offers|
Total homes sold in Modesto: September 2021: 288 September 2022: 162 (-43.7%)
Six of Modesto's seven zip codes saw fewer sales in September 2022 than in September 2021 with the seventh zip code selling the same in both years. Four of the seven zip codes also saw lower median prices in September 2022 than in September 2021. This is a major development.
The average number of offers received per home was down in all but one Modesto zip code for September 2022 over September 2021. Out of 162 sales in September 2022 only 82 received more than one offer!
Fewer offers per home and fewer total homes sold could be a sign that more buyers are getting priced out with higher interest rates.
However not all homes sold for more than asking price. The number of days on the market seems to make a difference in what a home will sell for.
- Homes on the market 0-30 days sold for 99.22% of list price
- Homes on the market 31+ days sold for 97.05% of list price
- The average home in Modesto Ca sold for 97.49% of list price in September 2022
There are currently 216 homes under contract (pending) in Modesto. That's up just a bit from last month at this time. There are currently 345 homes available (active) in all of Modesto listed from $164,999 for a major fixer upper 2 bedroom 1 bath home of 864 sq.ft up to $2,700,000 for a home with 8 bedrooms and 8 bathrooms and 7500 sq.ft. on just under 1.5 acres.
With a larger amount of available homes and homes receiving less offers and far fewer homes selling this month it could be a sign of a change to a buyer's market. However rising interest rates are also affecting how many buyers are able to buy right now.
Do you want to know what your Modesto Ca home is worth? Call or text me any time at 209.404.0816 or email me at jim@JPP3RealEstate.com
If want to see what's for sale in Modesto Ca check out my website JimPatton.metrolist.com for the latest listings.
If you are thinking about buying or selling give me a call at 209-404-0816 so we can discuss what is the right thing to do in today's market.