Stockton Ca Homes For Sale Market Comparison Report Nov 2009 Vs Nov 2008
We analyzed 5 major cities in the Stockton Market. Sales of November 2009 were compared to November 2008
Median Price Change in Home Prices
All 5 cities analyzed experienced drops in Median Home Prices. The drops are more in line with ones faced by Sacramento market. Unlike Sacramento Ca Homes For Sale Market where some cities actually gained in Median Price change (as compared to last year November 2008) Stockton faced county wide drops with no gains for any city. The change in Home Prices ranged anywhere from -2.27% for Stockton Ca Homes For Sale to -14.35% for Lathrop Ca Homes For Sale. The middle section comprised of Manteca Ca Homes For Sale (-13.51%), Tracy Ca Homes For Sale (-6.51%), and Lodi Homes (-6.49%).
Median Days on Market
Although all the analyzed cities showed decline in home values, the Median Days on Market for all the cities are less than they were in November 2008. Dropping home values, thus, is resulting in faster sales. 2 of the 5 cities saw double digit drops in Median Days on Market whereas the rest experienced modest drops. Lodi and Lathrop were the big winners in this category both seeing 15 day drops in days on market – 51 days to 36 days and 43 days to 28 days respectively.
Homes Sold
Overall the homes sold last year in November 2008 were 1019 homes as compared to 744 homes this year in November 2009. Fewer homes were sold this year than last year and this shows that even though dropping house values resulted in faster sales this November, the number of homes sold has been affected adversely. A major reason is the decrease in Bank Foreclosures .
Where have the Bank Foreclosures gone?
Just like North Bay and Sacramento, Bank Reo’s have declined in Stockton as well. The drop in bank foreclosures could be attributed to 27% fewer homes sold this November as compared to November 2008. All the cities had double digit decreases in Bank Reo’s with the highest 3 being Tracy Homes (-51.44%), Lathrop Homes (-42.11%), and Manteca Homes (-39.56%).
Number of Months Inventory
The largest inventory of homes was in Lodi (6.68 Months) followed by Tracy Ca Homes For Sale (5.82 Months). Manteca Ca Homes For Sale (5.30 Months) and Stockton Ca Homes For Sale (5.32 Months) had the smallest inventories.
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