While 17.84 acres just off Countryside Drive prepares to be developed into 109 single family residential homes with the construction of Florsheim Home’s Monte Verde subdivision, some might begin to wonder if there has been a turnaround in the local housing market.
Only a few subdivisions have been developed in Turlock since the 2008 economic downfall that left many with foreclosed homes. In 2013, Turlock became one of the first communities around the nation to have an “All Made in America” subdivision built, as Fitzpatrick Homes constructed two new subdivisions off Christoffersen Parkway using only materials that were manufactured in the United States.
But with the tragedy of foreclosure that so many families faced throughout the Central Valley during the national housing market collapse, there is a reason why many local residents might be skeptical of new subdivisions making their way into town. With several Central Valley cities such as Modesto and Stockton repeatedly making top-10 lists for most foreclosures, it’s no wonder local residents are unsure whether this apparent turnaround in the housing market is something that is here to stay, or something to be cautious of.
In 2013, the average number of existing homes sold in Turlock was 684, nearly 80 less than in 2012. However, the average amount of days that a home sat on the market in 2013 decreased by roughly half of that seen just the year before, sitting an average of 32 days before being sold.
Also noteworthy is the 27 percent increase in the average price per square footage that occurred in 2013. As home values continue to slowly rise, last year saw the average Turlock home sell for approximately $221,497.
According to the City of Turlock Building Permit Activity, the City issued 51 permits for new single family units in 2013, for a total valuation of $11.7 million.
In a recent report by online mortgage database HSH.com, analysts examined the median home prices in 25 of the country’s largest metropolitan areas to determine how much salary one must need to earn in order to cover the principal and interest payments on the average home. In a list ranked from highest to lowest, San Francisco came in last, with a needed salary of $115,510.06. As the cost of living continually increases in the Bay Area, it’s no wonder that many are opting to move into areas like the Tri Valley or the San Joaquin.
And as Turlock continues to grow both industrially and commercially, the City is also preparing for continued population increases, perhaps making the new subdivisions a necessity for what lies ahead.