Turlock housing prices are growing over twice as much as the county average compared to last year.
Market data from TrendVision shows prices up in Stanislaus County by 5.1 percent in mid-April, and that includes a 4.2 percent increase from March. Inventory, meanwhile, has increased by 14.1 percent and pending sales have skyrocketed by 18.7 percent.
According to Realtor.com, in April 2022, the median listing home price in Turlock was $480,000, trending up 13 percent year-over-year. The median listing home price per square foot was $302. The median home sold price was $490,000. Last month the average listing price was $469,000.
Countywide, the numbers are starting to go down this month. In March, the median active price for homes was $525,000, according to TrendVision, down from $526,000 in February.
“It shows what kind of pressure buyers are in, what kind of pressure tenants are in,” Daniel Del Real, a broker associate at PMZ Real Estate, said in a mid-April video statement. “It has to do with the fundamental housing issue that we have right now: that we’ve under-built what we need in these past 10 years.”
The countywide inventory shortage came to a head during the pandemic and has been accelerated by supply chain issues and price increases on construction materials. Housing isn’t being produced at the rate it’s being sought out.
In February and March, Stanislaus had 0.6 months’ worth of inventory in the market, the number of houses required to meet a month’s worth of demand. In a healthy market, there is typically three to four months’ worth of inventory at any given time.
But the market is slowing down, too. Gone is the summer 2021 surge, where houses spent as little as 12 days on average on the market in any given month. In March, houses were on the market for an average of 19 days; in February, it was 24.
“Buyers are tired of rent increases, they’re tired of their cost of living going up,” Del Real said. “They’re tired of the dollar not going as far.”