The Stockton CA Housing Market Update - May 2024 - Did You Know Show

We're taking a look at the Stockton housing market update for the month of May on this week's "Did You Know Show."

Taking a look at our first chart for the Stockton housing market, we can see that the number of homes coming onto the market has remained pretty consistent for the past three months. Last month there were 259 homes that were placed up for sale, as opposed to 262 and 263 the prior two months. Looking at the number of homes that went pending, we can see that number rose to 231, from 183 homes the month before. That means that buyer demand is still fairly strong. Buyers are actively in the housing market looking for homes to purchase, and have been purchasing them at an increased rate over the last four months.

Looking at how quickly homes are selling we can see that last month homes went pending in 40 days. This is shows that homes are selling about 29% faster than they were this time last year when the average days on market were 54 days.

Also taking a look at the list to sale price ratio, we can see that homes are selling pretty close to the asking price, with sellers getting on average 98% of the asking price.

Speaking of price, the average sold price in Stockton was up last month rising to $478,000, from $448,000 the month before. The average list price was also on the rise with home sellers looking for a little for their homes asking for an average of $559,000 as opposed to $526,000 the month prior.

Rounding out our look at the Stockton housing market, we can see that the months of inventory fell from 1.4 months, down to 1.1 month. With a neutral market we would normally see 3 months of inventory, so we can see that our current housing market still favors the home sellers. As long as inventory remains low, home prices will likely continue to trend upward.

What are your thoughts about the Stockton housing market? Do you think home prices will continue to go up, or do you think they will start to level off in the coming summer months? Let us know what you think in the comments below!

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Thank you,
David McKeever
m | 209.483.6523
Broker | Advance 1 McKeever Real Estate
Voted "BEST REALTOR" 2019 & 2020 Best of San Joaquin County Awards

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