The Stockton CA Housing Market Update - August 2023 - Best Stockton Realtor

The Stockton housing market seems to be holding steady for the month of August 2023. Let's dive into the data!

Our first chart this month shows the number of homes that came onto the housing market, how many homes went pending, and how many homes were sold. First, we do have some good news for buyers as the number of homes that came onto the housing market did go up a little bit, from 212 to 245 homes for sale. That however, is still incredibly low when compared to this same time last year, when the number of homes on the market was 548. The number of homes that went pending did rise slightly from 187 to 205, but the number of sold homes dropped just a bit, from 202 to 158. Taking a wide view of this chart, we can see that things have been holding pretty steady over the last five months or so, with little rises and dips from month to month, but no huge swings in any category.

Looking at the average for sale and average sold prices for the Stockton housing market, we see a slight drop in the average sold price during the month of July from $470,000 to $464,000. Looking further back on this chart we can see that the sold price has been holding pretty steady since February of 2023, with only one outlier month in April when home prices dropped to $428,000. Other than that one month, we see the average sold price has held steady for the last five out of six months in the $460,000 to $470,000 range.

Taking a look at what the experts think of the housing market moving forward into 2023 and 2024, we can see they have revised their predictions. Four real estate entities have changed their forecasts from negative appreciation, to either flat, or 0% appreciation, to an increase in home appreciation. Meaning they feel that home appreciation will hold steady or increase slightly continuing into the next year.

Looking at our next chart showing the asking price to sales price ratio, we can see that the number has held steady at 100%. Meaning that on average, sellers are getting the full asking price for their homes, which is another indication of a steady seller's market. The number of days on the market has also held steady at 27 days, showing that homes on the market are selling fairly quickly and for full asking price.

So taking into account all of our charts, we can see that the Stockton housing market is holding steady across the board. But, where is the housing market headed? Until interest rates drop, there is a good chance the housing market will keep chugging along at it's current rate. Without much inventory on the market, and with homes selling relatively quickly, it is unlikely we will see home prices dropping in the near future. Should the interest rates come down, that could mean more buyers in the marketplace and we could see prices begin to rise at a quicker rate. But, what are your thoughts on the Stockton housing market? Do you think we will hold steady, or do you think prices are going to drop?

Let us know your thoughts in the comments!


Chapters

0:00 Introduction
0:23 Number of Homes for Sale and Sold
2:06 Average for Sale Price and Average Sold Price
4:03 Experts revised Housing Market Forecast
5:54 Days on Market/Sales Price Ratio
7:48 Stockton Housing Market going Forward

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Thank you,
David McKeever
m | 209.483.6523
Broker | Advance 1 McKeever Real Estate
Voted "BEST REALTOR" 2017- 2021 Best of San Joaquin County Awards


WEBSITE: http://www.Mckeeverrealestate.com​​
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