January 2024 Fresno/Clovis Market Update

• The median sold price was UP⬆️ from December 2023:
  
  • January 2024: $400,000.00
  • December 2023: $384,000.00
• 301 homes sold:
  
  • 1.634% Fewer ⬇️ homes sold January of 2024 than in January of 2023 (306 homes sold January of 2023 versus 301 homes sold January of 2024, that is 5 fewer ⬇️ homes)
  • 16.851% fewer ⬇️ homes sold in January of 2024 versus December of 2023 (301 homes sold in January 2024 versus 362 homes sold in December 2023). That is 61 fewer ⬇️ homes sold in January than in December.
• Average Days on Market:
  
  • The average days on market for homes that sold were 33 days.
    
    • This is UP ⬆️ from December 2023.
      
      • DOM for December 2023 was 28 days
  • For homes with no price changes, the average days on market are 16 days.
    
    • Sales Price versus Offer Price was 99.5%
  • For homes with 1+ price changes, the Average Days on Market is 59 days
    
    • Sales Price versus Offer Price: 94.3%
• Median For Sale Price: $435,000.00 versus Sold Price: $400,000.00
• 5 bank-owned properties were sold:
  
  • This is more ⬆️ OREO property than in December (3).
    
    • Other Real Estate Owned (OREO) is how financial institutions identify foreclosed properties on their balance sheets.
  • US Serious Mortgage Delinquency Rate Falls to Lowest Level Since 1999 (See link to article below)
• 436 homes went under contract.
• 447 new properties were listed for sale.
• Months’ supply inventory of 1.4 months.
  
  • 2024 inventory levels:
    
    • January MSI: 1.4 Locally versus The National Association of REALTORS®️ 2.0
  • 2023 Inventory levels have fluctuated:
    
    • January MSI: 1.8 Locally versus The National Association of REALTORS®️ 2.5
    • February MSI: 1.7 Locally versus The National Association of REALTORS®️ 1.9
    • March MSI: 1.2 Locally versus The National Association of REALTORS®️ 1.3
    • April MSI: 1.1 Locally versus The National Association of REALTORS®️ 1.3
    • May MSI: 1.1 Locally versus The National Association of REALTORS®️ 1.1
    • June MSI: 1.3 Locally versus The National Association of REALTORS®️ 1.2
    • July MSI: 1.4 Locally versus The National Association of REALTORS®️ 1.4
    • August MSI: 1.7 Locally versus The National Association of REALTORS®️ 1.7
    • September MSI: 1.8 Locally versus The National Association of REALTORS®️ 1.9
    • October MSI: 2.0 Locally versus The National Association of REALTORS®️ 1.8
    • November MSI: 2.2 Locally versus The National Association of REALTORS®️ 2.2.
    • December MSI: 2.3 Locally versus The National Association of REALTORS®️ 1.9.
  • Economists describe a balanced real estate market as having 6 months of supply; a seller’s market would be less than 6 months of supply; a buyer’s market would be greater than 6 months’ supply.
    
    • The Fresno and Clovis markets still have low levels of inventory.

Please notice that the “Tracking Sales in Clovis & Fresno” Google Sheet totals for the year have exceeded my forecast and revised forecast. Saying that, the local market did not reach 5000 closed units.

Articles or interviews that may be of interest:

1. Opinion: How to solve the nations affordable housing crisis
2. How much can your rent go up in California?
3. Bill to expand rent control to additional housing types officially halted February 8, 2024 written by Mike Nemeth the California Apartment Associations (CAA) Marketing and Communications Director.
4. US Serious Mortgage Delinquency Rate Falls to Lowest Level Since 1999