March 2024 Fresno/Clovis Market Update

• The median sold price was UP from February 2024:
  
  • March 2024: $410,000.00
  • February 2024: $405,999.00
• 430 homes sold
  
  • 9.07% FEWER homes sold March of 2024 than in March of 2023 (469 homes sold February of 2023 versus 430 homes sold February of 2024, that is 39 FEWER homes)
  • 20.11% MORE homes sold in March of 2024 versus February of 2024 (430 homes sold March of 2024 versus 358 homes sold February of 2024). That is 72 MORE homes sold in March than February.
• Average Days on Market:
  
  • The average days on Market for homes that sold were 31 days.
    
    • This is Flat from February 2024.
      
      • DOM for February 2024 was 31days
  • For homes with no price changes, the Average Days on Market are 17 days.
    
    • Sales Price versus Offer Price: 100.3%
  • For homes with 1+ price changes, the Average Days on Market is 66 days
    
    • Sales Price versus Offer Price: 94.6%
• Median For Sale Price: $439,950.00 versus Sold Price: $410,000.00
• 2 bank-owned properties sold.
  
  • Other Real Estate Owned (OREO) sales are FLAT from February.
• 454 homes went under contract.
• 508 New Properties were listed for sale.
• Months’ Supply Inventory of 1.4 months.
  
  • 2024 Inventory levels
    
    • January MSI: 1.6 Locally versus The National Association of REALTORS®️ 2.1
    • February MSI: 1.7 Locally, The National Association of REALTORS®️ 1.8
    • March MSI: 1.3 Locally, The National Association of REALTORS®️ 1.4
  • 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 supply; a buyer’s market would be greater than 6 months’ supply.
    
    • The Fresno and Clovis markets still have low levels of inventory.

Articles, interviews, or presentations that may be of interest:

1. Housing Market Slumps as Mortgage Rates Top 7%Existing home sales in March fell 4.3% from February By Nicole Friedman and Gina Heeb dated April 18, 2024
   
   • Access to this article may require a subscription.
2. Blackstone Making $10 Billion Multifamily Purchase, Going on the Real Estate Offensive Acquisition of AIR Communities is Blackstone’s largest transaction in the multifamily market By Craig Karmin and Peter Grant dated April 8, 2024
   
   • Access to this article may require a subscription.
3. The Wealth Gap between Homeowners and Renters Has Reached a Historic High by Jung Hyun Choi and Amalie Zinn dated April 19, 2024