Newsletter, 7/30/21

Weekly Housing Trends View — Data Week July 24, 2021

Weekly Housing Trends Key Findings

Key Findings:

• The median listing price grew at 10.3 percent over last year, marking the 50th consecutive week of double-digit price growth. As we near the one-year mark, the pace of increase seems stubbornly stuck in double-digit territory, although it has slowed from  April’s 17.2% year over year pace. Mortgage rates, which have fallen again in recent weeks, are undoubtedly helping to fuel these price increases alongside improving but still-limited numbers of homes for sale and interested buyers. The median home listing price remains near its June record-high at $385,000, and while we expect prices to ease as we head into fall, there’s no sign of this yet in the typical asking price.
• New listings–a measure of sellers putting homes up for sale–were up 9 percent.  We’ve seen more new sellers hit the market compared to a year ago in 15 of the last 18 weeks. With homes selling quickly thanks to still-high demand and still-limited supply, new listings are an essential component for home sales. As a result, new listings hold key clues about the possible trend of home sales in the weeks ahead.
• Total active inventory continues to shrink, but it’s down just 31 percent from this time last year. On the one hand, there are still fewer homes for sale than last year when we were focused on how limited supply was holding back the housing market. On the other hand, the gap continues to shrink, getting smaller for the last 16 weeks in a row. This means that low inventory of homes for sale is still a problem, but we’re on pace to see inventories grow before the end of the year.
• Time on market was ‘just’ 19 days faster than last year. Homes are still selling fast even as the gap with last year narrows. The typical active listing hit a record fast pace of 37 days in June. We expect further narrowing in the time on market gap ahead as the housing market sped up at this time in 2020 but usually slows in these months as vacations end and school resumes. Our prediction is for a much more normal seasonal trend this year which will mean some slowing ahead.

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Ralene Nelson, REALTOR®

JUST SOLD – 355 Glenn Lakes Dr Rio Vista

Lovely Carmel Model. Located on the 8th Tee on the golf course. This property has over $50,000 in upgrades, including tile floors, stone countertops, upgraded cabinets, all stainless appliances, bay window, patio door off master, and custom landscaping. The fridge & washer dryer are negotiable.
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Delta Diamond Farm Estate & Event Center, 15175 Hwy 160, Isleton, 25.1 ac

Delta Diamond Farms is a very unique property, built in the late 1880s, fully renovated by currents owners in 2005. 4 story, 3850 sqft Victorian home, the potential for 5 beds, 3.5 baths, located on 25.1 acres, currently operating as a wedding event compound & family/corp. events, & is permitted. Expansive lawn area & beautifully landscaped courtyard with 3 self-contained cottages. Barn (8000 sqft) & metal workshop constructed in late 1880’s, renovated with concrete perimeter foundation/slab floor, & full loft. 50’s Replica Gas Station remodeled as operational restrooms. New 2300 sqft 6 carriage house w/half bath. 4200 sqft metal building set up for catering, (refrigerators, freezer, ice machine, table/chair/linen storage w/industrial washer/dryer. 3200 sqft metal newer building, equipped with workshop, office, bedroom & full bathroom w/shower. Property has 2 wells (domestic/agricultural) w/riparian rights from Sacramento River. River access with 60 ft custom dock & waterfront observation deck.
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Real Estate News

Investor Home Purchases Hit Record, Surpassing Pre-Pandemic Levels

• Investors took the housing market by storm in the second quarter—buying up $49 billion worth of homes—as surging property prices and rental demand created opportunities for hefty profits.
• Multifamily properties remain the most popular among investors, but single-family homes and condos are gaining steam.
• Relatively affordable metros including Phoenix and Miami, which have jumped in popularity during the pandemic, are the top markets for investors.

Here’s what’s happening in the real estate market in August 2021.
1. Federal protections are expiring
2. Inventory is inching up
3. Demand is decreasing — and competition is slowing down
4. Rates are still super low
5. Investors are busy
6. Home price drops are becoming more common
7. Rents are skyrocketing

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Things To Do This Weekend

CALIFORNIA STATE FAIR 2020, Saturday, Sunday, Monday

California State Fair is the annual state fair that takes place in Northern California in the USA. Dating back to the 1850s, the yearly celebration welcomes thousands of locals and visitors to a showcase of performances, music, exhibitions, competitions, tastings and more. The international award-winning fair has received top honors at the international association of fairs and expositions, topping more than 1100 fairs worldwide.

There will be a number of free concerts every night of the California State Fair. Keep posted for more announcements and dates.

The California State Gala is one of the most popular events of the State Fair. The annual event features an elegant evening of gourmet food, auction items, entertainment, awards, and more. In addition, to live performances, you can also pre-book farm tours and forest center tours.

The tours give visitors the opportunity to explore and interact with a one-acre forest, functioning greenhouses, and more. Other special events include the Military & Veteran Appreciation Day, First Responders Appreciation Day, and the Youth Mariachi Competition.

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Stockton Wedding Expo – International Wedding Festival

Concerts in the Pines