Good morning! 

Attached with this email, you'll find February’s Agent Metrics Report, the Tracking Sales in Fresno and Clovis Google Sheet, my commentary,  and a book suggestion. I hope you find the information useful.

Highlights from the Fresno and Clovis real estate’s markets are below: 

• Median Sold price was UP ⬆️ from January of 2025:
  
  • February 2025 $426,995.00
  • January 2025 $420,000.00
• 340 homes sold:
  
  • -8.8472% FEWER  ⬇️  homes sold February of 2025 than in February of 2024 (373 homes sold February of 2024 versus 340 homes sold February of 2025 that is 33 FEWER  ⬇️ homes)
  • 6.9182 % MORE ⬆️ homes sold February of 2025 than January of 2025  (318 homes sold January of 2025 versus 340 homes sold in February of 2025)
• Average Days on Market:
  
  • Average Days on Market for homes that sold in February 2025 was 42 days.
    
    • This is MORE ⬆️ than January 2025. DOM for January 2025 was 41 days.
  •  The Average Days on Market for homes with no price changes was 25 days.
    
    • Sales Price versus Offer Price was 99.2%
  •  The Average Days on Market for homes with 1+ price change was 74 days
    
    • Sales Price versus Offer Price was 95.1%
• Median For Sale Price $435,00.00 versus Sold Price of $426,995.00
• NO (0) bank owned properties sold:
  
  • Other Real Estate Owned (OREO) sales were DOWN  ⬇️ from January.
• 429 homes went under contract.
• 558 New Properties were listed for sale. 
• Months’ Supply Inventory of 2.2 months.
• 2025 Inventory levels:
  • January MSI - 2.5 Locally versus The National Association of REALTORS®️ 3.1
  • February MSI - 2.2 Locally versus The National Association of REALTORS®️ 2.8
• 2024 Inventory levels:
  
  • January MSI - 1.9 Locally versus The National Association of REALTORS®️ 2.6
  • February MSI - 2.1 Locally The National Association of REALTORS®️ 2.2
  • March MSI - 1.8 Locally The National Association of REALTORS®️ 1.8
  • April MSI - 2.0 Locally The National Association of REALTORS®️ 2.0
  • May MSI - 2.0 Locally The National Association of REALTORS®️ 2.2
  • June MSI - 2.4 Locally The National Association of REALTORS®️ 2.1
  • July MSI - 2.1  Locally The National Association of REALTORS®️ 2.0
  • August MSI 2.1 Locally The National Association of REALTORS®️ 2.2
  • September MSI 2.7 Locally The National Association of REALTORS®️ 2.6
  • October  MSI - 2.4 Locally The National Association of REALTORS®️ 2.6
  • November  MSI - 2.7 Locally The National Association of REALTORS®️ 2.5
  • December MSI - 2.7 Locally The National Association of REALTORS®️ 2.4  

The Fresno and Clovis markets still have low levels of inventory (although they are increasing).

My Commentary: 

Should laws and policies be set in stone? Are there times when they should be suspended, revised, or even rewritten? Recently, Californians watched as the Mayor of Los Angeles and Governor Gavin Newsom suspended the California Environmental Quality Act (CEQA) and the California Coastal Act, fast-tracking permits for homes lost in the Altadena and Palisades wildfires. These fires devoured over 12,000 structures, leaving communities in ashes and prompting swift action.

The Mayor and Governor wield this authority by virtue of their elected roles. Under the California Emergency Services Act, they can declare a state of emergency “to mitigate the effects of natural, manmade, or war-caused emergencies that result in conditions of disaster or extreme peril to life, property, and the resources of the state, and generally to protect the health, safety, lives, and property of the people” (California Government Code Section 8550). The wildfires undeniably met this threshold!

But what about California’s housing shortage? I’d argue it’s a “manmade emergency” of equal weight. Does it justify a state of emergency? Perhaps not yet—but consider the stakes. When the middle class vanishes, when renters vastly outnumber homeowners, or when employers lose workers because homeownership slips beyond reach, will we then act? Must the Governor wait for these tipping points, or should he preempt the collapse?

The middle class in the United States, and California in particular, is distinctive. It’s a bedrock of our identity—diverse, resilient, and tied to the promise of stability through homeownership and opportunity. If we value this pillar of society, perhaps it’s time for decisive action to preserve it. Laws and policies aren’t sacred relics; they’re tools. When they fail to serve, as with CEQA stalling housing or Coastal Act rules delaying recovery, suspension or reform becomes necessary. The wildfires proved it. The housing crisis might demand it next.

Articles/Interviews/Presentations/Books that may be of interest:

Stuck by Yoni Appelbaum

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