November 2023

• Median Sold price was UP ⬆️ from October 2023:
  • November 2023 $410,000.00
  • October 2023 $400,000.00
• 334 homes sold
  • 21.78% FEWER ⬇️ homes sold November of 2023 than in November of 2022 (427 homes sold November 2022 versus 334 homes sold November 2023 that is 93 fewer homes)
  • Through November of this year a total of 4622 single family, condo, and planned unit development (PUD) residences were sold in the cities of Fresno and Clovis. As a reference, through November of 2022 5975 single family, condo, and planned unit development (PUD) residences sold and through November of 2021 7096 single family, condo, and planned unit development (PUD) residences sold.
  • 21.04% FEWER ⬇️ homes sold in November 2023 versus October of 2023 (334 homes sold November 2023 versus 423 October 2023. That is 89 fewer homes sold in November than October).
• Average Days on Market:
  • Average Days on Market for homes that sold was 22 days.
    • This is UP ⬆️ from October 2023 (DOM for October 2023 was 19 days)
  • For homes with no price changes the Average Days on Market is 13 days.
    • Sales Price versus Offer Price 100.10%
  • For homes with 1+ price changes the Average Days on Market is 40 days
    • Sales Price versus Offer Price - 95.40%
  • Median For Sale Price $430,000.00 versus Sold Price of $410,000.00
  • 2 bank owned properties sold.
    • This is Fewer  ⬇️  OREO property than in October (6).
    • The Mortgage Bankers reported California's Q2 of 2023 mortgage delinquency rate was 2.4%. Q1 of 2023 was 2.1%. Just slightly up.
  • 338 homes went under contract.
  • 423 New Properties were listed for sale.
  • Months’ Supply Inventory of 2.1 months.
    • October 2023 there was 2.0 months’ supply.
    • Inventory levels have fluctuated this year (2023).
      • 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 - 2.1 Locally versus The National Association of REALTORS®️ 2.2.
    • 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.
       

Please notice on the "Tracking sales in Clovis & Fresno" google sheet through November the local market has exceeded my revised forecast for the number of sales in Clovis and Fresno. With one month left in the year I believe we will exceed my original forecast of 4,763 closed units (SFR, Condos and PUDs) for Clovis and Fresno. I do not believe we will reach 5000 units closed.

Articles/Interviews that may be of interest:

1. There are not enough houses to satisfy demand, says NAR's Tracy Kasper - Link
2. The Rise of the Forever Renters - Link
3. Despite Record Home Prices, Housing Is About to Drag Inflation Down - Link
4. How the Housing Market Slowdown Is Rippling Through the Economy in Five Charts - Link

Please give me your feedback. Let me know if you see anything on the horizon that I may be missing. Also, for the investors and appraisers out there, my team and I track local residential and residential multi family market rents. If we can provide you with our research don't hesitate to reach out.