Good morning! I've attached the February Agent Metrics Report and the Tracking Sales in Fresno and Clovis Google Sheet with this email. The highlights from the Fresno and Clovis Markets are below.

• Median Sold price was UP ⬆️ from January 2024:
  • February 2024 $406,990.00
  • January 2024 $399,990.00
• 351 homes sold
  • 5.135%  FEWER ⬇️ homes sold February of 2024 than in February of 2023 (370 homes sold February of 2023 versus 351 homes sold February of 2024 that is 19 FEWER ⬇️ homes)
  • 16.611% MORE ⬆️ homes sold in February of 2024 versus January of 2024 (351 homes sold February 2024 versus 301 homes sold January 2024. That is 49 MORE ⬆️ homes sold in February than January).
• Average Days on Market:
  • Average Days on Market for homes that sold was 31 days.
    • This is FEWER ⬇️ than January 2024.
      • DOM for January 2024 was 33 days
    • For homes with no price changes the Average Days on Market is 18 days.
      • Sales Price versus Offer Price was 99.2%
    • For homes with 1+ price changes the Average Days on Market is 60 days
      • Sales Price versus Offer Price was 94.5%
• Median For Sale Price $438,812.00 versus Sold Price of $406,990.00
• 2 bank owned properties sold.
  • This is FEWER ⬇️ OREO property than in January (5).
• 406 homes went under contract.
• 465 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
    • February MSI - 1.5 Locally The National Association of REALTORS®️ 1.7
  • 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.
       

Please notice that the "Tracking sales in Clovis & Fresno" google sheet totals for the year has exceeded my forecast and revised forecast. Saying that, the local market did not reach 5000 closed units.

Articles/Interviews/Presentations that may be of interest:

This week FFB Bank brought in  Dr. Chris Thornberg, the founder of Beacon Economics, LLC to speak to FFB Bank's customers and employees. WHAT A FABULOUS PRESENTATION! I've included some of my takeaways below:

• Mortgage defaults are insanely low.
• Over the last decade we've had preposterously low interest rates.
• We are experiencing inflation because of the Federal Reserve...they have increased the money supply by 40%
  • “Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”  Milton Friedman
• The failure of Silicon Valley Bank and First Republic Banks had nothing to do with the loan portfolios  and everything to do with the Federal Reserve.
• The real issue is the narrative...the narrative is running amuck.
• Asset Prices seem overpriced...
  • PE Ratios of 31
  • Housing Prices...due to a lack of supply

Dr. Thornbeg:Website & Profile

Please give me your feedback. Let me know if you see anything on the horizon that I may be missing. FYI - 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. 

View Supporting Statistics HERE