Home sales: prices continue to climb in Fresno and California

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Median selling prices for single-family homes in Fresno and much of the Central San Joaquin Valley in the spring of 2021 topped the highs seen during the property boom of the mid-2000s. Yet prices in the valley remain relatively good. market relative to major California metropolitan areas.

File photo Fresno Bee

The median price of a single-family home continues to rise in Fresno, as well as in the Valley and California, hitting new all-time highs in much of the central San Joaquin Valley.

The latest data shows that there is little indication of any kind of cooldown in the market.

In May 2021, home sales in the Central Valley area, from north Sacramento to south Kern County, were up 44% from the previous year, and the median sale price – the midpoint at which half the homes sold more and half less – reaching $ 445,000 for the first time, according to data from the California Association of Realtors.

In Fresno County, the median price of a single-family home in May was $ 361,500. That’s an increase of over 22% from the median of less than $ 300,000 per year in May 2020.

Prices have also reached new highs in all neighboring counties in the valley except Madera. There, the median price fell from an April record of $ 378,000 to $ 360,000 in May – still the third highest month on record in Madera County.

The relentless rise in house prices comes as more Californians worry about the rising cost of housing. Ninety percent of Californians are concerned about house prices, according to a March report from the Public Policy Institute of California. In February 2020, in a previous PPIC survey, only 63% of state residents said housing affordability was a big issue.

That was before the coronavirus pandemic, however. In the past 15 months, the median price of a home statewide has increased by more than 41%, almost 31% in the Central Valley and almost 25% in Fresno County. COVID-19 has closed many offices, prompting employers to let their staff work remotely from their homes. people with stable incomes were hardly affected by the recession triggered by the pandemic.

Fresno-area real estate agents said earlier this year that the extended confinement of residents to their homes has made more people want to improve their living conditions. “The pandemic and the shelter-in-place orders made people appreciate their homes more,” said Don Scordino, former president of the Fresno Association of Realtors, associate broker at Realty Concepts and host of a weekly radio show. in the Fresno real estate market. . “It’s not just where they go to sleep at night. It has become the place where they go to work, where they go to school, it has become their playground.

“Last year we saw a lot of people sell their little house and buy their biggest ‘forever house’ and know they’re going to stay there. ” he added.

While demand from buyers has increased dramatically, the supply of housing has not been able to keep up. Real estate professionals report that many homes sell quickly, and often for more than the asking price, as sellers receive multiple offers for their property.

A year ago, for example, the median time a home was on the market before being sold was 13 days. Time to market is now less than half, at six days. And the average selling price is now typically 103.5% of the asking price of the seller.

But instead of continuing to decline, as it has for much of last year, that six-day figure has remained unchanged for the past three months.

Is this – with real estate experts in the Sacramento area reporting fewer homes attracting multiple offers – a possible sign of a stabilization in the market, if not a slowdown?

“My take is that the data is starting to show limits to what buyers are willing and able to pay,” University of the Pacific economist Jeffrey Michael told the Sacramento Bee earlier this month.

The Sacramento Bee contributed to this report.

Stories about Fresno Bee

Tim Sheehan, a Lifelong Valley resident, has worked in the area as a reporter and editor since 1986 and has worked at Fresno Bee since 1998. He is currently the data reporter for The Bee and covers the bullet train project in California and other transportation issues. He grew up in Madera, holds a journalism degree from Fresno State and an MA in Leadership Studies from Fresno Pacific University.
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