April 2024 Market Update: Fresno/Clovis

• Median Sold price was UP from March 2024:
  
  • April 2024 $421,945.00
  • March 2024 $410,000.00
• 428 homes sold
  
  • 1.65% FEWER homes sold April of 2024 than in April of 2023 (435 homes sold April of 2023 versus 428 homes sold April of 2024. That is 7 FEWER homes)
  • 1.61% FEWER homes sold in April of 2024 versus March of 2024 (428 homes sold April of 2024 versus 433 homes sold March of 2024. That is 5 FEWER homes sold in April than March).
• Average Days on Market:
  
  • Average Days on Market for homes that sold was 29 days.
    
    • This is FEWER from March 2024.
      
      • DOM for March 2024 was 32 days
  • For homes with no price changes the Average Days on Market is 14 days.
    
    • Sales Price versus Offer Price was 100.5%
  • For homes with 1+ price changes the Average Days on Market is 64 days
    
    • Sales Price versus Offer Price was 93.1%
• Median For Sale Price $449,250.00 versus Sold Price of $421,945.00
• 1 bank owned properties sold.
  
  • Other Real Estate Owned (OREO) sales are DOWN from March.
• 452 homes went under contract.
• 605 New Properties were listed for sale.
• Months’ Supply Inventory of 1.5 months.
  
  • 2024 Inventory levels
    
    • January MSI - 1.6 Locally versus The National Association of REALTORS®️ 2.1
    • February MSI - 1.7 Locally The National Association of REALTORS®️ 1.8
    • March MSI - 1.5 Locally The National Association of REALTORS®️ 1.5
    • April MSI - 1.5 Locally The National Association of REALTORS®️ 1.6
  • 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.

Articles/Interviews/Presentations that may be of interest:

1. Housing Market Slumps As Mortgage Rates Top 7%
   
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2. Stubbornly High Rents Prevent Fed From Finishing Inflation Fight
   
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3. Sky-High Housing Costs Propel Construction of Rental Homes
   
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4. How to Pay for a Home Renovation
   
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5. Homes are Overvalued in Most of The US