September 2024 Market Update Fresno/Clovis

Attached are September’s market report. The highlights from the Fresno and Clovis markets are below.

Median Sold price was DOWN from August 2024:
September 2024: $420,000.00
August 2024: $423,336.00

• 425 homes sold
  8.42% MORE homes sold September of 2024 than in September Of 2023 (425 homes sold September of 2023 versus 392 homes sold September of 2024, that is 33 MORE homes)
  9.96% FEWER homes sold in September of 2024 versus August of 2024 (425 homes sold September 2024 versus 472 homes sold August of 2024). That is 47 FEWER homes sold in September than in August
  
• Average Days on Market:
  Average Days on Market for homes that sold in September 2024 was 27 days. This is FLAT from August 2024
  DOM for September 2024 was 27 days. For homes with no price changes, the average days on market are 14 days.
  Sales Price versus Offer Price was 99.9%
  For homes with 1+ price changes, the Average Days on Market is 51 days. Sales Price versus Offer Price was 95.8%
  
• Median For Sale Price: $439,000.00 versus Sold Price of $420,000.00
• Two (2) bank-owned properties were sold
  Other Real Estate Owned (OREO) sales are FEWER from August
  
• 428 homes went under contract.
  
• 610 new properties were listed for sale
  
• Months’ Supply Inventory of 1.8 months.
  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: 1.9 Locally, The National Association of REALTORS®️ 1.9
    • May MSI: 1.9 Locally, The National Association of REALTORS®️ 2.1
    • June MSI: 2.3 Locally, The National Association of REALTORS®️ 2.1
    • July MSI: 1.9 Locally, The National Association of REALTORS®️ 1.9
    • August MSI: 1.8 Locally, The National Association of REALTORS®️ 1.9
    • September MSI 2.3 Locally, The National Association of REALTORS®️ 2.3

  • 2023 Inventory levels 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:
      
• Home Sales on Track for Worst Year Since 1995
• You Have Homeowners Insurance. Is It Enough to Rebuild Your House? What to consider so you don’t find yourself underinsured and without the funds if you need to start over.
• High Home Prices Force Builders to Offer Mortgage Buydowns—and More
• Homeowners Hit by Helene Are in for an Insurance Claim Shock

• Why Landlords and Even Tenants Are Picking Up After Other People’s Pooches

  *Access to these articles may require subscription.