In this review of the Stockton CA housing market we will take a look a 3 key housing metrics to judge how the year of 2018 went in Stockton. I'l review the total number of sales, average sold prices and the days on market indicator to evaluate the strength of this market going into 2019.
In 2018 there were 3130 homes which sold. This is an 11% drop in transactions vs 2017 which saw 3500 sales. I believe the leading cause of the decrease in sales were from two reasons. 1. In the first 4-5 months of the year, we had very low inventory of homes for sale (see chart below) which made it difficult for home buyers to find the right home. 2. Mortgage interest rate climbed in the mid to end of 2018 making it more difficult to afford the same home as in 2017.
The average sold home in Stockton in the month December 2017 was priced at $303,000. The average sold home in Stockton increased over the course of the year peaking in April and June at $327,000. A strong return. However, in the last two months of 2018, the sold home price decreased to $304,000. I fell that comparing just the two December months isn't a good indicator of the true return in 2018.
To get a better idea of the home appreciation in 2018 in Stockton Ca lets take a look at the average price per square foot statistic. Below is a 2 year chart of the average price per sq foot in Stockton CA. It show quite a positive return over the last two years. In December of 2017, the average price per sq ft was $177. In December of 2018, we ended the year at $187 per sq ft. That's an 5.6% increase in this statistic and, in my opinion, more realistic of the true appreciation we saw in the Stockton Ca real estate market.
Lastly, I wanted to show the days on market trend in Stockton. Days on market is the indicator and length it takes for a ACTIVE home on the market to go PENDING. Below is a 3 year chart of this trend in Stockton. The Days on Market in the last quart of 2017 was at 36 days. The last quarter average in 2018 it took about 40 days to sell a home.
You will notice below that in each of the last 3 years, a trend has repeated it self in the winter months of November - February, where the days on market trend increases. With the shifting housing market, this trend will be watched very closing in the coming months as we enter the spring season.
For further information or to get and idea of what your Stockton CA home is worth, contact David McKeever, Stockton Real Estate Broker and Realtor.
David is a recent recipient of the BEST REALTOR in the Best of San Joaquin awards for the years 2017 & 2018, and 5 year member of the Lodi Associations Master Club award winners.