August 2024 Market Update Fresno/Clovis

The highlights from the Fresno and Clovis markets are below.

• The median sold price was up from July 2024:
  
  • August 2024: $425,000.00
  • July 2024: $416,500.00
• 465 homes sold
  
  • 7.39% more homes sold in August of 2024 than in August of 2023. 433 homes sold in August of 2023 versus 465 homes sold in August of 2024; that is 32 more homes.
  • 10.06% fewer homes sold in August of 2024 versus July of 2024 (465 homes sold August of 2024 versus 517 homes sold July of 2024). That is 52 fewer homes sold in August than in July.
• Average Days on Market:
  
  • Average Days on Market for homes that sold in August 2024 was 27 days.
    
    • This is up from July 2024.
      
      • DOM for July 2024 was 26 days.
  • For homes with no price changes, the average days on market are 14 days.
    
    • Sales Price versus Offer Price was 99.4%.
  • For homes with 1+ price changes, the average days on market are 48 days.
    
    • Sales Price versus Offer Price was 94.2%.
• Median For Sale Price: $430,745.00 versus Sold Price of $425,000.00
• Four (4) bank-owned properties were sold.
  
  • Other Real Estate Owned (OREO) sales are flat from July
• 508 homes went under contract.
• 631 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
  • 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. Why a Fed Rate Cut Won’t Solve the Housing Wealth Gap
2. Americans Are Falling Behind on Bills, Alarming Wall Street
3. How California’s Rent Control Hurts Renters

4. The New Housing Inflation Scapegoat Biden’s antitrust cops spy conspiracy in a price discovery tool.

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