Madera County is swimming in a nine-month supply of homes for sale, a jump from only five months at the end of last year, according to the California Association of Realtors.
Home sales in the central San Joaquin Valley fell in January helping to replenish the housing inventory which tightened in recent years as homeowners waited for prices to rise.
But it looks like homeowners — at least in Madera County — have decided its time to make a move.
“One quarter we have nothing to sell and the next quarter we have a lot to sell,” said Junia Painter, president of the Madera Association Realtors.
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“What that’s telling me is we have sellers finally showing equity sales,” she said. About “90% of the properties on the market are equity sales. We also have a large amount of construction and that’s something that is bringing activity into our county.”
In Madera, home sales dropped 39% in January compared to the month, according to the association’s monthly housing report released Wednesday. Despite the decrease in sales, Madera’s median home price jumped to $245,000 from $212,500.
A majority of the homes for sale are in the Madera Ranchos and Rolling Hills areas where houses are more expensive than those in Madera, which are about $190,000, Painter said.
In Fresno, sales of existing single-family homes fell by nearly 30% last month but increased by 3% year-over-year. Housing inventory also inched up to six months in January compared to four months in December. Normal is between six and seven months.
The median price of a single-family home in Fresno was $211,470 last month compared to $204,430 in December.