The Clovis housing market sure is acting interesting. In this Clovis real estate market update for August 2019 we will examine the market trends and discuss what kind of market we are in. When we ended August, there were 181 homes sold, 196 for sale and 273 homes sold. In August, the typical home that was sold had 3 bedrooms and 2 bathrooms with an average size of 1700 sq. ft. with an average cost of $186 a square foot.
How is the Clovis Housing Market Doing?
There’s a couple ways to answer that. First we need to know which market you are talking about. The luxury market? Or maybe you mean the investor or the first time home buyer market. Each one is different. For this blog we will talk about the general overview of Clovis. To do this, we look at raw sales in terms of dollars and pricing. Looking from September 6th 2016 to September 6th 2017, there were 1840 homes sold in Clovis. The next year from 2017 to 2018 there were 1772 homes sold. That’s interesting because this is a reduction of 3%. What gets even more interesting, is from 2018 to 2019 there were 1470 homes sold. That is a reduction of 17% year over year.
Pricing is a different story. Still from September 6th 2016 to September 6th 2017 the average price was $341,000. From 2017 to 2018 the average price is $366,000. This is an increase of 13%. In 2018 to 2019 average prices went up even further to $386,000. That is an increase of 5%. This year the prices are going up, but at a slower rate. This is something that we have needed however, for a more balanced market.
A Chance for Opportunities
Right now there is a real opportunity for one market in particular, and that is people who currently live in homes that are valued at $400,000 and below. If you own a home that is valued at $400,000 and below and you want to move into a bigger home and stay there until you retire, now is the perfect time. When you want to sell your home, you want to sell it at the highest possible price. Likewise, when you buy, you want to buy at the lowest possible price. If you own a home in Clovis that is $400,000 and below, chances are you can do just that. There is a shortage of those particular types of homes. If you sell your home, because of the demand you bet on it selling quickly and for a great price!
When you then go to purchase a replacement property, chances are you will be looking for a bigger home possibly around the $500,000 range. Those homes tend to sit on the market for awhile because there isn’t a great demand for them. Nor is there great competition. It is definitely possible right now to sell your home for top dollar and get a replacement home at a great price and with a decent amount of built in equity! If you want more information on how to make that happen, give us a call!