October Market Update

Hey everybody. Jon Sump here with The Home Brokerage bringing you our latest market update for October, which basically covers all the steps I've come in for up through, I believe it's the 19th of September that we'll be talking about right now and the overall market. One of the things we're going to do is you're going to be seeing a lot of slides as we go through here. And I'm leaving a little bit of time on the slides so you can actually see the numbers if you'd like the numbers. But you'll see from this first slide here, we're still basically a sellers market.
What that means is the inventory is still really low compared to where it should be. I think we're probably somewhere in the neighborhood of 25 to 40% of the inventory we should have right here. If you'll notice here on this slide, we have a number of homes for sale at that time, for September, was about 737. The number of homes sold was about 355. And the number of homes that went into escrow was about 399. So as you can see we're running with some really tight numbers as where they should be. The average price per square foot stayed pretty consistent, although it is going up still. If you look at this next slide it's gone basically from a year ago at $198 a square foot average for Stockton and Lodi to $210 a square foot as of September.
So our value's still increasing but because we don't have very much inventory. But it's not a huge increase, it's still a good increase. The next slide that you're going to see here is regarding the days on the market. You'll see right here, our days in the market is averaging right around 35 days, which is pretty decent. That's for most homes, the overall average. And the percentage of listing price to sold price, as you'll see up here, is at 97%. So we put a home on the market, they're selling an average of 97% of what they're asking for. We have, our numbers are way better than that, but that's what the average is going on in MLS.
The other thing you're going to notice on this next slide coming up here is the average for sell price is depreciating. So asking prices are starting to come down, but the sold price is appreciating. So we're starting to see that where the two lines come together, they're going like this, they're trying to come together now. But the asking price for September average was 424 is the average homes for sale. But the homes that actually sold average was 364. So that doesn't mean that they're buying a home that's 424 for 364, what that means is there's a lot more houses above the 424 range than there is below it. And that's pretty much what's going on is right now we have a huge, our inventory shortage is really showing up in the mid to low range, but the higher end homes basically 400 and above, is having a lot of competition with all the new homes going on.
And along the eight mile road corridor in Lodi and whatnot around the Stockton area, because most of those homes start at 400 and go up from there. So that is causing a little bit of a slowdown between the 400 and $500,000 range and up is slowing down. But the median sold price though still is up just a little bit, about 2% from last year at this time. The next slide you're going to see here, this is exactly, well don't put slide up yet Don. First, what you got to understand about the, why I say it's a sellers market. So you basically, if it's a market that has, a buyers market is anything about four to six months of inventory. A neutral market is between three to four to five months. And a seller's market is zero to three months. And right now as you'll see on this slide here, we're at 2.1 months.
Now that's come up quite a bit from August and even going back to May, but if you look at the slide, we're teetering back and forth between a neutral market and a sellers market because of the inventory shortage. So with all of that said, let's see. The last thing I wanted to cover was what interest rates are doing today. Just got off the phone with my lender and he indicated that as of right now, conventional loans are being quoted on average about three and a half percent but FHA loans are at three and a quarter. That's 3.25. So if you're thinking about buying, it's a phenomenal time because of interest rates. You're thinking about selling depending on your price range, it's a great time to sell. And if you're thinking about moving up, so selling your home and buying the next one, it's perfect timing, just like my computer for you to do that right now. Any questions or concerns, feel free to call me anytime. Don't forget to like, share, check out our YouTube channel and make it a great day.