South Valley Home Sales Surge as Prices Jump. ‘Never Seen a Market Like This’
The Sun Gazette
Visalia residents are buying up property faster than developers can build homes.
Exeter realtor Dena Clark, president of the Tulare County Association of Realtors, said homes in the $250,000 to $300,000 range have sold the day they go on the market with as many as 18 offers. In some cases, buyers are making cash offers nearly $100,000 over the listing price.
“I’ve never seen a market like this in my 16 years here,” Clark said.
Median home prices in Visalia have increased 28% in the last year to $322,595 and are rising faster than the county (23.5%), the Valley (14.5%) and the state (22.5%), according to the Tulare County Multiple Listing Service.
The steep increase in home prices is being driven by a dwindling supply. In Visalia, supply has dwindled to just 18 days’ worth of inventory. The median number of days a home is on the market is just 10 days.
A normal healthy market is six months of inventory.