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.

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