What’s Happening in the Fresno Area Real Estate Market?
Mortgage rates began climbing over a year ago. Although rates still vary each week, they are now somewhat stable, and it appears buyers are adjusting to the new reality of higher mortgage rates. Fresno Multiple Listing Service preliminary data for May 2023 indicates that inventory remains low, with less than 2 months of housing inventory. Note that home sales in May decreased considerably year over year, but increased compared to April. Low inventory indicates we are still in a sellers’ market. Sales prices are higher than the previous month (April) and a little lower than May of last year.
When people ask me about this market, I explain that actual results vary by location, price point, condition, and the marketing of homes (including choice of realtor and seller pricing decisions).
Real Estate Market Trends: Fresno Multiple Listing Service (Preliminary Data for May 2023)
Trend May 2023 April 2023 May 2022
Homes Sold 799 733 1053
Homes For Sale 1391 1284 1300
Average Sold Price $449k $417k $453k
Average Active Price $554k $569k $566k
Average Price
Per Square Foot $242 $231 $247
Average Days
On Market 41 days 47 days 16 days
Months of
Inventory 1.7 months 1.7 months 1.2 months
We Get Results: Consider the Last Six Homes We Listed (In Reverse Order)
Address Sales Price Original List Price Days on Market Offers
5694 N Nantucket 93704 $455,000 $442,000 (102.94%) 6 06
93704: average sales price as percentage of list price = 99%; average days on market = 31 (May 2023).
This is the 3rd highest price per square foot in the history of this neighborhood. We also sold the home with the 2nd highest price per square foot in the history of this neighborhood.
4162 N Milburn 93722 $264,000 $235,000 (112.34%) 3 33
93722: average sales price as percentage of list price = 101%; average days on market = 17 (May 2023).
7023 N Oratorio 93711 $351,000 $345,000 (101.74%) 5 07
93711: average sales price as percentage of list price = 96%; average days on market = 57 (April 2023).
We sold this home for the highest price per square foot in the history of its HOA, and for $5,000 over appraised value.
1601 W Saginaw 93705 $270,000 $250,000 (108%) 9 13
93705: average sales price as percentage of list price = 98%; average days on market = 37 (April 2023).
727 Bodega Avenue 93245 $360,000 $350,000 (102.86%) 4 02
93245: average sales price as percentage of list price = 96%; average days on market = 32 (January 2023).
3073 W Oleander 93706 $430,000 $425,000 (101.18%) 4 01
93706: average sales price as percentage of list price = 94%; average days on market = 38 (September 2022).
We sold this home for the highest price per square foot in the history of its neighborhood.
Our strategy helps sellers price their homes with maximum results and minimum stress. As a result, most of our listings sell fast and they sell for over asking price. We crush the Fresno Multiple Listing Service averages in both categories. This works because homes generally do NOT gain value by sitting on the market and because homes that are priced correctly draw multiple offers. We do the necessary research to guide homeowners to make the right pricing decision. The sellers we represent get the best price outcome, and they do not have to make their homes available for constant showings week after week. That is the advantage of Thoughtful Real Estate.