Homes in excess of $1.1 million continue to sell in the Manteca-Lathrop market despite a slowdown in overall sales — especially for existing homes.

The sale of existing homes in Manteca during April numbered 38.

That’s down 40 percent from the number of previously owned homes sold in April 2022.
While the price of existing homes closing escrow were down as well, it was only a 6 percent drop going from the April 2022 median of $622,500 to $584,000 for last month.

Both the drop in the price of closed deals and the number of homes sold were steeper in Manteca thant nationally.

The National Association of Realtors reported April sales of existing homes were down 3.4 percent in year-to-year comparisons while the median closing price was down 1.7 percent to $388,800.

The national median of $388,800 was $195,800 lower than the median of existing homes in Manteca that closed escrow.

Houses that sold last month in Manteca were on the market for 60 days. That compares to 41 days in April 2022

There are segments of the existing housing market that is showing more resilience than other price ranges.

As an example, eight homes closed escrow for between $800,000 and $899,999 last month within the city of Manteca as well as Oakwood Shores — a gated community with manmade lakes on Woodward Avenue west of McKinley Avenue.

So far this month, there are six existing homes in the $800,000 to $899,999 range that have pending offers.

The two of the three most expensive area tract homes — existing and new construction — that have accepted offers this month are in River Islands at Lathrop.

A six bedroom, 6.5 bathroom home with 4,300 square feet on a 6,490 square foot lot in the 17000 block of Taft Drive in River Islands has a pending accepted offer of $1,299,999. That is $189,900 under the original listing price.

There is a four bedroom, 3.5 bathroom home with 3,2854 square feet on a 7,521 square-foot lot in Oakwood Shores that is pending at $1,250,000. The existing  home  almost received the full asking price as the accepted offer is $40,000 under the list price.

The highest priced new tract home that went into escrow so far this month is in the 2800 block of Wylin Boulevard, also within the 15,001-home planned community of River Islands.

The five bedroom, 4.5 bathroom, 3,496 square foot home on a 6,090 square foot lot is pending at $1,146,800

To contact Dennis Wyatt, email dwyatt@mantecabulletin.com