Real estate in Fresno County is strong and expected to continue its steady streak this year, according to a panel of local experts at the 2017 Fresno County Real Estate Forecast.
The industrial sector still leads commercial real estate. Home prices continue to rise at a healthy rate while interest rates remain low. And despite a rash of store closures, retail remains hot with new concepts and “retailtainment” hitting the area. Yes, retailtainment. More on that later.
The real estate forecast was hosted by the Fresno Economic Development Corporation on Wednesday night. Here’s what you need to know:
▪ E-commerce is leading the industrial sector thanks to Fresno’s central geographic location in the state. Vacancy is low at 6 percent. Inventory is scarce leaving buyers and tenants with few options for space, said Ethan Smith, vice president industrial Newmark Grubb Pearson Commercial.
The median home value in Fresno County is $232,900. Fresno County home values have gone up 8.4% over the past year and Zillow predicts they will rise 3.9% within the next year. The median list price per square foot in Fresno County is $157, which is the same as the Fresno Metro average of $157. The median price of homes currently listed in Fresno County is $289,900 while the median price of homes that sold is $249,500. The median rent price in Fresno County is $1,350, which is the same as the Fresno Metro median of $1,350.
Foreclosures will be a factor impacting home values in the next several years. In Fresno County 2.2 homes are foreclosed (per 10,000). This is the same as the Fresno Metro value of 2.2 and also greater than the national value of 1.6
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Fresno County is 1.4%, which is lower than the national value of 1.6%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Fresno County homeowners underwater on their mortgage is 12.1%, which is the same as Fresno Metro at 12.1%.