Fresno real estate market on the way up

FRESNO, Calif. (KFSN) -- Real estate experts say the Fresno market is in a healthy position right now. They point to the number of homes available and the gradual growth in home values.

700 Homes were sold in the Fresno area last month. Experts point to the available housing inventory as one factor in that healthy assessment. We're also seeing more buyers and less investors.

The Fresno High area has several homes listed on the market. Realtor Michele Stephens has been busy showing clients some of the houses which are available.She said many buyers are drawn to older, established neighborhoods. "Older homes require a lot of maintenance and you have people that just can't do the maintenance on them anymore. You've got a lot of buyers looking to come into these areas because they appreciate the architecture. They appreciate the historical value this area has."

Some homes have been restored while others are rehabilitation projects. Patrick Prince is the incoming president of the Fresno Realtors Association. Prince said unlike a few years ago families aren't competing so much with investors. "That investor buyer has slowed down a little bit and we're finally seeing what I would consider true home ownership where the majority of our market, I would say 90-percent of our market, is traditional sellers."

Prince said the balance between buyers and sellers is close to ideal. "We're having about a three months inventory right now and a perfect market is considered four to six months so we're just a little bit erring on a sellers' market."

Interest rates remain stable and home values have increased about 5-percent in the past year. Prince calls it a stable and sustainable number.

Just a few years ago we started seeing home values rise in the double-digits. Homeowners were happy but that also had some people worried about another housing bubble.