REDDING HOME INVENTORY LEVELS HOLDING STEADY
INDUSTRY NEWS, SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS, TIPS FOR SENIORS
September 13th, 2008
Based on data from the Shasta MLSthere are only 1887 homes for sale in the Greater Redding area. This includes some listings in Tehama County and the Intermountain communities of Burney, Fall River and Bieber.This compares to a low of 1550 last winter and nearly 2500 last summer.
Of the homes available today (active), 113 are REO’s or bank repo’s. Another 184 homes are listed as short saleswhich are preforeclosure properties. That is less than 300 distress sale properties total, or roughly 1 in every 6 homes for sale.
Other parts of the state are seeing much higher numbers of distressed properties for sale. Stockton, Modesto and portions of Sacramento are seeing 50% or more of their listings fall into these 2 categories. Despite all the doom and gloom reported by mainstream media, Redding/Shasta County have weathered the tide quite well.
The homes that are currently pending indicate bank repo’s are popular with buyers. Of the 380 homes pending, 106 are REO’s. Another 47 properties pending sale are short sales, where the owner is attempting to convince the bank to take less than is owed, in lieu of foreclosure.
Of the 1300 homesthat have closed thus far this year, 389 were bank repos and 51 were short sales. That works out to 1 out of 3 homes sold this year being a distress sale. Even though bank repos make up only 6% of our active inventory, they account for 28% of the closed sales year-to-date.
10% of the homes listed for sale are trying to finaglea short sale, yet they only represent 4% of the closed sales this year. It is safe to assume that 100% of the bank repos listed for sale will be sold sooner or later. Banks don’t want to be homeowners.
August sales figures are downright discouraging for owners trying to sell expensive homes. Not one home priced over $650,000 sold last month! In fact, roughly 80% of the homes sold in August were priced at $350,000 or less. This coincides with what I have seen in the marketplace thus far this year. Most of my clients fall into 2 categories: first-time buyers and wealthy investors paying cash. Both see a window of opportunity to buy near the bottom of the real estate cycle.
If you are considering a move, contact me:
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
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