REDDING/SHASTA RESIDENTIAL SALES STATS FOR AUGUST
INDUSTRY NEWS, REDDING LIFESTYLES, SHASTA COUNTY, TIPS FOR SELLERS
September 14th, 2008
Sales data for August tallied 189 home sales for the month. That is an 11% increase compared to August 2007. 90% of those homes that sold were listed at $400,000 or less. By far the most active price range was the $200,000-$250,000 price bracket representing 27% of all sales (51 units).
If you don’t think there are any affordable homes out there, think again! 62 homes sold for less than $200,000 and 32 homes for less than $150,000. Just over 2000 homes have sold since one year ago. 47 homes have closed escrow since the beginning of the year priced less than $100,000.
The average days on market for homes sold in August was 144 days. Less than 10 months of inventory is available for homes priced under $300,000. For those homes priced higher, there is at least 13.5 months of inventory for those priced between $300,000-$350,000. The price range with the most homes for sale and the least amount of sales activity is the $550,000-$600,000 range, with a 47 month supply.
The market is both good and bad depending on the price range you focus on. In my opinion, the market overall will not stabilize until inventory levels average a 6 month supply. This will occur when inventory levels drop to the 1000-1200 range. Pending sales will need to perk up to about 600 pendings at any given moment in time. Yearly sales volume will need to be closer to 3000 units.
If you need to know whether buying or selling is a good idea at this point in time, contact me:
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
