SoCal HOME PRICES DOWN 1/3, SALES UP 2/3!
INDUSTRY NEWS, SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS
October 21st, 2008
Sales of homes are up by 65% from September last year and home prices dropped 33% year-to-year. Riverside County home sales increased 106% and prices are nearly 37% off last year’s level. San Diego County fared worse with a 50% increase in sales and a 30% price decline.
MDA DataQuick provided the data quoted today by Inman News. Half of the sales in the entire Southern California region were foreclosure properties. More than 20,000 homes sold in September compared to 12,455 in September 2007.
The President of MDA DataQuick that it is important to put this “in the proper context” referring to the fact the recent financial meltdown will be reflected in next month’s report. Numbers rolling in over the coming weeks will show any affect on demand or cancellations caused by the economic crisis.
Locally, the market has shown amazing stability with the normal drop in inventory and sales that typify the fall and early winter sales periods. Today their are 1741 homes for sale on the Shasta MLS and 370 in escrow. This compares to a peak inventory of 1919 homes in June and peak pending sales of 405 in July.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
