REDDING HOME SALES UPDATE
SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS
November 8th, 2008
According to a local appraiser, who regularly shares his market statistics with me, October stats contained both good news and bad news about the local real estate market.
There were 104 home sales for the month of October with an average sales price of $234,541. This sales price average is slightly higher than the median price of $212,500, recently quoted in the local paper. The average sold price per square foot was $146.40. The good news is this is about the same as September. That hasn’t happened in about a year. The bad news, on average, prices have been declining 1.3% per month this year.
Looking at the 2-month period of September-October 2007 to 2008, 30 more homes closed escrow this year than last year. Another positive sign is the number of Notices of Default, the precursor to foreclosure, dropped dramatically in California from 121,673 in the 2nd quarter to 94,240 in the third quarter.
Prices are down, sales are up, and the tide of foreclosures is waning. The federal housing stimulus package has not kicked in yet but the future looks brighter for the ailing housing industry!
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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