Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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REDDING HOME PRICES HITTING BOTTOM?

SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS
January 16th, 2009

The bad news first: a review of Redding sales activity for the past 6 quarters shows a steady decline in average sales price and average cost per square foot. The good news is the rate of decline has slowed considerably from the 3rd quarter to the 4th quarter of 2008, according to a local appraisers analysis of Shasta MLS sales statistics.

The average sales price in the third quarter of 2007 was $323,302 and the average price per square foot was $186. The cost per square foot is calculated by dividing the average sales price by the average square footage of the homes sold. According to this appraisers stats, here’s the market trends for the last six quarters:

Date                             Average sales price                   Average price/square foot

Q4 2008                             $260,102                                          $148.16

Q3 2008                             $266,344                                          $150.80

Q2 2008                             $285,525                                          $158.35

Q1 2008                             $295,760                                          $163.46

Q4 2007                             $304,601                                          $170.55

Q3 2007                             $323,302                                          $186.08

Note that the drop in cost/square foot was only $2.64 from the third quarter to the 4th quarter of 2008. The previous quarter saw a drop of $7.55/square foot. The only way to know when the bottom of a market has happened is after prices start heading back up. One indicator that prices are nearing the bottom of a trough is to look at the rate of price declines, which these numbers seem to indicate is near. Whether or not the market has bottomed will be determined in the very near future.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE

This entry was posted on Friday, January 16th, 2009 at 11:53 am and is filed under SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  1. Jacques Marquez said at September 12th, 2010 at 1:04 am

    911 once more, can be by now nine many years I can nevertheless remember everthing, especially Say day, Wish the whole lot can turn out to be previous tense to me.

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