Home Sales Activity Doubles In California
INDUSTRY NEWS, SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS
March 2nd, 2009
Portions of California hit hard by foreclosures are seeing a dramatic increase in sales activity. Historically, the Redding area lags behind the state trend and local home sales have not seen a surge yet. January home sales were comparable to a year earlier in Redding/Shasta County.
The flood of foreclosures in some areas of the state has attracted bargain hunters. This is a good sign that buyers are scooping up distress sales which is a necessary step in stabilizing the real estate market. If activity continues at this pace, home sales in California could top 625,000 units by the end of the year according to an article in The Daily News.
In an effort to help sagging new home sales, the state announced a $10,000 tax credit to buyers that purchase a brand new home. This credit was pushed by a home builder association trade group. The tax credit will be spread out over 3 years or $3,333/year.
January’s median home price for the state was $254,350. This is the lowest level in eight years and $172,850 lower than a year-ago. In LA, the median price sits at $305,310. Ventura County is fairing better with a median price of $364,530. Locally, the median price for the Greater Redding area is hovering around the $200,000 mark.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
