Redding Home Prices May Have Hit Bottom
INDUSTRY NEWS, SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS
May 9th, 2009
A local appraiser pointed out the fact that the average cost per square foot for April was the same as the average for the first quarter of 2009. This could mean that prices have settled for now at $136/square foot. Heretofore, prices have steadily dropped since their peak in mid-2007.
These averages include a large number of distress sales, or as the appraiser stated “some are just downright fire sales” !
He goes on to state these averages don’t necessarily reflect the overall market, which has a large variety of homes that differ in many ways from these distress sale properties. Thirty five new homes sold with an average price of $291,974 which averaged $155/square foot.
Specific amenities will raise the value. Swimming pools, outstanding views, extra garage space or quality workmanship will add value over the homes lumped together and averaged out. However, even the best of the bunch rarely push the cost per square foot above $200. During the height of the market bubble, $200/square foot was a base point for most properties.
Looking ahead, time will tell if the steep increase in March foreclosure filings in Shasta County will impact home prices in the coming months.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
CORNER OF COURT AND PLACER
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
