Redding Home Inventory Declines, Pending Sales Increase
INDUSTRY NEWS, SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS
June 16th, 2009
As we approach mid-year 2009, the local real estate market is moving along steadily. Today, the number of active home listings is 1544, down from 1552 last week. There were 1495 active listings in early January and 1886 last year at this time. Pending home sales increased to 494 today, up from 257 in early January and 397 a year ago.
Distress sales, pre-foreclosure and foreclosed homes, represent nearly half of the closed escrows year to date. 763 homes have closed escrow as reported by the Shasta MLS since the beginning of the year. Of these, 294 were REO’s (bank repo’s) and 73 were short sales. These distress sale properties combined represent 48% of the closed sales, which is comparable to the last quarter of 2008.
Only 108 of the homes listed for sale are pegged as REO’s. 222 are listed as short sales-the loan(s) against the property exceed the asking price. Many of these homes will be foreclosed upon in the coming months unless the owners negotiate a loan modification, have a short sale approved or surrender the property to the lender using a deed in lieu of foreclosure.
Homes priced under $300,000 dominate the sales activity today. More than 80% of the pending home sales fall in this price bracket. In general, the higher the price, the less likely the owner will find a buyer. Investors and first-time buyers are actively looking and buying property-taking advantage of low prices and interest rates.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
CORNER OF COURT AND PLACER IN REDDING
QUARTER CENTURY LOCAL REAL ESTATE SALES EXPERIENCE
