Redding Home Prices Inch Upward
INDUSTRY NEWS, TIPS FOR BUYERS
September 15th, 2009
Bad news month after month, year after year is finally being replaced with a glimmer of hope. August sales numbers for Redding show a rebound in average home prices-something not seen since the bubble burst in 2006! A local appraiser reports stabilization and even an uptick in the average cost per square foot. It bottomed in July at $131 per square foot and has surged to $137-about where it started the year.
Concurrently, the average Redding sales price has perked up to $233,936 from $230,553. One could argue that this is just an anomally which may indeed be the case. In order for this to be a trend, prices would need to continue in the upward direction in the months ahead. This change may be due to the price range mix of properties sold in the past month.
Other evidence the market is stabilizing includes dropping inventory and the number of homes in escrow hitting a high mark last week for the year so far. Just over 250 homes were pending sale in early January compared to 525 today. Inventory peaked at 1564 in July and has dropped below 1480 today. 1331 homes have closed escrow year to date. Bank repo’s remain a significant part of home sales and inventory. Short sales- pre-foreclosure properties, also represent a significant portion of available homes for sale.
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 EXPERIENCE
