Redding 3rd Quarter Home Stats
INDUSTRY NEWS, SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS
October 7th, 2009
Home values in Redding continue to bounce up and down indicating the market is still searching for a bottom. Home prices averaged $233,500 in the first quarter, then up to $244,700 in the second quarter but down to $232,900 for the quarter that ended in September. The average square footage for a home in Redding was 1734 and the average cost per square foot was $134 for the 3rd quarter.
The number of home sales continues to increase and the average sales price and cost per square foot remains relatively steady for the year. The vast majority of home sales are in the lower price ranges. In August, 92% of sales activity occurred in the under $350,000 price range.
The high end of the Redding real estate market has seen a dramatic drop in sales and prices. For example, a home in Old Shasta listed originally at $2.3 million closed escrow recently at $870,000. Another home south of Redding with a river view was listed at $2.5 million, foreclosed upon and sold by the bank for $675,000. Another high end luxury home originally listed for sale at $1.895 million was foreclosed upon in Sunst Hills near Cottonwood and is now listed at $824,000.
Overall, 2009 is shaping up to be a better year for the number of units sold, but home prices have dropped by double digit numbers. First-time buyers that haven’t bought yet are well-advised to jump in and buy now before the $8,000 federal tax credit expires at the end of November. These buyers should be in contract by mid-month to have the best chance of beating the deadline.
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 SALES EXPERIENCE
