Redding Home Prices Dip In October
INDUSTRY NEWS, SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS
November 3rd, 2009
For most of this year, Redding home prices have hovered around $135 per square foot but dipped to $129 in October. These averages are for Redding only and do not represent Anderson, Shasta Lake or Shasta County. The average home price dropped accordingly to $212,988, about $30,000 less than the 2nd quarter average of $244,718.
On a more positive note, the number of homes sold is up from last year. The majority of sales are for homes priced under $250,000. Of the 195 homes sold in September, 145 were priced under a quarter million.
This week, there are 1424 active home listings, 497 homes in escrow, 126 bank owned homes for sale, 241 sellers trying sell short and 1659 closed escrows year-to-date. The number of Shasta MLS member agents has declined from nearly 1200 at the peak in 2006 to 865 today.
Interest rates remain at about 5% for a 30-year fixed-rate loan. FHA remains one of the most popular loans for first-time buyers. Investors are also buying distressed properties to be fixed up and rented or rehabbed and resold. A few buyers are buying up and down or relocating due to job opportunities elsewhere.
The federal tax credit has been cited with helping sales this year and efforts are underway to extend the program into Spring of 2010.
Contact me if you have any questions regarding buying or selling in today’s market.
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
