November Home Sales Dip In Redding
SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS
December 7th, 2009
As expected, the number of homes sold in November declined after two months of sales increases as first-time buyers bought before knowing the federal tax credit would be extended. 163 homes sold in November, up slightly from 152 during the same period of 2008. 84% of these homes sold were priced below $300,000.
Sales and listing activity slows during the holiday season. 433 homes are in escrow and 1888 homes have closed escrow year-to-date. At this pace, home sales for the year will barely reach the 2000 mark. The number of homes for sale on the Shasta MLS has dropped to 1373. Homeowners attempting a short sale currently represent 229 of the active homes listed for sale.
One other item of interest are bank repo’s (REO’s). For the first time this year the number of REO’s listed for sale is on the rise. For most of the year, the number of REO’s for sale has been consistent from one week to the next at about 120. The last three weeks has seen a steady increase to today’s count of 149 REO’s listed as available. This either is due to the seasonal slowdown in sales or the local market has passed the saturation point. Investors and first-time buyers have snapped up these properties at a steady clip in 2009.
Distress sales, REO’s and short sales represent about 44% of sales activity locally. Next year’s forecast predicts more than 50% of sales will be distress properties. Price stabilization will not occur until foreclosures drop back to historic norms.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS REAL LIVING
CORNER OF COURT AND PLACER IN REDDING
QUARTER CENTURY LOCAL SALES EXPERIENCE
I have seen that good real estate agents just about everywhere are starting to warm up to FSBO Advertising. They are recognizing that it’s in addition to placing a poster in the front place. It’s really in relation to building relationships with these traders who someday will become customers. So, while you give your time and efforts to assisting these dealers go it alone — the “Law regarding Reciprocity” kicks in. Interesting blog post.