Redding Home Prices Slip Further in 4th Quarter 2009
INDUSTRY NEWS, SHASTA COUNTY, SHORT SALES, TIPS FOR BUYERS, TIPS FOR SELLERS
January 13th, 2010
Despite news that prices have bottomed elsewhere in California, Redding home values dived nearly $4 in the average cost per square foot in the last quarter of 2009 from $133.35/foot to $129.7/foot. The average cost per square foot year-to-year dropped from $148.16/square foot in the final quarter of 2008 representing a 12% drop in value for homes in Redding for the year.
A local appraiser tracks these statistics and reports them monthly to others in the local housing industry. These numbers are for Redding only and could be higher or lower depending on each property’s amenities. Newer homes will generally sell at a higher cost per foot while older homes will sell for less. The average home size is about 1750 square feet in Redding.
The avearge home price followed suit dropping from $260,102 in 2008 to $226,466 in 2009. According to the local paper, the median price for Shasta County finished the year at $185,000. This reflects lower values in neighboring communities of Anderson, Cottonwood and Shasta Lake City. In general, smaller homes around 1000-1200 square feet will sell at a higher cost per square foot and homes over 2000 square feet will sell for less than the average. This is due to the fixed costs associated with building a home-land and permit fees, that are about the same for any sized home.
As of Monday, January 11, 2010 there are 1313 active residential listings, 377 homes pending, 165 bank owned homes listed for sale and 215 property owners attempting a short sale. The big change here is the number of bank repo’s for sale. Last year the number hovered between 100-120 from June through October. Since October, that number has crept up steadily to today’s level. Based on the number of NOD’s (Notices of Default) being filed in Shasta County, this trend is not likely to change anytime soon. Our higher-than-average unemployment rate may be to blame.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS REAL LIVING
CORNER OF COURT AND PLACER IN REDDING
MORE THAN A QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
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