Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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Why Are there Fewer Homes For Sale in Shasta County?

INDUSTRY NEWS, SHASTA COUNTY
February 2nd, 2010

santacruz-103[1]California’s Unsold Inventory Index declined to 3. 8 months in December compared to 5.6 months in December 2008. This index is an important barometer of the overall condition of the real estate market because it indicates how long it would take to deplete the supply of homes for sale at the current sales pace.

Economists believe the reason for the sharp decline is due to “discretionary sellers” exiting the marketplace. These are homeowners that do not have to sell their homes and have decided to wait out the market on the sidelines hoping for better times.  Some believe this low inventory level is only temporary-expecting a significant rise as banks list more foreclosures for sale.

Looking back, the bottom seems to have been August of 2007 for home sales though the median price did not hit bottom statewide until a year ago. Since then, home prices in California have actually risen 8.45% to a median price of $306,820. This period also has seen 10 consecutive months of price increases.  Redding has not followed suit due to high unemployment and lack of equity refugees relocating from urban areas.

Here is a snapshot of the local real estate market:

  • The inventory of homes available for sale on the Shasta MLS today is 14% less than a year ago. 
  • The number of homes in escrow is 27% higher than last year at this time. 
  • 111 homes have closed escrow thus far for 2010.
  • 100 homes in escrow are bank-owned and 172 active listings are bank foreclosures.

More rigorous loan underwriting rules take effect at the end of March that could disqualify many local prospective home buyers. Time will tell if this has a negative impact on the number of homes for sale locally.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL LIVING REAL ESTATE PROFESSIONALS

CORNER OF COURT AND PLACER IN REDDING

MORE THAN A QUARTER CENTURY LOCAL SALES EXPERIENCE

 

This entry was posted on Tuesday, February 2nd, 2010 at 12:19 pm and is filed under INDUSTRY NEWS, SHASTA COUNTY. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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