Redding Real Estate Prices Stabilizing?
HOME LOANS, INDUSTRY NEWS, SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS
June 7th, 2010
According to one Redding appraiser who tracks average home prices, prices are slowly ticking upward. The low point since the bubble burst in 2006 was March with 91 home sales with an average sales price of $203,830 or $121.08 per square foot. May saw 99 home sales averaging $214,352 or $124.6 per square foot. It would not be unreasonable to say the market is showing signs of stability especially if we’re talking about entry level homes priced below $250,000.
Inventory of available homes on the Shasta Multiple listing service is 1552 today, up from early January’s low of 1301. Pending home sales sit at 467 today, down from the peak of 529 the first week of May. This is likely due to the rush to buy before federal tax credits expired at the end of April. Closed sales for residential properties in 2010 total 824 units thus far.
Nearly 200 homes listed for sale are bank-owned homes, an all-time high for this market cycle. Another 248 homeowners are short sales or pre-foreclosure homes. 141 bank-owned properties are in escrow. 137 short sale listings are also in escrow. These two categories of distress sales represent 60% of the pending sales activity but less than 30% of the active listings.
Shasta County is still experiencing a high number of properties working their way through the foreclosure process. Unemployment is dropping slightly but remains nearly double the national average. Mortgage rates dropped unexpectedly due to European financial turmoil causing investors to move money into US securities. The 30-year fixed rate is around 4.75%!
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 25 YEARS LOCAL SALES EXPERIENCE
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