Redding Home Prices Slip Again?
SHASTA COUNTY, SHORT SALES, TIPS FOR BUYERS, TIPS FOR SELLERS
August 9th, 2010
After 3 quarters of relative stability, Redding home prices lost about $8/sq ft in July. Blame an onslaughtof bank-owned properties (REO’s) for the decline. The second quarter of 2010 saw a slight increase to $126.54/sq ft from $125.34 in the first quarter 2010. The last quarter of 2009 pegged the average cost per square foot at $128.08. Forty home sales for July in Redding only averaged out at $118.21/square foot.
The number of active homes for sale on the Shasta MLS for all areas of Shasta County sits at 1635 today, up from 1526 a year ago. There are 443 homes in escrow compared to 500 last August at this time. Of those pending sales, 140 are bank-owned and 119 are short sales. That works out to 58% of the pending sales being distressed properties-REO’s or short sales. Last year, 40% were distress sales.
The number of REO’s listed for sale has risen steadily from 160 the first of this year to 229 today. 1200 homes have closed year-to-date, slightly more than a year ago at this time. The Federal and State tax credits pumped up sales in the spring but have expired now leaving the market to find its own way during these difficult economic times. Record low interest rates have not motivated buyers timing their entry into the marketplace. Home equity loss due to declining values has prevented many homeowners wishing to take advantage of these rates from refinancing.
Markets elsewhere in California, specifically the coastal areas, have stabilized or experienced year-over-year double-digit appreciation noted in some areas such as San Jose. Redding is suffering under higher than average unemployment and loss of equity refugee buyers from nearby metro areas. One positive note for July is the sale and closing of 5 riverfront properties from Redding to Anderson between $405,000- $537,500!
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 REAL ESTATE SALES EXPERIENCE
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