Redding Real Estate Market Review For 2010
SHASTA COUNTY, TIPS FOR BUYERS, TIPS FOR SELLERS
January 11th, 2011
The last year of the first decade of the 21st century is in the history books. 2066 homes sold in the greater Redding area including Anderson, Shasta Lake City and unincorporated areas of Shasta County. 201 land parcels sold and 135 mobile homes sold, all but 18 were mobiles located in mobile home parks.
The number of active home listings plummeted to 1246 on New Years day. 356 homes were in pending escrows. Of the pending home sales, 125 are bank owned properties and 97 were short sales. The year concluded with 2 of every 3 home sales being distressed properties.
Speaking of distressed properties, 253 active bank-owned properties are listed for sale. That’s nearly 100 more than a year ago. Short sale listings account for 213 of the active listings. These are properties that are listed for less than what it would take to pay off the loan and closing costs.
Looking ahead, the Redding/ Shasta County area real estate market will continue to be dogged by impending foreclosures and tight restrictions on mortgage borrowing. My experiences of late indicate local institutional lenders are in a state of paralysis. Overwhelmed by loan applications for purchases and refinances, loans are taking months, not weeks to close. Regional lenders currently offer the best service as big banks flounder.
The entry level priced homes dominate sales activity. The median price hovers around $160,000 and homes priced under $350,000 represent more than 3/4 of all sales. Expect more of the same until the pace of foreclosures drops dramatically.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL LIVIVNG REAL ESTATE PROFESSIONALS
CORNER OF COURT AND PLACER IN REDDING
NEARLY 30 YEARS LOCAL REAL ESTATE SALES EXPERIENCE
Interesting facts, thanks for the update.