Year-to-date Activity (Redding only)
- Number of single-family homes sold as of today is 684, compared to 871 (22% less) by this time last year.
- Average sales price in Redding is approximately $288,000 compared to $327,000 a year ago (a 12% decrease in sales price).
- Days on the Market is 140 days (about 4.5 months)
Overall, home values have continued to decline and this is due primarily to the increase in short-sales and bank owned properties. Several home owners have taken their houses off the market after a 3-6 month period hoping the spring of 2009 will bring better news for the housing market. Given the time a year, we recommend you wait until the spring to sell your house (if you can). However, it may not make much difference if the level of foreclosures continue to rise. For buyers, this is a prime opportunity to buy. Waiting until next year can be a gamble if you have to get a loan because the interest rates could be much higher than they are today, not to mention the elimination of several loan programs such as seller-gifted down payments and others.
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