2013 The Year of the Seller: From a Buyer to a Seller's Market

By
Real Estate Agent with Coldwell Banker C&C Properties

2013 The Year of the Seller's Market

 

Redding Ca Housing Market finished strong in the 4th Quarter of 2012. The real estate market has officially shifted from a buyer's market to a seller's market...overnight! Sales are up quarter after quarter and inventory continues to decline but not buyer demand!

 

Shrinking Inventory

Our local MLS inventory for single family homes in Shasta County is at 550 effective the day of this report (1/24/13); 230 of those homes are located in Redding. This shrinking effect has caused home value to increase naturally; there are more buyers than we have homes for sale and that's always a good thing for the homeowner who wants to sell but not so good for the home buyer. Increased competition, bidding wars, increased prices and low selection of homes is causing some buyers to give up! Local agents resort to "out of the box" prospecting in order to match their buyer with the right home, but the process is much lengthier.

 

  • The average sales price is up from Q3 2012 and Q4 2011 to $216,633 (see "Average Sales Price" below).
  • The average price/SF is up in all categories from Q3 2012 and Q4 2011 .
  • The Federal Housing Finance Agency (FHFA) reported upbeat statistics for both Redding and the State of California.

 

Time
Period

Area

Average
Sale Price

Average
Price/SF

Price/SF
0 – 10 Yrs

Price/SF
10 – 30 Yrs

Price/SF
30+ Yrs

Q3 2011

Redding

195,797

107.01

128.68

115.07

87.89

Q4 2011

Redding

181,025

103.01

123.41

111.69

86.14

Q1 2012

Redding

191,593

104.80

137.12

108.37

86.49

Q2 2012

Redding

195,276

109.34

133.17

117.09

89.52

Q3 2012

Redding

205,356

113.74

133.47

121.67

95.86

Q4 2012

Redding

216,633

117.46

139.57

124.12

97.17

 

Forecast

 

Foreclosures in the Redding area are declining and that's a positive sign for the overall recovery of our local economy. Redding home prices rose by 7.5% last year and are expected to continue the upward trend. The median home price is now $180,000 (up from $167,000 a year ago). My recommendatinos if you're a buyer, don't wait too long to make a decision, the longer you wait, the more you will pay.

Homeowners should cease this opportunity! Given the shortage of homes on the market and increased buyer demand, this could be the very best time to sell if you have been thinking about it.

For a complimentary market analysis and to determine what your house is worth in today's market, please complete this HOME VALUE REQUEST. We respect your privacy and will keep your information confidential.

 

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Chris and Maria Jeantet, "the real estate couple"

EMAIL US maria@ccproperties.com

CALL Chris at (530) 510-0810 or Maria at (530)510-8880

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Rainmaker
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Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

HI Folks,  pretty much the same scenario here in Orange County..Thanks for sharng with us.

Jan 24, 2013 03:39 AM #1
Rainer
75,015
Alchemy Real Estate Group Seattle Real Estate
Alchemy Real Estate Group - Seattle, WA
Represent Seattle's Builders & Intelligent Clients

I am very curuios about the REdding market.  What is making it go, and who is moving in?

Jan 28, 2013 12:19 PM #2
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Rainmaker
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Chris and Maria Jeantet

Redding CA Real Estate Couple
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