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 |
Area |
Average |
Average |
Price/SF |
Price/SF |
Price/SF |
|
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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