Area Real Estate News & Market Trends

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INVENTORY STILL ON A CLIMB, NEW LISTINGS DOWN 31% WITH ONLY 13 PENDING FIRST WEEK, PENDINGS DOWN 9, CLOSED MATCH 2020 AVERAGING A HUGE $420,545 OR $241.15 A SQFT. COMPARED TO $349,478 or $198.41 LAST YEAR

CURRENT ACTIVE HOMES FOR SALE 424 total, 440 last week, 405 same week last year

"56 new listings last week vs. 81 in 2020", only 13 new listings went pending first week

CURRENT HOMES PENDING AND IN ESCROW 463 total*, 468 last week, 586 last year same week

***total numbers are for Shasta County Residential sales only, East to Whitmore, north to Lakehead and West to Igo, South to Hooker Creek which is a portion of Tehama County

NEW PENDING PROPERTIES BY PRICE SEGMENT

9/7 to 9/13/2021 9/14 to 9/20/2021 vs. same week 2020,

OVER $800K 1 2 1

$600-$799K+ 2 6 5

$500-$599K 8 5 8

$400-$499k 7 11 13

$300-$399K 27 26 26

$200-$299K 12 19 21

$100-$199K 8 2 10

UNDER $100K 0 2 0

TOTAL ............... 68 76 87

FELL OUT

OF ESCROW 19 13 27

Home inventory again exceeded 2020 same week last year softening prices resulting in price reductions but buyers fueled by historically low interest rates. Currently there are 424 active homes for sale which we had 405 in 2020. 463 pending which we had 586 in 2020. Only 76 new pending sales this week down from 87 in 2020. Only 56 new listings for the week compared to 81 in 2020 and 13 of those went right into escrow. Only 59 closed sales for the week with 60 in 2020, amazingly 88% of homes sold for over $190.00 a sqft. which reflects in higher prices with 68% in 2020, a huge jump to 80% sold for over $300,000 which was 60% in 2020 and 71% in last week. Conventional loans dominated 68% of buyers, 7 cash transactions, 8 FHA and 3 VA. Of the just over $24 Million in closed sales for the week with an average dropped deeper to $420,545. or $241.15 a sqft. with 71 days on market compared to 2020 which was a similar $349,478. or $198.41 sqft. and 109 days on market same week. Only 32% of buyers braved it and requested seller credit them for closing costs or repairs which was 49% in 2020. This week only 12 escrows failed and 2 agents sold their own listings this week which is called "Double Ended". 29% of sellers got list price and 29% got over list price and 29% of sellers sold under list price. New listings consisted of 3 over $1 million and 2 pendings were over a $1 Million. Region wide by others; Housing demand in California tempered for the fourth consecutive month in August as home sales returned to pre-crisis levels, but the statewide median home price set another record high, C.A.R. recently reported. August’s sales pace was down 3.3 percent on a monthly basis from 428,980 in July and down 10.9 percent from a year ago, when 465,400 homes were sold on an annualized basis. After taking a breather in July, California’s median home price set a new record in August at $827,940 — the fifth record set in six months. The August price was 2.1 percent higher than the $811,170 recorded in July and 17.1 percent higher than the $706,900 recorded last August.

Hang on, the heat and smoke has left us for now

Call GENESIS Real Estate today!

Don J. Wilkins

Certified Probate & Seniors specialist

Broker- #01229994

direct 530-227-9639

fax 530-214-3484

3335 Placer St. #227

Redding, CA 96001

donwilkins@shasta.com

http://www.GENESISRealEstate.org

"Home to New Beginnings"

July 31, 2017

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