Area Real Estate News & Market Trends

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INVENTORY UP 49%, NEW LISTINGS UP 9 BUT 12 SOLD FIRST WEEK, PENDINGS DOWN 26, CLOSINGS UP 12 AVERAGING $385, 493 OR $240.87 COMPARED TO $540,308 OR $242.64 IN 2021 SAME WEEK

CURRENT ACTIVE HOMES FOR SALE 502, 467 last week compared to 336 same week last year
85 new listings last week vs. 74 in 2021", 12 new listings went pending first week compared to 19

CURRENT HOMES PENDING AND IN ESCROW 348 total*, 357 last week, 509 last year same week

***total numbers are for the mean of Shasta/Tehama 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 FOR THE WEEK BY PRICE SEGMENT

6/14 to 6/20/2022 6/21 to 6/27/2022 vs. same week 2021

OVER $800K 7 2 2

$600-$799K+ 4 3 9

$500-$599K 10 8 23% 6 20%

$400-$499k 6 14 16

$300-$399K 19 13 26

$200-$299K 13 12 18

$100-$199K 1 4 4

UNDER $100K 0 0 0

TOTAL ............... 61 57 83

FELL OUT

OF ESCROW 13 14 5

Current weeks Active home inventory is 502 homes compared to the 336 last year. There are only 348 homes pending compared to 509 in 2021. 57 New pending sales this week with 83 in 2021, 23% over $500,000 compared to 20% in 2021 and 4 new construction went pending. There is 85 New listings compared to 74 in 2021 and 12 of those went right into escrow this year compared to 19 last year. There were 65 Closed sales for the week of which there were no new construction compared to 53 in 2021, 88% over $190 a sqft. which was 92% in 2021 and 71% were over $300,000 which was 74% in 2021. The $25 million in closed sales for the week averaged $385,493. or $240.87 a sqft. with 70 days on market compared to 2021 which was $540,308. or $252.64 a sqft. with 84 days on market same week and 2020 which averaged $350,459. or $186.82 a sqft. with 85 days on market. Conventional loans dominated with 46% of buyers, 13 cash transactions, 11 FHA and 7 VA. 34% of closings were above list price, 34% at list and 32% below list. Of the closed sales 49% of buyers braved it and requested seller credits for closing costs or repairs per transaction which was 28% in 2021. This week 14 escrows failed (22% of closings) with 5 that failed last year. Only 2 listing agents sold their own listing compared to 3 last year. This week there were 25 to high of 48 price reductions a day as sellers volley for buyers that can qualify for a loan. Stats provided by others; Today’s sellers are seeing the market cool considerably from the homebuying frenzy just months ago and need greater education in order to price their home appropriately so it won’t linger. It's still a seller's market, but buyers are regaining negotiation leverage. Those who are relocating or need to sell quickly may not have time to test a high listing price. Home sellers had gotten used to setting sky-high asking prices, and voracious buyers were eagerly bidding them up even higher—until now. As the market shifts more in buyers’ favor, over 25% of homes on the market have experienced a price drop as of mid-June, according to data from Altos Research. The monthly payment on a median-priced single-family home, assuming a 10% down payment, has risen by about $800 since the beginning of the year due to the increase in mortgage rates. Rates have jumped by 2.5 percentage points since January. Hang on

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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