Area Real Estate News & Market Trends

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25 HOMES WENT PENDING FIRST WEEK LISTED, 4 HOMES PENDING OVER $800,000, CLOSED SALES DOUBLE 2019, ACTIVE INVENTORY HALF OF 2019

CURRENT ACTIVE HOMES FOR SALE 425 total*again a record low, 430 last week, 798 same week last year

"65 new listings last week vs. 79 in 2019", 25 new listings went pending first week

CURRENT HOMES PENDING AND IN ESCROW 586 total*, 610 last week, 459 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

7/21 to 7/27/2020 7/28 to 8/3/2020 vs. same week 2019,

OVER $800K 1 4 1

$600-$799K+ 0 1 2

$500-$599K 4 3 6

$400-$499k 21 7 5

$300-$399K 22 29 27

$200-$299K 34 30 34

$100-$199K 8 6 10

UNDER $100K 1 1 3

TOTAL ............... 94 84 92

FELL OUT

OF ESCROW 16 12

Currently there are 425 active homes which is half 2019 stats, 686 pending which we had 459 in 2019. 65 new listings for the week and 25 went pending the first week listed, 79 in 2019. 86 closed sales for the week with 45 in 2019, 52% of homes sold for over $190.00 a sqft. 27% in 2019, 36% sold for over $300,000 with 37% in 2019. Conventional loans dominated again with 62% of buyers, 6 cash transactions, 13 FHA, 10 VA and 3 USDA. 94% of buyers needed a loan thus these homes required an appraisal of value. Of the just over a huge $30 million in closed sales for the week 58% of buyers got credits from sellers at close of escrow for buyers closing costs, this weeks sales average increased to $354,781.00 or $195.59 a sqft. with 87 days on market. This week 12 escrows failed and only 1 listing agent sold their own listings this week which is called "Double Ended". 47% of sellers sold under list price and 23% got list price and 30% got over list. Some areas are reporting buyers buying homes sight unseen, as-is, agents are providing detailed videos and photography that are acceptable to a buyer with this current pandemic and competition. The current Pandemic may drive the baby boomers out of the congested more vulnerable City life sooner than later. Its evident that escrows are finally closing after lenders are scrutinizing loans and the impact of the Pandemic to their income. Rental companies are reporting an influx of renters from out of the area that are specifically working from home. Times are changing, Stay safe

Thank you

Call GENESIS Real Estate today!

Don J. Wilkins

Certified Probate, Trust & 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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