Area Real Estate News & Market Trends

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INVENTORY UP 23%, NEW LISTINGS DOWN 15, PENDINGS DOWN 13, CLOSINGS UP 11 AVERAGING $370,864 OR $231.06 A SQFT COMPARED TO $375,884 OR $222.66 SAME WEEK LAST YEAR, NEW BUILDS OFFERING CONCESSIONS

CURRENT ACTIVE HOMES FOR SALE 557, 578 last week compared to 454 same week last year
53 new listings last week vs. 68 in 2021", 8 new listings went pending first week compared to 16 last year

CURRENT HOMES PENDING AND IN ESCROW 255 total*, 260 last week, 454 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

9/20 to 9/26/2022 9/27 to 10/3/2022 vs. same week 2021

OVER $800K 0 0 3

$600-$799K+ 3 4 4

$500-$599K 4 2 12% 2 14%

$400-$499k 9 15 10

$300-$399k 15 15 24

$200-$299K 11 9 13

$100-$199K 2 4 4

UNDER $100K 0 0 0

TOTAL ............... 47 51 64

FELL OUT

OF ESCROW 10 8 21

Current weeks Active home inventory is 557 homes compared to the 454 last year. There are only 255 homes pending compared to 433 in 2021. There was 53 New listings compared to 68 in 2021 and 8 in escrow first week this year compared to 16 last year. There were 51 New pending sales this week of which 2 was new construction, (remember we have 54 newly constructed homes active on the market,) compared to 64 in 2021, 12% over $500,000 compared to 14% in 2021. There were 60 Closed sales for the week which there was 3 new construction compared to 64 in 2021. 84% over $190.00 a sqft. which was 81% in 2021 and 73% were over $300,000 which was 61% in 2021. Of the $22 million in closed sales for the week that averaged $370,864. or $231.06 sqft. with 72 days on market compared to 2021 which was $375,884. or $222.66 sqft. with 66 days on market same week and 2020 which averaged $375,435. or $203.83 a sqft. with 76 days on market. 36 Conventional loans dominated with 60% of buyers with 16 all cash transactions, 7 FHA, 0 VA and 1 Owner Carry. 17% of closings were above list price, 23% at list and 60% below list. Of the closed sales 45% of buyers braved it and requested seller credits for closing costs or repairs per transaction which was 55% in 2021 which was a lean sellers market. This week 8 escrows failed (13% of closings) with 21 that failed last year. We had 2 listing agent that sold their own listing compared to 1 last year. Price reductions are still chasing the market as intertest rates rise. This was one of the hottest subdivisions behind Walmart, the listing agent sent this email to 700 local agents on October 3, 2022; Stunning brand new homes with the best views in Shasta County! Skyview Estates Developer is now offering:* 3% Selling Agent Commission* $5,000 Selling Agent Bonus for any homes that close escrow on or before December 15, 2022 * 3% Seller Closing Cost Credit for Buyers! * $10,000 price reduction - prices were just slashed in the subdivision! This subdivision has not closed a home since July, current 8 active new homes average $535,900 or $298.00 a square foot. The increase in interest rates almost 7% has made it challenging for buyers entering into the market right 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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