This is a follow up to yesterday’s post about David Benda’s recent article in the Record Searchlight about our local housing sales. I pulled this data from the Shasta MLS and put it in graphic form to illustrate the trends.
For sale now in the Shasta MLS
805 homes are for sale in Shasta County. Inventory is down quite a bit.
91 are bank or govt. owned. (REO)
216 are short sales.
38% of the available inventory is distress sales.
Sold in 2011
2113 homes sold in Shasta County in 2011, up 15% over prior year.
961 were bank or govt. owned, up 30% over prior year.
260 were short sales, an increase of 54% over prior year.
58% of all sales in 2011 were distress sales.
Sold in 2010
1838 homes in Shasta County in 2010
738 were bank or govt. owned
169 were short sales.
49% of 2010 sales were distress sales.
A few quick observations. Although a large portion of sales last year was bank or government owned (REO), you can see in the top chart, it represents a small proportion of what’s for sale. REOs are in high demand and drive the market. Also of interest is that short sales are numerous in our inventory, but represent a small proportion of actual sales. Although that fraction grew from 9% in 2010 to 12% in 2011, short sales are still very difficult to get done.