Categories
Market trends

Some new charts show what hit us

This post was published 11 years ago. Please, read this page keeping in mind that this home may have sold by now. You can always check current status by calling or texting (530) 356 4500 The Address Realty DRE # 01710206

Here’s the latest chart I can find that shows clearly the shape of the bus that hit the economy. This shows the bubble in statewide median home price. While Greater Redding’s overall median prices are lower, our price curve followed a similar trajectory.

Homes for sale in redding ca

Meanwhile, across the greater U.S. the chart shows the bubble was much less pronounced.

real estate in redding caBut still a bubble. And just so you know, this is from First Tuesday:

“35,202 new and resale homes closed escrow in California during April 2011, down 6% from one year ago when 37,481 sales closed escrow. ┬áHome sales dropped slightly from their March 2011 numbers in both Northern and Southern California.”

I’m trying to find a silver lining here. Help me out if you see it anywhere. This final chart puts things in perspective. If we had a line for Shasta County, it would be off the chart…

real estate in shasta county

Categories
Market trends

What the tea leaves say about local housing prices

This post was published 11 years ago. Please, read this page keeping in mind that this home may have sold by now. You can always check current status by calling or texting (530) 356 4500 The Address Realty DRE # 01710206

Reporter David Benda posted an article today in our local newspaper about Shasta County median home prices going up from $142K in January to $161K in February. Since it seems apparent that we are still in a declining housing market, the price increase seems counter intuitive. “I don’t know what that is due to,” quotes one of the real estate agents interviewed.

I wasn’t asked, but let me offer my opinion.

The article says there were 111 homes sold in Shasta County in February. There are roughly 77,000 homes in the county, so the sample was .0014% of all homes. I think that’s just too small of a number on which to base any reliable trend conclusion. On top of that, they use Median price, not average price. The Median is the numeric value separating the higher half of a sample, from the lower half. With such a low sample, all it takes is a few very expensive homes sold to skew the number higher month over month. That happens randomly. The statistic is meaningless.

One might as well read tea leaves to sense the market. But I understand the post. They have column inches to fill. Sometimes you just gotta write something about something.
Realtor Skip Murphy in Redding California
Somewhat unrelated: I’d like to post my clarification/opinion over at redding.com. But the anonymous comment environment online there has become so poisonous that, as a small business person, I don’t think I can afford to be associated with what’s written there, which is too bad really. This is a small town, not cyberspace, and ours is a reputation based profession.

Categories
Market trends

Nationwide home sales and prices decline says NAR

This post was published 11 years ago. Please, read this page keeping in mind that this home may have sold by now. You can always check current status by calling or texting (530) 356 4500 The Address Realty DRE # 01710206

Locally, not so much. Sales have been slow here for while, and statistically hard to plot. By my measure, truly local Redding area home sales didn’t decline much. Slow is slow.
Real estate in redding caIn fact, sales were up a bit over last year. That coincides with our personal subjective opinion. But figure, there’s like 500 real estate agents in this town, and 120 transactions between us all is just weak. Well, nobody cries crocodile tears for 100% commission salespeople. That’s ok. Here’s the numbers:
February Sales statistics

“Existing-home sales in the West declined 8.0 percent to an annual level of 1.26 million in February and are 2.4 percent below a year ago. The median price in the West was $190,000, which is 5.2 percent below January 2010.”

So says the National Association of REALTORS today. Read more at the link. Take the national numbers for what they’re worth. All real estate is local, as we are fond of reminding everyone.

Categories
Market trends

Local home sales results for December 2010

This post was published 11 years ago. Please, read this page keeping in mind that this home may have sold by now. You can always check current status by calling or texting (530) 356 4500 The Address Realty DRE # 01710206

All real estate is local. That’s one reason why you often see so many conflicting articles in the media. Are sales up, or are they down? It depends on where you look. We compile the results for the greater Metro Redding are that extends from Whiskeytown to Shingletown, and from Lakehead to Lake California to bring you the statistical information relevant to you. Here, we see sales were up by a healthy margin:
The bars represent inventory. Local home sales were well up from the prior month, and up from December in 2009 too. Here’s the numbers behind the chart:
We have noticed the increase in activity in our own practice. We had a terrific month. Also, we have noticed the lower inventory of homes for sale is offering fewer choices than before for buyers. Interest rates are very low, and we have found buyers can easily get financing if they have decent credit scores and reliable income. It is a favorable time for buyers by most objective measures, and it looks like people have figured that out.

Part of the result is the cyclical yearly nature of local real estate sales in general, as evident in the 24 month chart. We also note again that you may see different statistical results posted elsewhere based on different data. We use sales data only relevant to Redding, and exclude sales results from outside the greater Redding area for our monthly report. Call (530) 244 7603 if you have any questions.