Friday, January 27, 2006

"Price Reduced" Listings Dot Redding Newspaper

Last week, the Redding Record Searchlight (reg. required), reported a 45% decline in home sales in Shasta county and signs of desperation within its own pages.

Home sales in Shasta County last month fell 45 percent from a year ago, further evidence that the area's real estate market has cooled.

Industry tracker DataQuick Information System reported that 111 homes were sold in Shasta County in December, 92 fewer than a year ago. Sales dropped 37 percent from November, when 175 homes were sold in the county's incorporated and unincorporated areas. While sales fell, the median price of a home in the county last month rose $1,500 from November to $269,000, the second straight month prices have risen. The median price was up $44,000 from a year ago.

Last month capped a year in which sales fell 12 percent, but the median price of a home rose 19 percent. North state home prices have risen 120 percent over the past five years, according to the Office of Federal Housing Enterprise Oversight. DataQuick reported that 2,655 homes were sold in 2005, down from 3,018 in 2004. The median price of a home in Shasta County was $255,000 in 2005, up from $215,000 in 2004.

Meanwhile, another indicator that the market has turned can be found in the Record Searchlight's weekend real estate guide. "Anxious Owner," "Price Reduced" and "Reduced" dot the 48-page insert. At least one new subdivision is advertising a $20,000 price cut on some of its homes.

County real estate experts have said the lull in the market can be blamed in part on the season. They expect sales to pick up come spring...

"Lull" in the market? How many lulls have there been in the past 5 years?

1 comment:

HighSierraGuy said...

At this rate, I'll be taking someone's second home off their hands to make it my second home. Cash is King.