Shasta County home sales were down when compared to the same time last year. In November 2010 there were a total of 160 homes sold in the Shasta County MLS, that is down from the 172 homes that sold in November last year.
In the city of Redding there were a total of 86 home sold and an average sales price of $225,000. That is down from the average sales price of $235,000 in November 2009.
The average sales price for all of Shasta County in November 2010 was $208,000, this is also down from last year’s average price of $210,000.
Inventory has been dropping as well, as of today there are 1,352 homes on the market. The drop in inventory is fairly normal for this time of year however, we have not been below 1,400 homes in quite some time.
REO’s and short sales are still a large percentage of the homes that are selling, 50% to be exact. We had a total of 66 REO’s and 14 short sales sold last month. That is a larger percentage of the total sales than the same month last year. November 2009 had 57 REO’s and 21 short sales close escrow making distress sales 45% of the total sales.
One would guess that inventory will continue to drop until after the New Year, most people are not going to be putting their homes on the market during the holidays. With the number of homes taken back by the banks continuing to decline (only 68 in November compared to the average of 98 over the last four months) we expect inventory stay around 1,400 until at least spring. Hopefully this will be some good news for home sellers.
All sales information is from the Shasta County MLS and is deemed reliable but not guaranteed.