Shasta County Market Update - January 2018
From the desk of Josh Barker @ RE/MAX
Click Here to watch Josh's video blog for the month of January
First and foremost Happy New Year!
As I like to do each January is briefly talk about how the Shasta County Real Estate Market performed in 2017. The housing market in Shasta County remained strong throughout 2017 (even in the historically slower Winter months). In fact, home sales have increased year over year for the 3rd year in a row. With a large influx of buyers continuing to enter the market there has been an increased demand combined with a limited supply of homes for sale. This classic example of supply and demand has resulted in Redding home prices rising by an average of over 6%.
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With the increase of home buyers and limited supply of homes for sale in Redding and surrounding areas, there has also been a dramatic reduction, of how long a home spends on the market. In 2016, the average days on the market (DOM) was 118. In 2017, that number has dropped to an average of 102, with many homes selling within days of going on the Multiple Listing Service (MLS).
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What to expect in 2018...
Based on all of the indicators; sales volume, home prices and home inventory, we can expect to see a stable real estate market as we did in 2017. With home prices increasing this gives new home builders a margin in which to obtain a property, build the home, and sell for a modest profit. So we could begin to see more new construction starting this year and are able to assist with those current homeowners looking to move up to a newer, nicer home.
Let’s make 2018 the year for your family to move up to a newer, nicer home! If you’re ready to make that move, give us a call at (530) 222-3800 or email me directly at [email protected] I would be happy to discuss the options available.
Have a great start to 2018!
Your Local Realtor,