Yes! Good to Great News for Redding Real Estate
YES! Good to Great news for Redding Real Estate
From the desk of Josh Barker
Redding Real Estate in 2012 finished strong. I fully expect 2013 will be a year of noticeable home appreciation. Below are the largest factors that will lead up to rising home prices in 2013.
Available Home Inventory
Home inventory is far below normal levels averaging just over a 2 month supply. A normal supply of homes range between 5-6 months. The decline in distressed properties and lack of new construction has played a major role in the shortage.
Increased Buyer Demand
Buyer demand from 2008 through 2011 averaged far below normal levels. 2012 revealed a major shift in buyer demand. In fact, several top economists state that buyer demand has increased above normal levels.
Interest rates for 30 year mortgages have averaged below 4% in the past 6 months. This low rate environment has provided buyers with financing options far below the normal average.
There has been a noticeable decline in foreclosure activity over the past 12 months. The supply of distressed inventory is still present but has been trending down.
Bringing It All Together
Below normal housing inventory, combined with above normal buyer demand, fueled by below normal interest rates means 2013 will be a good year for home values.
Market statistics for December 2012
- Homes sold in December: 200
- Average sales price $189,500 up 14% over last December
- Average days on market 118 days a 7% decrease over last December
- Home inventory down nearly 25% over last year
Josh's production statistics for December
|Home listed by Josh in December
|Listing sold by Josh in December
|Homes sold to buyers