2008: a year that many are glad to have over. It seemed like the bad news never stopped flowing. Fires, gas prices, the stock market, unemployment and, of course, real estate. I’m sure I’m not alone in my hopes that 2009 brings better days!
If you’re not directly involved, you may be wondering what happened in real estate in 2008, so here’s a little recap on the Redding real estate market.*
The average sales price of a home in Redding declined from $323,000 in the third quarter of 2007 to $260,000 in the last quarter of 2008. About a 20 percent decline.
Average price per square foot for those same periods went from $186 in the third quarter 2007 to $148 in the last quarter of 2008.
There were approximately 1,086 homes sold in 2008 in Redding. Seventy percent of those sales were under $300,000 (compared to 1,219 homes sold in 2007 and 56 percent of those below $300,000).
However, there were 18 houses that sold over $700,000, with the highest price of 2008 being $1.725 million (compared with 22 and $1.69 million, respectively, in 2007).
And for some GOOD news –- interest rates have dropped. They have gone from around 6.5 percent in the beginning of 2007 to currently around 4.75 percent.
What a great time to buy a house – prices are low and interest rates are low!
But if there ever were a time that I wish I had a crystal ball it would be now! I would love to say with certainty that 2009 is going to bring better things for real estate. I remain optimistic. History has shown that we go in cycles, and that this too shall pass. I just want it to pass quickly, don’t you?
Lara Wells Osborn is a Redding native. After traveling and working around the world she has returned to Redding with her husband and three children. She is a real estate agent with Coldwell Banker Westside. She can be reached at 530-276-3026 or by email at firstname.lastname@example.org.
*Information for this article was taken from the Shasta County MLS and is deemed to be reliable, but is not guaranteed.