NOVEMBER 2008 REDDING SALES INFORMATION

In the past few days both the Standard & Poor's Case-Shiller and the Federal Housing Finance Agency (FHFA) released home price info for Q3 2008.

The FHFA reports Redding depreciating 6.63% in Q3 2008 and 14.07% for the past year.  This is fairly consistent with information summarized from MLS.

There were 73 home sales in Redding in November 2008 per Shasta MLS with an average price/SF of $151.76.

The average sales price, average price/SF and number of home sales in Redding over the last five quarters were:                
                        
                      
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There is still positive news out there:

1. There were more sales in Redding in Q3 2008 than Q3 2007.
2. There have been more sales in Redding in Q4 2008 than through the same date in Q4 2007.
3. Home prices in Redding, while dropping this past year, are up 31.14% over the past five years.  Real estate is always a good long-term investment.
4. FHA has come out with several new programs to help both first-time buyers and struggling mortgage holders.
5. Home prices are now much more affordable.

To quote Warren Buffett, " . . . be greedy when others are fearful."  It doesn't get much scarier than the California real estate market this past year -- buying opportunities abound.

The government and economists finally figured out that we're in a recession -- and that it started one year ago.  My guess is that when our real estate market finally hits bottom, it will probably take those same parties another year to realize that also.

Please consider our office for your client's appraisal needs.  We also provide appraisal services for divorce and estate situations.  Should you have a client that fits either of those needs, please keep us in mind. 

Thank you,

Bob Sprenkel
Sprenkel Appraisals
P.O. Box 493818
Redding, CA 96049
(530) 243-9841 Phone
(530) 243-9987 Fax
sprenkelappraisals@sbcglobal.net
www.sprenkelappraisals.com