 |
| This is us watching ourselves. |
For the first time in many years Real Estate seemed to come back to life last year. Multiple offers, rising home prices, many many homeowners back in an equity position. YAY! To me it seemed like some were thinking the housing bubble had reared its ugly head again. Nay-sayers warning of crashing prices doom and gloom. Where do these people come from? It's like they are afraid to be happy. What we really experienced was a return to Normal. Normal. - What does it cost to build a house? It costs about $135-$150 per square foot to build a house. - just a regular house - not a mansion mind you - those cost more. But a regular, average joe house costs about $135-$150 to build. If you find a 1400 sq ft house and it costs $180K that equates to $128 a square foot. I personally think anytime you can buy something for less than it cost to make it its a good deal. - Now, does that help our economy in the long run, are you smelling a housing bubble? I think not.
The following chart is courtesy of Bob Sprenkel - a local Redding area appraiser
Time
Period |
Area
|
Average
Sale Price |
Average
Price/SF |
Price/SF
0 – 10 Yrs |
Price/SF
10 – 30 Yrs |
Price/SF
30+ Yrs |
Q3 2011
|
Redding
|
195,797
|
107.01
|
128.68
|
115.07
|
87.89
|
Q4 2011
|
Redding
|
181,025
|
103.01
|
123.41
|
111.69
|
86.14
|
Q1 2012
|
Redding
|
191,593
|
104.80
|
137.12
|
108.37
|
86.49
|
Q2 2012
|
Redding
|
195,276
|
109.34
|
133.17
|
117.09
|
89.52
|
Q3 2012
|
Redding
|
205,356
|
113.74
|
133.47
|
121.67
|
95.86
|
Q4 2012
|
Redding
|
216,633
|
117.46
|
139.57
|
124.12
|
97.17
|
Q1 2013
|
Redding
|
214,550
|
119.08
|
143.65
|
124.53
|
97.62
|
Q2 2013
|
Redding
|
231,254
|
129.42
|
148.05
|
138.54
|
109.87
|
Q3 2013
|
Redding
|
236,121
|
132.74
|
148.63
|
143.10
|
113.03
|
Q4 2013
|
Redding
|
228,028
|
133.07
|
156.43
|
142.80
|
114.02
|
Jan 2014
|
Redding
|
237,506
|
136.53
|
155.37
|
149.94
|
116.50
|
Reminder: These averages are for Redding only per Shasta MLS data. When you get outside of Redding, the averages are generally lower.
The easing in the Redding market the past two months can be seen in the following statistics per Shasta MLS:
(The search criterion was for houses in Redding between 1500 -2000 SF.)
12/01/2013 – 01/31/2014
- Average sale price $226,014
- Average cost/SF $130.02
06/01/2013 – 11/30/2013
- Average sale price $234,869
- Average cost/SF $135.71
Check out the numbers - What do you think? Ok - Stats for today---859 total residential listings in Shasta MLS - 361 of those in Redding. 210 Pending sales (Redding only) and 5 under 100K, 49 under 150K, The rest are 200K up.
Don't miss this! My newest listing...
Don't miss this! My newest listing...
