For those that want to know EXACTLY what our local real estate market in and around Redding, CA is up to…the chart below is your answer! This table contains straight statistics from the Shasta Board of Realtors MLS database.
|New Listings||Active Listings||Sold Listings||Months Inventory|
What does this table really mean??? First, let’s learn the table. To begin, this data represents every listing in the MLS…regardless of type (residential, vacant land, etc.) and could potentially include some duplicate listings.
The “New Listings” category shows just that-all new listings taken during that month. “Active Listings” are listings that were available for purchase or active at the end of the month. “Sold Listings” are listings that actually closed escrow during the month or were technically sold.
The most interesting category to look at, especially if you are a home seller is the “Months Inventory”. Months inventory is, if NO NEW LISTINGS were added to the MLS after that month, how many months it would take for all listings available in the MLS to sell. This category is so important because it can help you to see the detrimental effect of not pricing your home correctly and ahead of the market to begin with. Historical data shows that if you are not listed within the top 10-20% of the listings comparable to yours you will quickly fall under the curve of the market and have to do more (and major) reductions to get back “into the market”.
Real estate lecturers have said that they see 2 types of sellers, the 20% that are “in” the market with a fair or great price that is likely to see offers and the other 80% that have priced themselves “out” of the market and won’t likely see any offers during their listing period. Utilize this data to understand what type of listing YOU are. Ensure that you are receiving accurate up-to-date market data and that you are within that 10-20% so that you may see an offer quickly!