Number of Sales in Redlands from the Past 12 Months
[RELATED: Redlands Short Sale Agents]
This article examines the state of Redlands real estate in California, as of April 3rd, 2013. Redlands real estate currently is like most of California real estate in that inventory is scarce and buyers are fighting over homes to buy. This result is the effect of Standard Sales slowly coming in to the market, Short Sales tampering off, and Foreclosures seeing an all-time low for the housing down-turn.
From January 1st to April 3rd, 2013, there has only been 190 closed sales in the city of Redlands. This is compared to 188 closed sales during the same time period of 2012. Yes, the number is larger than the previous year, but keep in mind that it is a majority consensus that we have already seen the housing crash bottom and prices of homes are due to increase. This brings many buyers off the fence flooding the marketplace.
Of those 2013 numbers, 114 real estate Redlands sales were Standard Sales, meaning that the sale was not a Foreclosure REO, or a upside-down Short Sale, or Short Pay. Only 33 of those sales were Foreclosures, which is a very striking number indeed, and 39 of those sales were Short Sales, Short Pay, or Notice of Default sales. The other sales not reflected in these numbers were other various types of sales like Probate Sales, etc..
If you compare that to 2012 numbers of the same time-frame of January 1st to April 3rd, 2012 you begin to see the differences from year-to-year. In that time-span for 2012, 79 of the real estate Redlands sales were Standard Sales, 61 were Foreclosures, or REO sales, and 41 sales were Short Sales, or Notice of Default sales.
Another way to highlight the extreme lack of inventory available for sale is to compare the Active Redlands real estate listings compared to Pending or Backup status listings, meaning the listings are in escrow or already have strong offers. There are currently 6 Active Redlands real estate listings available for sale, compare to 34 Pending Redlands real estate listings, and 19 Backup status listings. That’s means that only 8.8% of Redlands real estate is in need of a buyer’s offer as of April 3rd, 2013.
Its safe to bet that real estate sales in Redlands and other surrounding areas are in a state of a Seller’s Market. Home prices are trending up and buyers are fighting to get in a home before the bottom, and low interest rates, are a faint memory.
If you want or need to sell your home, consult now with a trained professional REALTOR® to discuss your best options. Or you can call us now and we can examine your unique situation.
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*All charts and information provided by CRMLS and are deemed reliable but are not guaranteed.