Finding Stability in an Unstable Real Estate Market

The Redding real estate market is experiencing a significant shift, with prices going up and inventory going down. According to Margot Ciolino of William Pitt Sotheby’s International Realty, this transformation has been amplified since the onset of COVID-19. As a result, it has become increasingly challenging to find suitable housing amidst rising prices and limited availability.

Up-to-date graph show prices almost doubling since 2020, while greater consumer demand has driven the number of available houses down more than 70 percent.

However, for seniors seeking a vibrant continuing care retirement community (CCRC), Meadow Ridge in Redding is an outstanding choice during these changing times.

The Changing Real Estate Landscape

A quick overview of the area’s housing market—one of the most expensive in the country—shows that:

• In 2020, the median home price was $500,000; in March 2023, that number went up to $985,000.
• Higher-priced listings are on the market for an average of 114 days, while most others sell within 28—many have offers within days.
• Most homeowners are getting 100 percent or more of their asking price.
• In January 2020, there were 112 properties available at any given time; today, that number is 32.
• The busiest price segment is in the $700,000-plus range, the sweet spot for first-time buyers.

Anecdotally, Margot says she recently sold her home of 18 years and had 40 showings and 21 offers between listing the home on Friday and the following Tuesday.

Challenges of Relocation

It’s a seller’s market and a great time to sell your home. However, finding a new home may be challenging. Margot noted that the uptick in pricing is starting to level, but home prices are still high.

While most contracts include “Sale subject to seller finding suitable housing,” you may still have a limited timeframe for moving.

Advantages of CCRCs

For seniors, there are CCRCs like Meadow Ridge, where prices are much more stable than the general real estate market, and a variety of services and amenities are covered in the price, including home maintenance, meals and activities. Residents can continue their distinctive lifestyle without sacrificing anything.

The price also includes Lifecare, a benefit that covers your care for life at a predictable rate, making a CCRC an outstanding value.

Ideal Location for Seniors

Meadow Ridge is in Redding, and Margot says it’s an excellent location for seniors who are seeking convenience and access to amenities. “Meadow Ridge is located in the heart of Georgetown, where many towns meet,” she says. “It’s close to major roads, near the local market, amenities and other towns with restaurants, a playhouse and senior centers.”

In addition, the train station is nearby, so New York City is a convenient day trip.

“You’ll want to take advantage of this market, but you’ll need somewhere to go,” she says. “There’s a place for you at Meadow Ridge. Make it your target destination.”

Margot has extensive experience and knows the area well. You can contact her for more information at 203-733-9821 or mciolino@williampitt.com. Embrace the changing real estate market and experience the height of senior living by scheduling a tour at Meadow Ridge.