Copy for News and Review 8/30/07
This week in Chico real estate, we have 490 active single family (SFR) residences for sale in the Sierra North Valley MLS. With 17 homes successfully closing escrow for the week ending on the 23rd. These homes averaged 66 days on the market (DOM), an average of $309,426, a median of $295,000 and they received an approximate 93% of their original asking price. In addition, 6 homes began the escrow process after an average of 87 DOM, with an average and median of $281,983-$294,000. As far as quantity of homes sold in the period of 1/1/06 to 8/23/06 and 1/1/07 to 8/23/07, we are ahead slightly moving from 540 to 555. Contrary to what the local CBS newscast on cable Channel 12 of August 22nd and 23rd stated, Chico is down 1% from 2006’s median of $335,000 to $331,500 and down 2.7% from 2006 average $372,141 to $362,159. (Effective 8/23/07)
Rather than reporting the local facts, Channel 12 inflated depreciation figures from their source, Zillow.com, which actually shows a 4.3% decrease over last year, not 6.1% as stated on their newscast. If you investigate further, Zillow, an online company based in Seattle, Washington, states at the bottom of their trend tables for a given area, in this case Chico, the following, “Value trends are based on Zestimate and Zindex values, not sale prices”. (
http://www.zillow.com/Charts.htm?chartDuration=5years&zpid=18245172 ). Furthermore, Zillow also indicates a median range of error for Butte County at 6.7% and an accuracy rating of 62% on selling price data. Although useful for a very broad range of value, Zillow can not provide the accurate sales data included in a Comparative Market Analysis provided by a local Realtor, as with Zillow-free of charge.
Have a great week-your comments and questions are welcome on my Blog viewable at ChicoTammy.com.
Labels: Chico Real Estate
Copy for News and Review 8/23/07
The Chico real estate market has remained virtually unchanged from last week as far as active single family residence listings in the Sierra North Valley MLS are concerned. There are now 483 as opposed to last week’s 481, with 22 newly listed homes averaging $397,120 and a median of $379,450. Homes that have gone into escrow this past week however, has nearly doubled from last week’s 7 to 12 with an average list price of $319,425, median of $307,450 and an average of 59 days on the market. 10 homes successfully closed escrow for the week of August 10th through the 16th after being on the market an average of 57 days with an average price of $296,100, a median of $275,500 and receiving an approximate average 93% of original list price.
Given the ongoing national news regarding the sub-prime loan fallout and the increases in notices of default and foreclosures; last week I went to a ‘Foreclosure Seminar’ here in Chico presented by a company that travels throughout the United States sharing their secrets to making huge quantities of money on unfortunate homeowner’s on the verge of losing their homes. Flashing photos of checks with after resale profits as high as $80,000 the call to purchase their ‘proven system, attend a three day educational seminar, receive access to their exclusive database of recorded notices of default, (which by the way, is FREE public information), and become a certified something or other’ for the bargain price of just under $4,000, heck, just charge it-Buyer Beware!
There are a few properties listed on the MLS now that are offered as short sales and if you are finding yourself in a difficult situation, contact your Realtor who is knowledgeable and follows a strict code of ethics. This week I have posted a link on my site ChicoTammy.com to an informational article on foreclosure avoidance. Have a great week!
Labels: Chico Foreclosures, Chico Real Estate, News and Review Chico
Chico Real Estate Market Update 8/3-8/9
This week Chico currently has an active inventory of single family residences in the Sierra North Valley Multiple Listing Service (
MLS Area's 1a-1f) of 481 homes, this represents, at the current rate, an approximate 6.75 month supply of homes. 21 new listings were input this week with an average price of $413,733 and a median of $359,000. 7 new escrows were opened as well with a median price of $339,000, an average of $326,557 and an average of 48 days on the market(DOM). In addition, 15 homes successfully closed escrow receiving 94.2% of asking price after an average of 77 DOM with an average and median of $356,593-$345,000, respectively-now 40 days into the 3rd quarter of the year, these figures show a slight increase in value over the second quarter.
The second quarter median home price dropped about 1.5% from the first quarter of 2007, but has since rebounded to the first quarter median value-$335,000. Overall, we have experienced an approximate 3.4% decrease from the peak median value of $347,000 which we had in the second quarter of 2006. An important fact to keep in mind when evaluating these statistics, whether it is a national report on the housing market or even here locally in Chico-every market is very different.
To bring this point home, here in Chico the city is broken down into six different areas. Does each of these areas median home prices conform individually to the city as a whole? Absolutely not! Just as an example, Chico Area 1 had a median price in the second quarter of this year of $392,000; well above the city median of $330,000. As with area, age, additional features, upgrades, and size, to name a few, come into play. Where might your home fit in? If you're thinking about selling your home, contact a professional Realtor in your area-until next week...
Labels: CA real estate, Chico CA Real Estate, Chico California Real Estate, Chico Market Watch, Chico Real Estate, Chico Real Estate Blog, Chico Real Estate Market, Chico Real Estate News
