Copy for News and Review 9/27/2007
This week I wanted to share information regarding the three bedroom single family residence (SFR) market in the City of Chico. During the entire year of 2006 there were 561 single family residences sold, representing an average of $353,311 and a median of $326,000 with an average days on market (DOM) of 62. In comparing first and second quarter results of 2006 and 2007-the three bedroom market has seen a slight decline in quantity of sales and both average and median prices. In 2006, by the end of the second quarter there were 286 SFR sold, with an average price of $358,040, a median of $331,075 and an average of 59 DOM. In contrast, 2007 saw 276 units sold representing a decrease in volume of a little more than 3%. The average price declined about 6% to $336,320 while the median declined just under 3% to $321,500 with an average of 77 DOM. Currently there are 469 active listings in the Sierra North Valley MLS for the six areas of Chico 1a-1f, of which 276 are three bedroom homes.
The current average asking price on the three bedrooms is $382,134, while the median is $339,000 with an average of 112 days on the market. These homes range in size and price from $183,500 for 964 square feet to $1,485,000 for 4700 square feet. While the entire city of Chico single family residence inventory of 469 averages an asking price of $425,890 and represents a median of $358,000, also with an average of 112 days on the market.
This past week six homes successfully closed escrow receiving 95.25% of the original sales price, with an average/median of $399,500 and $355,500 and another nine homes began the escrow process after averaging about 63 DOM-their average and median asking prices where $292,000 and $269,000.
Next week we’ll take a look the four bedroom market-Have a great week
Labels: Chico Real Estate
Copy for News and Review 9/20/07
This week the Sierra North Valley MLS shows 481 active single family residences available for sale in Chico. For the week ending on the 13th of September we have seven new homes that have begun the escrow process. With an average of 72 days on the market (DOM), these homes had an average and median price of $352,500 and $349,000 respectively. The quantity of homes successfully closing escrow is down this week to six, however the average and median prices are higher than last week closing at $371,761 and $347,500 with 63 DOM and receiving 94.8% of the original asking price. While this information is combining all areas and square footage sizes I wanted to break it down this week and look at the up to 2 bedroom market in Chico.
Looking back to the entire year of 2006, Chico had a total of 91 one to two bedroom homes sold, the average price last year was $257,715 and the median was $249,000 with an average of 54 DOM. As of the end of the second quarter of 2007 we had 55 homes closing escrow all at least 2 bedrooms ranging in price from a low of $84,500 for a two bed/1 bath home with 540 square feet to a 2 bedroom/2.5 bath home with 2,664 square feet on an acre of land for $741,000. In total, these homes were on the market an average of 56 DOM, had an average price of $258,122 and a median of $249,000-leaving us with an unchanged median and an increase of approximately 0.20% on the average price. Currently there are 53 homes up to 2 bedrooms available for sale in the six areas of Chico, starting at a low of $139,000 for a 540 square foot 2 bedroom/1 bath home to a high of $795,000 which features 2 bedrooms/2 ½ baths and 3,356 square feet on a little over an acre of land.
Next week we’ll take a look the three bedroom market-Have a great week!
Labels: Chico Real Estate
Copy for News and Review 9/13/07
As of the 6th of September there are currently 480 active single family residences listed for sale in the Sierra North Valley MLS for the six areas of Chico, this number is down from last weeks 491 listings. Both the quantity of homes newly in escrow and those that have successfully closed escrow has increased from last weeks totals. Twelve homes began the escrow process with an average of $373,316 and a median of $361,950 and an average of 65 days on the market. (DOM). In addition we had eighteen homes successfully close escrow this week. The average sale price on these homes was $362,916 while the median price was $329,500 and an average DOM of 36 days, with each home receiving approximately 96.8% of their original asking price.
The 31st of August marked the two thirds point of the third quarter of 2007. In comparing the same time frame-July 1st through August 31st of 2006 and 2007-there are very slight differences. While 2006 had 164 homes successfully close escrow with an average price of $362,429, a median of $329,000, an average of 48 DOM and received approximately 95.3% of the homes original sales price. The 2007 market had 143 homes sold representing about a 12% decrease over 2006. The average price this year of $357,968 is about a 1% decrease over last year. The current median of $324,000 shows about a 1 ½% decrease in comparison of last year’s results, while the DOM average inched up to 67 days with homeowner’s receiving about 93.8% of their original asking price.
Overall, there have been some minor adjustments in the Chico real estate market, some area’s greater than others, but in general, definitely not 20% or more depreciation in value. If you have any questions or comments you are more than welcome to post those on my blog accessed at ChicoTammy.com. Have a wonderful week!
Labels: Chico Real Estate
Copy for News and Review 9/06/07
For the week ending 8/30/07, the quantity of available single family residences in all area’s of Chico within the Sierra North Valley MLS remains unchanged from last week at 491. Seven new escrows were opened with a median value of $349,000 and an average of $439,842 and 87 days on the market. Ten homes successfully closed escrow this week as well, averaging 86 days on the market with a median of $278,000 and an average of $321,740, receiving 94.8% of their original asking price. With a sampling of three out of the six areas in the city of Chico represented, five of the ten homes which closed escrow had three bedrooms and two bathrooms.
Collectively these five homes represent a median price of $280,000 and an average of $326,780, with a square footage range of 1,317 to 2,281, a low/high price range of $246,900 to $525,000 and an average of 110 days on the market. While two bedroom, one bath homes represented another three closed escrows-all from area C in Chico, which is the Central West area of the city, with a median of $236,500 and an average of $223,833. These homes had a square footage range of 960 to 1070, a low/high price range of $165,000 to $270,000 and an average of 71 days on the market. Finally, the remaining two were four bedroom homes on the market for an average of 46 days with a low/high price of $422,000 to $490,000, square footage of 2,164 to 2,451, and a median/average selling price of $456,000.
As two thirds of the 3rd quarter of 2007 has now past, we’ll take a look at how the Chico Real Estate Market is doing next time. Have a wonderful week and please visit ChicoTammy.com to view my blog and post your real estate questions and comments.
Labels: Chico Real Estate
