Chico Real Estate Update 10/25/2007
For the week ending October 18th the Sierra North Valley MLS showed a drop in inventory from last week’s number of 444 available single family residences in the six area’s of Chico to 433 available homes. This number does include an additional 26 new listings entered this week. The price range for these new listings start at a low of $159,000 for a four bedroom, 1 bath home with 948 square feet to a high of $699,000 for a three bedroom, 3 bath home with 3,063 square feet. In addition ten more homes began the escrow process this week.
The new escrows have an average value of $328,915 and a median of $330,975 after an average of 57 days on the market. (DOM) On the low range a three bedroom, one bath home with 1,082 square feet with an asking price of $199,500 began the escrow process after only four days on the market. While the high range listing- a three bedroom two and a half bath home with 2,076 square feet offered at $435,000, entered the escrow process after 36 days on the market.
Additionally, nine more homes successfully closed escrow this week. Receiving approximately 85% of their original asking price, the homes had an average price of $402,444 and a median of $325,000 and an average market time of 94 DOM. The highest closing price for this group was a $950,000 home with five bedrooms, three and a half bathrooms with 5,119 square feet situated on 2.77 acres in north Chico after 154 DOM. On the lower end of the spectrum, after 31 DOM, a three bedroom, two bath home, with 1,208 square feet located in a north east neighborhood of Chico sold for $260,000.
I hope you have a great week and visit my blog at ChicoTammy.com to post your questions and comments.
Labels: Chico Real Estate
Chico Real Estate Update 10/18/2007
As of October 12th, there are 444 active single family residences listed for sale in the Sierra North Valley MLS representing the six areas of Chico. This is the first time since June of this year that we’ve dropped below the 450 mark of active single family residences available for sale. This past week thirteen new listings were added to the MLS, ranging in price from a low of $199,500 for a three bedroom, 1 bath home with 1,082 square feet to a high of $799,000 for a four bedroom, three bath home with 2,917 square feet.
Additionally, fifteen homes began the escrow process after an average of 71 days on the market (DOM) with an average price of $312,453 and a median of $329,000.The low price was $152,000 for a 1,220 square foot home on a .15 acre lot with three bedrooms and two baths located in Chico’s area 1E. While the high price was $425,000 for a two bedroom, two bath home with 2,030 square feet situated on a little more than a half acre in Chico’s area 1E.
We also had eight more homes successfully close escrow this week after an average of 77 DOM, receiving approximately 90.5% of their original asking price. The median price of these homes was $306,500 and the average price was $313,812. On the low range, a two bedroom, one bath home on a .18 acre lot in area 1E with 1,050 square feet closed at $162,500 while the high price range closed at $540,000 for a three bedroom, two bath home on three quarters of an acre in area 1E.
Have a great week and visit my blog at ChicoTammy.com to post your questions and comments.
Labels: Chico Real Estate, Copy for News and Review
Third Quarter Chico Real Estate Stats
The third quarter of 2007 statistics are in! In total there were 181 single family residences sold, as listed in the Sierra North Valley MLS for all six areas of Chico. In comparison to the third quarter of 2006, this number represents an approximate 23% decrease in sales. The average price for the third quarter was $360,690-a decrease of 2.9% from the third quarter of 2006’s average of $371,391. The year’s third quarter median of $321,000 is down 4% from last year’s third quarter results of $335,000 and down 6.9% from the peak median of $345,000 that we had in the second quarter of 2006.
On a positive note, Chico is faring well above California as a whole. The California Association of Realtors released a press release on September 25th regarding the California statistics for the months of August 2007 versus August 2006. In this article they stated home sales in the state were down 27.8% while the median was down 5.1% and as of August there was an 11.8 month supply of homes on the market. Chico on the other hand showed a marginal increase in sales of .011%, while our median home price decreased less than 1% for the same months-August 2007, August 2006. As to the quantity of homes, we had 491 active single family residences on the market in Chico as of August 30th representing an approximate 9.8 month supply of homes. If you add in the month of September we are down to an 8.9 month supply.
Today there are 463 active single family residences for sale. Seven homes successfully closed escrow this past week after averaging 83 days on the market-their average price $377,214, while the median was $304,000-averaging 98.15% of the original asking price. In addition ten more homes began the escrow process with an average 46 DOM.
Have a great week!
Labels: Chico Real Estate, Copy for News and Review
Chico Real Estate Four Bedroom Market
As of Sept. 27th there are 476 active single family residences available for sale in the Sierra North Valley MLS for Chico area’s 1a-1f. This number represents a slight increase over last week’s number of 469. The average days on the market (DOM) is 116, while the average price is $422,031 and the median price is $359,000. Ten more homes began the escrow process this week after an average of 82 DOM-the average price of these homes is $394,490, the median $297,250- an increase of one home over last week. Additionally, we had six more homes successfully close escrow, receiving 95.5% of their original asking price showing an average and median of $407,916 and $358,500. Of the six homes that closed this week half were four bedrooms, which we’ll be taking a closer look at now.
My comparison on the four bedrooms plus Chico market is going to include January through August 2006 versus January through August 2007. In the 2006 time period there were 122 homes sold comprising an average price of $475,776 and a median price of $435,000, while being on the market an average of 59 days. In total this segment received an approximate 97.5% of their original asking price. The 2007 time period on the other hand had 153 homes sold which is an increase of approximately 25%. The quantity of time these homes were on the market bumped up to 98 days. The average price increased marginally to $476,991-less than 1%, while the median price dropped to $422,500-a depreciation of less than 3%. In total homeowner’s this year received an average of 92.5% of their original asking price.
The end of the third quarter of 2007 is drawing near-we’ll take a look how the overall Chico real estate market is doing next week.
Labels: Chico Real Estate, Copy for News and Review
