Chico Real Estate Source

Chico Real Estate Market Update 11/29/07

As promised last week, I will be reviewing the progress of the Chico real estate market as we have marked the half way point of the final quarter of 2007. For the time period of October 1 through November 15th there were eighty two single family residences sold in the six areas of Chico as reported in the Sierra North Valley MLS. In comparison to the same time period for 2006 we are down 21% in sales activity, as last year saw one hundred four homes successfully close escrow. The average days on the market (DOM) has increased over last year’s sixty nine DOM to eighty seven DOM this year.

In looking at the average versus the median prices between the two periods, there is a 1.8% decrease this year in the median price of $322,950-down from $329,100 in 2006. The average on the other hand is down approximately 6.3% from last year’s average of $378,560 to $354,647. While both the average and the median figures are helpful, the median price provides a more accurate picture of the Chico real estate market by giving the halfway point on sales figures. The average prices on the other hand can become skewed if for example several higher end homes closed escrow-when averaged out those numbers can be artificially higher for that particular time frame.

Ending on a positive note, I also compared the third quarter of 2007 to the first half of the fourth quarter of 2007. We ended the third quarter with an average price of $359,637 and a median of $321,000. In this comparison the average was still currently down from last quarter, but by only slightly over 1%, while the median price has inched up to a little over ½% increase.

Labels: Chico Real Estate, Copy for News and Review

posted by ChicoTammy @ 7:23 AM