Chico Real Estate Market Update 12/20/07
As of December 13th, there are 358 active listings for single family residences in the six areas of Chico listed in the Sierra North Valley MLS. The average price of these listings is $436,127, while the median price is at $360,000 totaling an average days on the market (DOM) of 113 days. During the week of December 7th through the 13th, there were eleven new listings added to the MLS, ranging in price from low to high-$229,500 for a three bedroom, two bath home with 1,300 square feet to $695,000 for a four bedroom, three bath home with 3,600 square feet. In total, the newly added listings have an average price of $380,990 and a median price of $349,000.
Ten homes began the escrow process this past week as well after an average of ninety five DOM. The median price for this group of homes was $334,225, while the average price came in at $398,395. The low range priced home was a short sale opportunity which entered escrow after 142 DOM and an asking price of $269,000 for three bedrooms, two bathrooms and a total of 1,661 square feet. The higher price ranged home is represented by a four bedroom, three bathroom home with 2,940 square feet, and an asking price of $729,000, which entered the escrow process after 45 DOM.
Additionally, there were thirteen homes which successfully closed escrow, which contrary to the past several weeks had longer average DOM-125 days. Receiving approximately 90.2% of their original asking price, the thirteen homes had an average selling price of $301,361 and a median of $299,000. The higher end home closing at $407,000 was a four bedroom, two and a half bath home with 2,361 square feet, while the lower priced home closed at $235,200 for a home built in 2002, comprising of 1,358 square feet for three bedrooms and two baths.
Labels: Chico Real Estate, Copy for News and Review
Chico Real Estate Market Update 12/13/07
Each week I post information regarding the current active inventory, newly listed, pending and sold properties for single family residences in the city of Chico as reported in the Sierra North Valley MLS. This week however, I wanted to share the changes in our local market with a sales data comparison for the months of November 2005, 2006 and 2007. For this comparison I will use the median price, that is the home right in the middle-where you can count on half of the homes being less expensive and the other half more expensive.
Beginning with November 2005, there were a total of sixty one homes sold; the median priced home was a three bedroom, two bath home with 1,592 square feet built in 1973 and a selling price of $325,000. In the following year-2006, there was an increase in the quantity of homes sold by five ending November with sixty six in total, the median price was unchanged at $325,000. This median home was a three bedroom, two bath home built in 2006 with 1,654 square feet. And finally, 2007 where there was a drop in the quantity of homes sold to fifty seven. The median price for this year’s November-$324,900-virtually unchanged from the past couple of years. November 2007’s median home however, was a four bedroom, three bath home, built in 1992 with 1,661 square feet.
In the whole scheme of things, the local Chico real estate market is not doing too badly. Inventory is up compared to 2005, but now buyers have more choices to pick the perfect home. Sales figures are down, but again, twenty people will most likely not be bidding on the same house artificially driving the prices up. And in looking at the last three year’s November examples-for close to the same median-you can get a little more house.
Labels: Chico Real Estate, Copy for News and Review
Chico Real Estate Update 12/06/2007
For the week covering November 23rd through the 29th, the Sierra North Valley MLS had seven new single family residence (SFR) listings for the six areas of Chico. Beginning with the low range, a short sale opportunity with four bedrooms, two and a half baths and 2,000 square feet entered the market with a $260,000 asking price. The higher end of this group is a 3,027 square foot home situated on 5 acres with four bedrooms, three baths and an asking price of $925,000. In total, there are currently 382 active listings available for SFR with an average of 110 days on the market (DOM), an average price of $436,034 and a median price of $359,450.
Fifteen homes entered the escrow process for this week as well, with an overall average of $315,383 and a median asking price of $299,000, this group had an average of 57 DOM. What is interesting to note however, that almost half of this group went into escrow within the first thirty days of being listed for sale. For example, with an asking price of $199,950, the low price range for this segment, a two bedroom, one and one half bath home with 969 square feet entered escrow after two DOM. The higher priced home entered escrow after seventeen DOM with an asking price of $437,000 for three bedrooms, two baths and 2,072 square feet.
The importance of having your home priced right from the beginning of your listing period can not be stated enough. Four out of the five homes that successfully closed escrow this week were on the market less than thirty days receiving approximately 97.3% of the original asking price. The five homes in total created an average selling price of $442,390 and a median of $340,000.
Labels: Chico Real Estate, Copy for News and Review
