Chico Real Estate Source

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

posted by ChicoTammy @ 7:40 AM