Chico Real Estate Source

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

posted by ChicoTammy @ 11:29 AM