Chico Real Estate Update 01/31/2008
As all real estate is local, this week and for the next couple of weeks, I wanted to break down the 2007 Chico real estate statistics for each of the six areas of Chico, beginning with area 1a of the Sierra North Valley MLS. Area 1a is located in the Northwest area of Chico. For the entire year of 2007 there were a total of 97 single family homes sold within this area. The year end average price for these homes was $396,624 and 96 average days on the market (DOM), while the median in total was $385,000. Contrary to Chico as a whole which experienced the peak median price of $345,000 in the second quarter of 2006, the Northwest area peaked in the third quarter of 2006, with a high median price at that time of $460,000. Since that time, the lowest point this segment of the market has experienced was third quarter 2007 with a median price of $352,000, which bounced right back up in the fourth quarter to $374,000.
There were only four two bedroom homes that sold in this area-with a median price of $240,000 and an average DOM of 21. The largest representation of homes sold is the three bedroom market with a total of 55. The median price in this group was $350,000 and an average DOM of 67. Ending with the four bedroom plus market, there was a total of 38 homes sold with a median price of $462,000 and an average DOM of 146. Currently, out of the three hundred thirty three active single family residences listed as active in the MLS-forty seven are in Area 1a.
Labels: Chico CA Real Estate, Chico Real Estate
Chico Real Estate Year 2007 Stats!
This week I’ll be looking at the 2007’s year end totals. Overall there were 802 single family residences sold within the six areas of Chico as documented by the Sierra North Valley MLS. This number represents an approximate 5.7% decrease in quantity over last year’s total of 851. The year’s average price ended at $358,350-the median $325,000. Looking at just the fourth quarter of 2007, we had one hundred sixty nine homes sold with an average price of $345,970 and a median price of $315,000 with an average day on the market (DOM) of 94. When comparing the fourth quarter of 2006 versus the 2007 results the average price is down 6.4% this year from the fourth quarter of 2006’s average price of $369,764. While 2006’s median price of $325,000 represents an approximate decline of 3%, Chico has overall experienced an 8.6% decline in values from the peak experienced in the second quarter of 2006.
The two bedroom market actually saw an increase in quantity of sales activity this year with ninety six homes sold over last year’s number of ninety one. The average price for all homes in this group was $255,940, the median $248,500-a decrease in value of .007% and .002% respectively. The four bedroom plus market experienced an increase in sales quantities as well with two hundred seven homes sold over the previous years quantity of one hundred ninety three. The average price dropped slightly to $472,242-an approximate 2% decline, while the median price dropped to $420,000-a 7.6% decline over last year’s totals. The three bedroom market on the other hand showed a decrease in sales quantity of about 11% for a total of four hundred ninety nine homes sold. This segment experienced a drop in average price of 6.3% to $330,807, while the median price dropped an average of just over 3% to end at $315,000.
Labels: Chico Real Estate
Chico Real Estate Market Update 01/24/2008
In the Sierra North Valley MLS covering the six areas of Chico, 1a-1f, there are 329 active single family residences available for the week ending January 18th. In total the average days on the market (DOM) is 103. All listings average an asking price of $421,582 while the median asking price is $354,950. During the time frame of January 12th through the 18th there were twenty two new listings added to the database with a low asking price of $228,900 for a two bedroom, one and a half bath home with 1,316 square feet. The home representing the high range with an asking price of $729,000 is a four bedroom, three bath home totaling 3,000 square feet. In total, these twenty two new listings create and average asking price of $394,831 and a median of $379,000.
Eleven homes began the escrow process during this time as well after an average of 105 DOM. Beginning with the lowest priced home in this group-a three bedroom, one bath home with 1,256 square feet and an asking price of $149,900, entered escrow after two hundred eleven DOM. The highest price home in this segment was a four bedroom, two and one half bath home totaling 2,203 square feet, which began the escrow process after three hundred twenty five DOM. In total, these homes represent a median price of $259,000 and an average asking price of $260,690.
There were five homes this week that successfully closed escrow with an average selling price of $368,400 and a median price of $340,000 and average DOM of forty six. With an original asking price of $319,900-the lowest priced home in this category-a three bedroom, two bath home with a total of 1,731 square feet, closed after 16 DOM and a final selling price of $305,000. The highest priced home in this group, with an original asking price of $489,000 closed escrow after ninety six DOM for $452,000-this home had a total square footage of 2,307 with four bedrooms and three bathrooms. In total all homes received approximately 93.3% of their original asking prices.
Labels: Chico CA Real Estate, Copy for News and Review
Chico Real Estate Market Update 01/10/2008
For the week ending January 4th there are 306 active single family listings in the six areas of Chico listed in the Sierra North Valley MLS. This total inventory has an average time on the market of one hundred two days. Additionally, the median asking price for this group of homes is $351,725, while the average asking price is $423,797. During the week of December 22nd through the 28th there were three new listings added with an average price of $263,000 and a median of $255,000.
Although the new listing quantities were down during this time frame, we had ten homes begin the escrow process after an average of 106 days on the market. (DOM). At the low end there was a three bedroom, two bath home with 1,594 square feet and an asking price of $259,900. While at the other end of the spectrum, with an asking price of $450,000, a four bedroom, three bathroom home with 2,350 square feet began the escrow process after 124 DOM. In total, this group of homes averaged out to an overall asking price of $357,670 and a median of $374,000.
Additionally thirteen homes successfully closed escrow during the week covering 12/22 through 12/28. Receiving approximately 89% of their original asking price and collectively averaging 109 DOM. Beginning with the highest priced home in this category and closing at $558,000 there was a home with four bedrooms, three bathrooms and 2,532 square feet which closed after 156 DOM. The lowest priced home in this group was a four bedroom, one bath home with 948 square feet that closed at $165,000 after only eleven DOM. All homes in this grouping averaged $334,188, while the median was $317,500.
Next week I’ll be looking at the final fourth quarter 2007 numbers
Labels: Chico Real Estate Market, Copy for News and Review
Chico Real Estate Update 01/03/2008
For the week of December 15th through the 21st there were three hundred forty four active single family residence listings in the six areas of Chico within the Sierra North Valley MLS. The median price of these listings was $359,000, while the average asking price was $430,405 with combined average days on the market (DOM) of one hundred twelve. During this period of time twelve new listings were added with an average price of $330,566 and a median price of $268,450.
Fourteen homes began the escrow process this week as well after an average DOM of one hundred thirty seven. On the low end of this group there was a two bedroom, one and one half bath home with 969 square feet which entered the escrow process after twenty four DOM and an asking price of $190,000. While the high end home-a three bedroom, three bath home with 2,084 square feet entered escrow after two hundred one DOM and an asking price of $439,000. In total the average price for this group of homes was $285,832-the median, $307,250.
Additionally, there were fourteen homes that successfully closed escrow this week as well after an average DOM time of seventy days. This group’s low price ranged home with a selling price of $183,000, was a four bedroom, two bath home with 1,396 square feet. The highest priced home in this group is represented by a four bedroom, one bath home, with 1,796 square feet, which successfully closed escrow at $555,000. In total, this group of homes received approximately 89.5% of their original asking price with an overall median of $265,915 and an average price of $316,202.
Labels: Chico Real Estate, Copy for News and Review
Chico Real Estate Market Update 12/27/07
This week I’m going to switch it up a little bit and take a look at the Chico Condo market in the six areas of Chico within the Sierra North Valley MLS during the first three quarters of 2005, 2006 and 2007. Beginning with the peak of the condo market in 2005 there were a total of eighty seven units sold with an average days on the market (DOM) of fifty one. The average price during this time period was $207,463, the median was $214,000 and sellers were receiving approximately 99.2% of the original asking price.
The first three quarters of 2006 actually showed a small increase in the quantity of units sold to a total of ninety three. Also increasing during this period was the quantity of DOM to over double-averaging at one hundred eight days. Prices on the other hand dropped almost 16% when looking at the median price from 2005. The average price was $189,577, while the median price was $180,000. Sellers during this time period received approximately 96.2% of their original asking price.
Although showing an increase of DOM during the first three quarters of 2007 to one hundred forty five, the quantity of units sold this year increased to one hundred four. The good news this year is the prices showed only a marginal drop from 2006 in comparison to the years 2005/2006 to less than 1%. The median price so far this year is $179,950, while the average is at $183,813, with sellers receiving on average 95.8% of their original asking price.
Currently there are forty one available condo’s listed for sale in the six areas of Chico. The average DOM for the current inventory is one hundred seventy two days with an average asking price of $187,335 and a median price of $169,900.
Labels: Chico Real Estate, Copy for News and Review
