Chico Real Estate Source

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

posted by ChicoTammy @ 10:28 AM