Chico Real Estate Source

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

posted by ChicoTammy @ 8:26 AM