Chico Real Estate Source

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.