Chico Real Estate Source

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.