Chico Real Estate Source

I’ll be looking at 2007 year end totals for areas 1E and 1F from the Sierra North Valley MLS this week, which encompasses the South and South East areas of Chico. The south area of Chico(1E) had a total of 58 homes sold-an increase over 2006’s total of 57. However the median price of $258,250 in this area during 2007 shows a decrease over 2006’s median of $290,000, equating a decrease in median value to just under 11%. While the average selling price of $312,071 is down about 7.5% from 2006’s average of $337,573. Of the 57 homes sold in this group there were 18 two bedroom homes with an average/median price of $217,378/$215,500; 31 three bedroom homes with an average/median price of $311,509/$264,000 and 9 four plus bedroom homes with an average/median price of $503,388/$520,000.

The southeast area of Chico(1F) closed 2007 with 82 homes sold, an increase over 2006’s numbers of 75 homes sold. The median home price in this area decreased as well, but only by a little over 3%, moving from 2006’s median of $325,000 down to 2007’s $314,500. The average price for last year ended at $320,265, down from the prior year’s average of $336,772. The three bedroom market made up the majority of homes sold in this area with a total of 66 averaging a sales price of $317,196 and a median price of $314,500. 10 four bedroom plus homes sold created the next largest quantity sold averaging $376,680 and ending with a median of $342,000. Finally the 2 bedroom market, with a total of 6 homes sold averaged $260,000, with a median of $246,500.

Currently there are three hundred twenty six active listings in the Sierra North Valley MLS within the six areas of Chico, of which, 21 are within area 1E and 44 are within area 1F.