Chico Real Estate Source

Chico Real Estate Year 2007 Stats for Area 1E; 1F

2008-02-28T09:52:00.000-08:00

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.

Chico Real Estate Year 2007 Stats for Area 1D

2008-02-21T13:46:00.000-08:00

This week I will be taking a look at the year end results for single family residences in area 1D of the Sierra North Valley MLS, which is located in the Central east area of Chico. In total during the year 2007 there were two hundred seventeen homes sold which is up slightly from 2006 which had two hundred nine homes sold. The year end median home price in 2007 for this area of Chico was $340,000, while 2006 had a year end median of $374,950. In total this equates to an approximate 9% decrease in value for the year 2007. However, this area’s median is about 4% above all six areas of Chico’s combined median of $325,000.

The three bedroom market in this grouping had the largest quantity of sales with a total of one hundred thirty four homes sold. With an average day on market (DOM) of 80; an average sales price of $365,562 and a median sales price of $335,000. While the four bedroom plus market ended 2007 with fifty eight homes sold in area 1D, averaging a sales price of $473,332 and 122 DOM, with an overall median sales price of $402,500. Ending with the two bedroom segment, there were a total of twenty five homes sold with an average of 55 DOM. The average price for the two bedroom market was $283,975 with a median price of $265,000.

Currently there are three hundred thirty five active listings in the Sierra North Valley MLS within the six areas of Chico, of which, eighty four are within area 1D.

Chico Real Estate Year 2007 Stats for Area 1C

2008-02-15T13:39:00.001-08:00

This week I will be taking a look at the year end results for single family residences in area 1C of the Sierra North Valley MLS, which is located in the Central west area of Chico. During the year 2006, this particular area of Chico had two hundred ten homes sold; the 2007 year end totals represent an approximate 12% decline in quantity, to end the year with a total of one hundred eighty three homes sold. The year end median during the year 2006 for this group was $322,250, while 2007 year end totals came in at $320,000, not even a full percentage point price drop. Day on the market time
(DOM) fluctuated from sixty two days in 2006 to an average of 77 days in 2007.
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During the 2007 year in area 1C, there were a total of 37 two bedroom homes sold with an average DOM of 54, average price of $257,487 and a median price of $248,000. The majority of homes sold in this group were the three bedroom market which ended 2007 with a total of ninety seven homes sold. The median price for this group was $315,000, while the averages of both price and DOM concluded at $327,455 and seventy four. Finally, the four plus bedroom market in this segment ended at a total of forty nine homes after an average DOM of ninety nine, and average price of $449,440 and a median price of $422,000. Homes currently offered for sale in all six areas of Chico within the Sierra North Valley MLS number three hundred thirty two with an average asking price of $419,314. Area 1C represents sixty six homes with an average asking price of $394,194.

Chico Real Estate Year 2007 Stats for Area 1B

2008-02-11T12:20:00.000-08:00

This week I will be taking a look at the year end results for single family residences in area 1B of the Sierra North Valley MLS, which is located in the Northeast area of Chico. For the year 2007 there were a total of one hundred seventy one homes sold with an average days on market (DOM) time of 74, while 2006 saw a total of two hundred seven homes sold, in total this area experienced an approximate 17% decrease in the quantity of homes sold from 2006. The year end median price for all homes located within area 1B was $301,950, the average price ended at $350,039 with an average DOM of 74. In comparison, Chico has a whole (including all six areas) experienced a year end total median price of $325,000, an average price of $358,350 and an average DOM of 82.

Out of the total of one hundred seventy one homes sold in area 1B seven were at least two bedrooms. The average DOM for the two bedroom market was 76, the average price was $259,785 and the median price was $260,000. The three bedroom market saw the largest quantity of homes sold in this group with a total of one hundred twenty. The median price ended at $285,000, while the average price was $301,655 with an average DOM of 70. There was a total of forty four 4 bedroom plus homes that sold in this area after an average of 83 DOM. The median price for 2007 was $409,965 while the year end average closed at $496,355. Currently out of the three hundred twenty five single family residences now actively for sale in the MLS, sixty eight are located within area 1B.

Chico Real Estate Update 01/31/2008

2008-01-31T10:59:00.000-08:00

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.

Chico Real Estate Year 2007 Stats!

2008-01-25T11:51:00.000-08:00

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.

Chico Real Estate Market Update 01/24/2008

2008-01-25T07:26:00.000-08:00

In the Sierra North Valley MLS covering the six areas of Chico, 1a-1f, there are 329 active single family residences available for the week ending January 18th. In total the average days on the market (DOM) is 103. All listings average an asking price of $421,582 while the median asking price is $354,950. During the time frame of January 12th through the 18th there were twenty two new listings added to the database with a low asking price of $228,900 for a two bedroom, one and a half bath home with 1,316 square feet. The home representing the high range with an asking price of $729,000 is a four bedroom, three bath home totaling 3,000 square feet. In total, these twenty two new listings create and average asking price of $394,831 and a median of $379,000.

Eleven homes began the escrow process during this time as well after an average of 105 DOM. Beginning with the lowest priced home in this group-a three bedroom, one bath home with 1,256 square feet and an asking price of $149,900, entered escrow after two hundred eleven DOM. The highest price home in this segment was a four bedroom, two and one half bath home totaling 2,203 square feet, which began the escrow process after three hundred twenty five DOM. In total, these homes represent a median price of $259,000 and an average asking price of $260,690.

There were five homes this week that successfully closed escrow with an average selling price of $368,400 and a median price of $340,000 and average DOM of forty six. With an original asking price of $319,900-the lowest priced home in this category-a three bedroom, two bath home with a total of 1,731 square feet, closed after 16 DOM and a final selling price of $305,000. The highest priced home in this group, with an original asking price of $489,000 closed escrow after ninety six DOM for $452,000-this home had a total square footage of 2,307 with four bedrooms and three bathrooms. In total all homes received approximately 93.3% of their original asking prices.

Chico Real Estate Market Update 01/10/2008

2008-01-11T08:26:00.000-08:00

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

Chico Real Estate Update 01/03/2008

2008-01-03T17:20:00.000-08:00

For the week of December 15th through the 21st there were three hundred forty four active single family residence listings in the six areas of Chico within the Sierra North Valley MLS. The median price of these listings was $359,000, while the average asking price was $430,405 with combined average days on the market (DOM) of one hundred twelve. During this period of time twelve new listings were added with an average price of $330,566 and a median price of $268,450.

Fourteen homes began the escrow process this week as well after an average DOM of one hundred thirty seven. On the low end of this group there was a two bedroom, one and one half bath home with 969 square feet which entered the escrow process after twenty four DOM and an asking price of $190,000. While the high end home-a three bedroom, three bath home with 2,084 square feet entered escrow after two hundred one DOM and an asking price of $439,000. In total the average price for this group of homes was $285,832-the median, $307,250.

Additionally, there were fourteen homes that successfully closed escrow this week as well after an average DOM time of seventy days. This group’s low price ranged home with a selling price of $183,000, was a four bedroom, two bath home with 1,396 square feet. The highest priced home in this group is represented by a four bedroom, one bath home, with 1,796 square feet, which successfully closed escrow at $555,000. In total, this group of homes received approximately 89.5% of their original asking price with an overall median of $265,915 and an average price of $316,202.

Chico Real Estate Market Update 12/27/07

2008-01-02T10:28:00.000-08:00

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.

Chico Real Estate Market Update 12/20/07

2007-12-20T07:40:00.000-08:00

As of December 13th, there are 358 active listings for single family residences in the six areas of Chico listed in the Sierra North Valley MLS. The average price of these listings is $436,127, while the median price is at $360,000 totaling an average days on the market (DOM) of 113 days. During the week of December 7th through the 13th, there were eleven new listings added to the MLS, ranging in price from low to high-$229,500 for a three bedroom, two bath home with 1,300 square feet to $695,000 for a four bedroom, three bath home with 3,600 square feet. In total, the newly added listings have an average price of $380,990 and a median price of $349,000.

Ten homes began the escrow process this past week as well after an average of ninety five DOM. The median price for this group of homes was $334,225, while the average price came in at $398,395. The low range priced home was a short sale opportunity which entered escrow after 142 DOM and an asking price of $269,000 for three bedrooms, two bathrooms and a total of 1,661 square feet. The higher price ranged home is represented by a four bedroom, three bathroom home with 2,940 square feet, and an asking price of $729,000, which entered the escrow process after 45 DOM.

Additionally, there were thirteen homes which successfully closed escrow, which contrary to the past several weeks had longer average DOM-125 days. Receiving approximately 90.2% of their original asking price, the thirteen homes had an average selling price of $301,361 and a median of $299,000. The higher end home closing at $407,000 was a four bedroom, two and a half bath home with 2,361 square feet, while the lower priced home closed at $235,200 for a home built in 2002, comprising of 1,358 square feet for three bedrooms and two baths.

Chico Real Estate Market Update 12/13/07

2007-12-13T07:38:00.000-08:00

Each week I post information regarding the current active inventory, newly listed, pending and sold properties for single family residences in the city of Chico as reported in the Sierra North Valley MLS. This week however, I wanted to share the changes in our local market with a sales data comparison for the months of November 2005, 2006 and 2007. For this comparison I will use the median price, that is the home right in the middle-where you can count on half of the homes being less expensive and the other half more expensive.
Beginning with November 2005, there were a total of sixty one homes sold; the median priced home was a three bedroom, two bath home with 1,592 square feet built in 1973 and a selling price of $325,000. In the following year-2006, there was an increase in the quantity of homes sold by five ending November with sixty six in total, the median price was unchanged at $325,000. This median home was a three bedroom, two bath home built in 2006 with 1,654 square feet. And finally, 2007 where there was a drop in the quantity of homes sold to fifty seven. The median price for this year’s November-$324,900-virtually unchanged from the past couple of years. November 2007’s median home however, was a four bedroom, three bath home, built in 1992 with 1,661 square feet.
In the whole scheme of things, the local Chico real estate market is not doing too badly. Inventory is up compared to 2005, but now buyers have more choices to pick the perfect home. Sales figures are down, but again, twenty people will most likely not be bidding on the same house artificially driving the prices up. And in looking at the last three year’s November examples-for close to the same median-you can get a little more house.

Chico Real Estate Update 12/06/2007

2007-12-07T11:29:00.000-08:00

For the week covering November 23rd through the 29th, the Sierra North Valley MLS had seven new single family residence (SFR) listings for the six areas of Chico. Beginning with the low range, a short sale opportunity with four bedrooms, two and a half baths and 2,000 square feet entered the market with a $260,000 asking price. The higher end of this group is a 3,027 square foot home situated on 5 acres with four bedrooms, three baths and an asking price of $925,000. In total, there are currently 382 active listings available for SFR with an average of 110 days on the market (DOM), an average price of $436,034 and a median price of $359,450.

Fifteen homes entered the escrow process for this week as well, with an overall average of $315,383 and a median asking price of $299,000, this group had an average of 57 DOM. What is interesting to note however, that almost half of this group went into escrow within the first thirty days of being listed for sale. For example, with an asking price of $199,950, the low price range for this segment, a two bedroom, one and one half bath home with 969 square feet entered escrow after two DOM. The higher priced home entered escrow after seventeen DOM with an asking price of $437,000 for three bedrooms, two baths and 2,072 square feet.

The importance of having your home priced right from the beginning of your listing period can not be stated enough. Four out of the five homes that successfully closed escrow this week were on the market less than thirty days receiving approximately 97.3% of the original asking price. The five homes in total created an average selling price of $442,390 and a median of $340,000.

Chico Real Estate Market Update 11/29/07

2007-11-30T07:23:00.000-08:00

As promised last week, I will be reviewing the progress of the Chico real estate market as we have marked the half way point of the final quarter of 2007. For the time period of October 1 through November 15th there were eighty two single family residences sold in the six areas of Chico as reported in the Sierra North Valley MLS. In comparison to the same time period for 2006 we are down 21% in sales activity, as last year saw one hundred four homes successfully close escrow. The average days on the market (DOM) has increased over last year’s sixty nine DOM to eighty seven DOM this year.

In looking at the average versus the median prices between the two periods, there is a 1.8% decrease this year in the median price of $322,950-down from $329,100 in 2006. The average on the other hand is down approximately 6.3% from last year’s average of $378,560 to $354,647. While both the average and the median figures are helpful, the median price provides a more accurate picture of the Chico real estate market by giving the halfway point on sales figures. The average prices on the other hand can become skewed if for example several higher end homes closed escrow-when averaged out those numbers can be artificially higher for that particular time frame.

Ending on a positive note, I also compared the third quarter of 2007 to the first half of the fourth quarter of 2007. We ended the third quarter with an average price of $359,637 and a median of $321,000. In this comparison the average was still currently down from last quarter, but by only slightly over 1%, while the median price has inched up to a little over ½% increase.

Chico Real Estate Market Update 11/21/07

2007-11-21T08:53:00.000-08:00

The week ending November 15th marks the half way point of the fourth quarter. I’ll be taking a closer look at how the Chico real estate market is doing to this point next week. This week however, our active listing inventory in the Sierra North Valley MLS for single family residences has dropped again for the 6th straight week to a new total of 393. This number reflects the addition of twenty two new listings with an average asking price of $472,253 and a median of $375,000. In total, the average for all single family residences in the six areas of Chico represent an average price of $430,469-the median $358,000, with an average of 105 days on market (DOM).

With an average of 94 DOM, ten homes successfully closed escrow this week. After 4 DOM, a three bedroom, one bath home with 1,082 square feet and an asking price of $199,500 closed escrow receiving 108% of the original price-$215,000. While the higher end home, with a closing price of $575,000 was a four bedroom, three bath home with 2,631 square feet, which closed after 212 DOM. The ten homes together received approximately 97% of their original asking price after 94 DOM on average. The median for this group was $344,450 and the closing average-$357,390.

There was also the addition of eight new homes which began the escrow process this week after an average time on the market of 92 days. Starting with the lower range in this group-there was a 1,142 square foot home with three bedrooms and two bathrooms and an asking price of $200,000. While the highest priced home comprising of 4,500 square feet, four bedrooms and four plus bathrooms entered escrow with an asking price of $699,000, creating an average price of $384,850 and a median of $300,000 for all homes in this group.

Have a wonderful Thanksgiving week!

Chico Real Estate Market Update 11/15/07

2007-11-16T08:13:00.000-08:00

For the week ending November 8th, 12 single family residences successfully closed as listed in the Sierra North Valley MLS for the six areas of Chico after an average of 114 days on the market. (DOM). Beginning with the low range-a three bedroom, 1 bath home with 1374 square feet, with an original asking price of $295,000, successfully closed escrow for $230,000 after 444 DOM. While the high price ranged home-a four bedroom, three bath home with 2,723 square feet closed escrow at $589,000, with an original asking price of $599,000 after 38 DOM. In total the average price for all twelve homes was $340,083, the median $337,500 and they had an average of 114 DOM.

Additionally, eleven new escrows were opened this week with a median price of $289,000, an average price of $361,481 and an average of 60 DOM. On the low end of this group-a three bedroom, two bath home with 1,812 square feet entered escrow with an asking price of 249,000. Representing the high range in this group, a five bedroom, three and a half bath home with 3,519 square feet began the escrow process with an asking price of $749,000.

Although sixteen new listings were added to the MLS this week, the inventory has dropped again this week to 402 active single family residences. (SFR) Beginning with the low end of the spectrum, one of the new additions is a four bedroom, two bath “fixer upper” home with 1,342 square feet and an asking price of $225,000. The high end home represented by a three bedroom, three and a half bath home with 3,305 square feet entered the market with an asking price of $799,000. In total, the average price for the current inventory is $429,122 while the median is $352,500 and on average the homes currently listed for sale have been on the market 106 days.

Chico Real Estate Update 11/8/2007

2007-11-12T13:21:00.000-08:00

Dropping again this week during the traditionally slower winter months, the Sierra North Valley MLS showed 415 active single family residences available for sale in the six areas of Chico. Representing a median price of $350,000 and an average of $427,243, the current inventory has been on the market for an average of 111 days. This number includes the addition of thirty three new listings for the week ending Nov. 1st. The average and median price of these new listings is $466,454 and $395,000, while the low end of the spectrum is represented by a three bedroom, two bath home with 1,067 square feet for an asking price of $237,500 the higher end of this group is $1,700,000 for a 4,000 square foot home with four bedrooms, three baths, 4,000 square feet on just under one and a half acres.

With an average price of $269,250 and a median of $269,000, thirteen homes have begun the escrow process this week. Beginning with the low range-a four bedroom, one bath home with 948 square feet and an asking price of $159,000 entered the escrow process after eleven days on the market (DOM). After thirty three DOM, the highest priced home in this group-a three bedroom, two bath home with 2,087 square feet, entered escrow with an asking price of $376,500.

Finally, receiving on average 95.5% of their original asking price, twelve more homes successfully closed escrow this week. After 53 DOM the lowest priced home with two bedrooms, one bath and 1,034 square feet and an asking price of $200,000, closed at $195,000. The highest priced home in this group, a three bedroom, two and a half baths and 3,641 square feet closed escrow after 164 days on the market receiving $962,550-down from the original asking price of $1,195,000.

Chico Real Estate Update 11/1/2007

2007-11-02T15:59:00.000-07:00

The single family residence inventory in the Sierra North Valley MLS for the six areas of Chico dropped slightly again this week to 439 active listings. The average time on the market of these homes is 119 days, the average price-$420,840, and the median price is $359,000. This number includes the addition of twenty two new listings ranging in price from $159,000 for a four bedroom, one bath home with 948 square feet in area 1E-the south area of Chico to $1,097,000 for a five bedroom, three bath home with 4,100 square feet located in area 1B-a north east neighborhood of Chico on just under two acres.

Additionally, for the week ending on October 25th, eight new homes have entered the escrow process after an average of 138 days on the market. The median price of these homes is $322,000, while the average is $351,362. On the lower price range, a three bedroom, two bath home with 1,039 square feet and an asking price of $239,000 entered escrow after 442 days on the market (DOM). Looking at the higher price range for this group, a four bedroom, three bath home with 2,631 square feet entered escrow after 222 DOM.

The Chico real estate market showed thirteen more homes successfully close escrow this week receiving an average of 92% of the original asking price after an average of 57 DOM. The average price of these homes is $302,461, while the median is $284,000. Looking at the low/high prices-there was a three bedroom, two bath home with 1,220 square feet which closed at $145,000 after 23 DOM and a four bedroom, three bath home with 2,880 square feet, which closed at $514,000 after 49 DOM.

Chico Real Estate Update 10/25/2007

2007-10-25T14:54:00.000-07:00

For the week ending October 18th the Sierra North Valley MLS showed a drop in inventory from last week’s number of 444 available single family residences in the six area’s of Chico to 433 available homes. This number does include an additional 26 new listings entered this week. The price range for these new listings start at a low of $159,000 for a four bedroom, 1 bath home with 948 square feet to a high of $699,000 for a three bedroom, 3 bath home with 3,063 square feet. In addition ten more homes began the escrow process this week.

The new escrows have an average value of $328,915 and a median of $330,975 after an average of 57 days on the market. (DOM) On the low range a three bedroom, one bath home with 1,082 square feet with an asking price of $199,500 began the escrow process after only four days on the market. While the high range listing- a three bedroom two and a half bath home with 2,076 square feet offered at $435,000, entered the escrow process after 36 days on the market.

Additionally, nine more homes successfully closed escrow this week. Receiving approximately 85% of their original asking price, the homes had an average price of $402,444 and a median of $325,000 and an average market time of 94 DOM. The highest closing price for this group was a $950,000 home with five bedrooms, three and a half bathrooms with 5,119 square feet situated on 2.77 acres in north Chico after 154 DOM. On the lower end of the spectrum, after 31 DOM, a three bedroom, two bath home, with 1,208 square feet located in a north east neighborhood of Chico sold for $260,000.

I hope you have a great week and visit my blog at ChicoTammy.com to post your questions and comments.

Chico Real Estate Update 10/18/2007

2007-10-19T06:35:00.000-07:00

As of October 12th, there are 444 active single family residences listed for sale in the Sierra North Valley MLS representing the six areas of Chico. This is the first time since June of this year that we’ve dropped below the 450 mark of active single family residences available for sale. This past week thirteen new listings were added to the MLS, ranging in price from a low of $199,500 for a three bedroom, 1 bath home with 1,082 square feet to a high of $799,000 for a four bedroom, three bath home with 2,917 square feet.

Additionally, fifteen homes began the escrow process after an average of 71 days on the market (DOM) with an average price of $312,453 and a median of $329,000.The low price was $152,000 for a 1,220 square foot home on a .15 acre lot with three bedrooms and two baths located in Chico’s area 1E. While the high price was $425,000 for a two bedroom, two bath home with 2,030 square feet situated on a little more than a half acre in Chico’s area 1E.

We also had eight more homes successfully close escrow this week after an average of 77 DOM, receiving approximately 90.5% of their original asking price. The median price of these homes was $306,500 and the average price was $313,812. On the low range, a two bedroom, one bath home on a .18 acre lot in area 1E with 1,050 square feet closed at $162,500 while the high price range closed at $540,000 for a three bedroom, two bath home on three quarters of an acre in area 1E.

Have a great week and visit my blog at ChicoTammy.com to post your questions and comments.

Third Quarter Chico Real Estate Stats

2007-10-12T05:42:00.000-07:00

The third quarter of 2007 statistics are in! In total there were 181 single family residences sold, as listed in the Sierra North Valley MLS for all six areas of Chico. In comparison to the third quarter of 2006, this number represents an approximate 23% decrease in sales. The average price for the third quarter was $360,690-a decrease of 2.9% from the third quarter of 2006’s average of $371,391. The year’s third quarter median of $321,000 is down 4% from last year’s third quarter results of $335,000 and down 6.9% from the peak median of $345,000 that we had in the second quarter of 2006.

On a positive note, Chico is faring well above California as a whole. The California Association of Realtors released a press release on September 25th regarding the California statistics for the months of August 2007 versus August 2006. In this article they stated home sales in the state were down 27.8% while the median was down 5.1% and as of August there was an 11.8 month supply of homes on the market. Chico on the other hand showed a marginal increase in sales of .011%, while our median home price decreased less than 1% for the same months-August 2007, August 2006. As to the quantity of homes, we had 491 active single family residences on the market in Chico as of August 30th representing an approximate 9.8 month supply of homes. If you add in the month of September we are down to an 8.9 month supply.

Today there are 463 active single family residences for sale. Seven homes successfully closed escrow this past week after averaging 83 days on the market-their average price $377,214, while the median was $304,000-averaging 98.15% of the original asking price. In addition ten more homes began the escrow process with an average 46 DOM.
Have a great week!

Chico Real Estate Four Bedroom Market

2007-10-05T08:10:00.000-07:00

As of Sept. 27th there are 476 active single family residences available for sale in the Sierra North Valley MLS for Chico area’s 1a-1f. This number represents a slight increase over last week’s number of 469. The average days on the market (DOM) is 116, while the average price is $422,031 and the median price is $359,000. Ten more homes began the escrow process this week after an average of 82 DOM-the average price of these homes is $394,490, the median $297,250- an increase of one home over last week. Additionally, we had six more homes successfully close escrow, receiving 95.5% of their original asking price showing an average and median of $407,916 and $358,500. Of the six homes that closed this week half were four bedrooms, which we’ll be taking a closer look at now.

My comparison on the four bedrooms plus Chico market is going to include January through August 2006 versus January through August 2007. In the 2006 time period there were 122 homes sold comprising an average price of $475,776 and a median price of $435,000, while being on the market an average of 59 days. In total this segment received an approximate 97.5% of their original asking price. The 2007 time period on the other hand had 153 homes sold which is an increase of approximately 25%. The quantity of time these homes were on the market bumped up to 98 days. The average price increased marginally to $476,991-less than 1%, while the median price dropped to $422,500-a depreciation of less than 3%. In total homeowner’s this year received an average of 92.5% of their original asking price.
The end of the third quarter of 2007 is drawing near-we’ll take a look how the overall Chico real estate market is doing next week.

Copy for News and Review 9/27/2007

2007-09-27T21:11:00.000-07:00

This week I wanted to share information regarding the three bedroom single family residence (SFR) market in the City of Chico. During the entire year of 2006 there were 561 single family residences sold, representing an average of $353,311 and a median of $326,000 with an average days on market (DOM) of 62. In comparing first and second quarter results of 2006 and 2007-the three bedroom market has seen a slight decline in quantity of sales and both average and median prices. In 2006, by the end of the second quarter there were 286 SFR sold, with an average price of $358,040, a median of $331,075 and an average of 59 DOM. In contrast, 2007 saw 276 units sold representing a decrease in volume of a little more than 3%. The average price declined about 6% to $336,320 while the median declined just under 3% to $321,500 with an average of 77 DOM. Currently there are 469 active listings in the Sierra North Valley MLS for the six areas of Chico 1a-1f, of which 276 are three bedroom homes.

The current average asking price on the three bedrooms is $382,134, while the median is $339,000 with an average of 112 days on the market. These homes range in size and price from $183,500 for 964 square feet to $1,485,000 for 4700 square feet. While the entire city of Chico single family residence inventory of 469 averages an asking price of $425,890 and represents a median of $358,000, also with an average of 112 days on the market.

This past week six homes successfully closed escrow receiving 95.25% of the original sales price, with an average/median of $399,500 and $355,500 and another nine homes began the escrow process after averaging about 63 DOM-their average and median asking prices where $292,000 and $269,000.
Next week we’ll take a look the four bedroom market-Have a great week

Copy for News and Review 9/20/07

2007-09-21T11:13:00.000-07:00

This week the Sierra North Valley MLS shows 481 active single family residences available for sale in Chico. For the week ending on the 13th of September we have seven new homes that have begun the escrow process. With an average of 72 days on the market (DOM), these homes had an average and median price of $352,500 and $349,000 respectively. The quantity of homes successfully closing escrow is down this week to six, however the average and median prices are higher than last week closing at $371,761 and $347,500 with 63 DOM and receiving 94.8% of the original asking price. While this information is combining all areas and square footage sizes I wanted to break it down this week and look at the up to 2 bedroom market in Chico.

Looking back to the entire year of 2006, Chico had a total of 91 one to two bedroom homes sold, the average price last year was $257,715 and the median was $249,000 with an average of 54 DOM. As of the end of the second quarter of 2007 we had 55 homes closing escrow all at least 2 bedrooms ranging in price from a low of $84,500 for a two bed/1 bath home with 540 square feet to a 2 bedroom/2.5 bath home with 2,664 square feet on an acre of land for $741,000. In total, these homes were on the market an average of 56 DOM, had an average price of $258,122 and a median of $249,000-leaving us with an unchanged median and an increase of approximately 0.20% on the average price. Currently there are 53 homes up to 2 bedrooms available for sale in the six areas of Chico, starting at a low of $139,000 for a 540 square foot 2 bedroom/1 bath home to a high of $795,000 which features 2 bedrooms/2 ½ baths and 3,356 square feet on a little over an acre of land.

Next week we’ll take a look the three bedroom market-Have a great week!

Copy for News and Review 9/13/07

2007-09-14T11:33:00.000-07:00

As of the 6th of September there are currently 480 active single family residences listed for sale in the Sierra North Valley MLS for the six areas of Chico, this number is down from last weeks 491 listings. Both the quantity of homes newly in escrow and those that have successfully closed escrow has increased from last weeks totals. Twelve homes began the escrow process with an average of $373,316 and a median of $361,950 and an average of 65 days on the market. (DOM). In addition we had eighteen homes successfully close escrow this week. The average sale price on these homes was $362,916 while the median price was $329,500 and an average DOM of 36 days, with each home receiving approximately 96.8% of their original asking price.

The 31st of August marked the two thirds point of the third quarter of 2007. In comparing the same time frame-July 1st through August 31st of 2006 and 2007-there are very slight differences. While 2006 had 164 homes successfully close escrow with an average price of $362,429, a median of $329,000, an average of 48 DOM and received approximately 95.3% of the homes original sales price. The 2007 market had 143 homes sold representing about a 12% decrease over 2006. The average price this year of $357,968 is about a 1% decrease over last year. The current median of $324,000 shows about a 1 ½% decrease in comparison of last year’s results, while the DOM average inched up to 67 days with homeowner’s receiving about 93.8% of their original asking price.

Overall, there have been some minor adjustments in the Chico real estate market, some area’s greater than others, but in general, definitely not 20% or more depreciation in value. If you have any questions or comments you are more than welcome to post those on my blog accessed at ChicoTammy.com. Have a wonderful week!

Copy for News and Review 9/06/07

2007-09-07T07:10:00.000-07:00

For the week ending 8/30/07, the quantity of available single family residences in all area’s of Chico within the Sierra North Valley MLS remains unchanged from last week at 491. Seven new escrows were opened with a median value of $349,000 and an average of $439,842 and 87 days on the market. Ten homes successfully closed escrow this week as well, averaging 86 days on the market with a median of $278,000 and an average of $321,740, receiving 94.8% of their original asking price. With a sampling of three out of the six areas in the city of Chico represented, five of the ten homes which closed escrow had three bedrooms and two bathrooms.

Collectively these five homes represent a median price of $280,000 and an average of $326,780, with a square footage range of 1,317 to 2,281, a low/high price range of $246,900 to $525,000 and an average of 110 days on the market. While two bedroom, one bath homes represented another three closed escrows-all from area C in Chico, which is the Central West area of the city, with a median of $236,500 and an average of $223,833. These homes had a square footage range of 960 to 1070, a low/high price range of $165,000 to $270,000 and an average of 71 days on the market. Finally, the remaining two were four bedroom homes on the market for an average of 46 days with a low/high price of $422,000 to $490,000, square footage of 2,164 to 2,451, and a median/average selling price of $456,000.

As two thirds of the 3rd quarter of 2007 has now past, we’ll take a look at how the Chico Real Estate Market is doing next time. Have a wonderful week and please visit ChicoTammy.com to view my blog and post your real estate questions and comments.

Copy for News and Review 8/30/07

2007-08-30T08:27:00.000-07:00

This week in Chico real estate, we have 490 active single family (SFR) residences for sale in the Sierra North Valley MLS. With 17 homes successfully closing escrow for the week ending on the 23rd. These homes averaged 66 days on the market (DOM), an average of $309,426, a median of $295,000 and they received an approximate 93% of their original asking price. In addition, 6 homes began the escrow process after an average of 87 DOM, with an average and median of $281,983-$294,000. As far as quantity of homes sold in the period of 1/1/06 to 8/23/06 and 1/1/07 to 8/23/07, we are ahead slightly moving from 540 to 555. Contrary to what the local CBS newscast on cable Channel 12 of August 22nd and 23rd stated, Chico is down 1% from 2006’s median of $335,000 to $331,500 and down 2.7% from 2006 average $372,141 to $362,159. (Effective 8/23/07)

Rather than reporting the local facts, Channel 12 inflated depreciation figures from their source, Zillow.com, which actually shows a 4.3% decrease over last year, not 6.1% as stated on their newscast. If you investigate further, Zillow, an online company based in Seattle, Washington, states at the bottom of their trend tables for a given area, in this case Chico, the following, “Value trends are based on Zestimate and Zindex values, not sale prices”. (http://www.zillow.com/Charts.htm?chartDuration=5years&zpid=18245172 ). Furthermore, Zillow also indicates a median range of error for Butte County at 6.7% and an accuracy rating of 62% on selling price data. Although useful for a very broad range of value, Zillow can not provide the accurate sales data included in a Comparative Market Analysis provided by a local Realtor, as with Zillow-free of charge.

Have a great week-your comments and questions are welcome on my Blog viewable at ChicoTammy.com.

Copy for News and Review 8/23/07

2007-08-23T06:59:00.000-07:00

The Chico real estate market has remained virtually unchanged from last week as far as active single family residence listings in the Sierra North Valley MLS are concerned. There are now 483 as opposed to last week’s 481, with 22 newly listed homes averaging $397,120 and a median of $379,450. Homes that have gone into escrow this past week however, has nearly doubled from last week’s 7 to 12 with an average list price of $319,425, median of $307,450 and an average of 59 days on the market. 10 homes successfully closed escrow for the week of August 10th through the 16th after being on the market an average of 57 days with an average price of $296,100, a median of $275,500 and receiving an approximate average 93% of original list price.

Given the ongoing national news regarding the sub-prime loan fallout and the increases in notices of default and foreclosures; last week I went to a ‘Foreclosure Seminar’ here in Chico presented by a company that travels throughout the United States sharing their secrets to making huge quantities of money on unfortunate homeowner’s on the verge of losing their homes. Flashing photos of checks with after resale profits as high as $80,000 the call to purchase their ‘proven system, attend a three day educational seminar, receive access to their exclusive database of recorded notices of default, (which by the way, is FREE public information), and become a certified something or other’ for the bargain price of just under $4,000, heck, just charge it-Buyer Beware!

There are a few properties listed on the MLS now that are offered as short sales and if you are finding yourself in a difficult situation, contact your Realtor who is knowledgeable and follows a strict code of ethics. This week I have posted a link on my site ChicoTammy.com to an informational article on foreclosure avoidance. Have a great week!

Chico Real Estate Market Update 8/3-8/9

2007-08-14T10:30:00.000-07:00

This week Chico currently has an active inventory of single family residences in the Sierra North Valley Multiple Listing Service (MLS Area's 1a-1f) of 481 homes, this represents, at the current rate, an approximate 6.75 month supply of homes. 21 new listings were input this week with an average price of $413,733 and a median of $359,000. 7 new escrows were opened as well with a median price of $339,000, an average of $326,557 and an average of 48 days on the market(DOM). In addition, 15 homes successfully closed escrow receiving 94.2% of asking price after an average of 77 DOM with an average and median of $356,593-$345,000, respectively-now 40 days into the 3rd quarter of the year, these figures show a slight increase in value over the second quarter.

The second quarter median home price dropped about 1.5% from the first quarter of 2007, but has since rebounded to the first quarter median value-$335,000. Overall, we have experienced an approximate 3.4% decrease from the peak median value of $347,000 which we had in the second quarter of 2006. An important fact to keep in mind when evaluating these statistics, whether it is a national report on the housing market or even here locally in Chico-every market is very different.

To bring this point home, here in Chico the city is broken down into six different areas. Does each of these areas median home prices conform individually to the city as a whole? Absolutely not! Just as an example, Chico Area 1 had a median price in the second quarter of this year of $392,000; well above the city median of $330,000. As with area, age, additional features, upgrades, and size, to name a few, come into play. Where might your home fit in? If you're thinking about selling your home, contact a professional Realtor in your area-until next week...

Chico Real Estate Update as of 6/11/2007

2007-06-11T11:07:00.000-07:00

As we near the end of the second quarter of 2007, the Chico Real Estate market has experienced an approximate 17.5% increase in the quantity of available single family residences available for sale, with 454 homes listed in the Sierra North Valley Multiple Listing Service database.

The quantity of Chico homes that successfully closed escrow for the week ending June 9th was 18, which is virtually unchanged as of the last week of March, the average sales price was $374,550 with a median sales price of $344,950 and an average days on the market of 77.

The quantity of homes that have gone into escrow this week is 18, with a average asking price of $319,371 and a median of $299,900. Overall, the Chico Real Estate Market is holding its own!

You may visit my website www.chicotammy.com under the Chico Market Watch for more detailed sales stats on Chico Real Estate including first quarter of 2007.

Have a wonderful week!

Chico Real Estate Week Ending 3/25/07

2007-03-27T14:09:00.000-07:00

Best Blog Contest, as advertised in the local Chico News and Review, I am conducting a contest and I'm looking for a creative name for this blog and I need your help. All you have to do is submit your idea's with your name and phone number via email to tammy@chicotammy.com starting today, 3/29/07 through 4/8/07-the winning name will be announced on 4/9/07. The contest winner will receive an electrical fixture installed in their home. Get creative and Thank You for participating!

Now to our weekly real estate news! Active listings in the Sierra North Valley MLS, has inched up slightly since last week to 386 single family residences in the Chico area's 1a-1f. 13 homes have successfully closed escrow this week and 17 more homes have gone into escrow. The new additions to the escrow process have a median of $326,800 and an average of price of $395,844, with an average days on market (DOM) of 115 days. The sold homes on the other hand show an average of $428,188 and a median price of $405,000 and an average DOM of 79 days.

This week I am focusing on area 1c of the Sierra North Valley MLS, which refers to the Central West portion of Chico. This area comprises of property located roughly from Dayton Rd and Hwy 32 for the Southern and Eastern borders, ending at the Glenn County line for the Western Border to Hamilton City for the Northern Border.

There are currently 78 homes active within this area- ranging in price from $195,000 to $1,125,000, with an average DOM of 164 days. 12 of these homes are 2 bedroom or less; ranging in price from $195,000 for a 1 bedroom 1 bath home to $299,500-also for a 1 bedroom, 1 bath home-to note there is also a 2 bedroom 1 bath home for $299,000.

The remainder of the homes are 3 or more bedrooms with prices ranging from $229,000 for a 3 bedroom 1 bath with 1161 square feet to a 4 bedroom 4 plus bath home with 5,825 square foot home for $1,125,000.

To date for the month of March 16 homes had successfully closed escrow, receiving an average of 93% of asking price-the closed average price for all homes in area 1c beginning March 1, 2007 through March 25, 2007 was $378,119-the median $367,450 and average DOM 77.

We're almost at the end of the first quarter, on Sunday I will publish the 1st quarter market statistics on my site, where you may also view previous years statistics. Just visit my Chico Market Watch page.

Have a wonderful Week!

Chico Real Estate Update 3/18/2007

2007-03-19T12:19:00.000-07:00

What a way to end the week-warm sunshine and spring flowers in bloom!

Chico California real estate is moving right along as well. The quantity of active listings in the Sierra North Valley MLS, is stable from last week with 387 active homes in Chico area's 1a-1f. This week we saw an additional 18 homes go into escrow, and 14 more homes successfully close escrow.

The average price of the homes that have entered into escrow is $358,808; while the median is $330,750-with a total days on the market being 74.

Meanwhile, homes successfully closing escrow this week saw an average of $336, 314-a median of $339,750 and an average days on the market of 96. In addition, these homes sold for an overall average of 94% of asking price!

This week I am going to explain the area comprising the Sierra North Valley MLS, Chico area 1b.
Keeping in mind, the areas are not perfectly rectangular, square ect. Area 1b, the 'North East' section of Chico, is loosely defined as any property East of the 99 Freeway for the western boundary, southern boundary would be North of East Ave, traveling along Chico Canyon Road East and along the Big Chico Creek, stopping just below the town of Cohasset.

Currently, within this area, there are 78 homes available for sale. Of this 61 homes are 3 bedrooms, ranging in price from $267,500 for 1039 square feet to 2,844 square feet for $719,000. Out of these 61 homes; 4 are actually in escrow, but are in a 'contingent' status, which most commonly may be the buyer as yet to sign off on his investigations or reports-i.e. a pest report, or possibly the buyer may need to sell a home before the transaction can close.

The remaining 17 homes, are four bedrooms or more, ranging in price from $299,900 up to $875,000 for a 3,773 square foot home with five bedrooms and four baths. Again, in this market segment there are 2 homes that are in a 'contingent' status.

If you would like more information on where your home fits in to this market, please give me a call and I would be happy to provide you with my Market Analysis Report-always without obligation!

In addition, if you are looking for Chico Real Estate, my comprehensive website ChicoTammy.com, will provide you with all of the listings for Chico Real Estate and surrounding areas, with the most accurate Google mapping feature!

Have a wonderful and safe week!

Chico Real Estate Update 03/11/2007

2007-03-11T12:38:00.000-07:00

This week there is a very slight increase in the quantity of homes available for sale in the Chico market. In area's 1a -1f of the Sierra North Valley MLS there are currently 377 homes for sale, up from last weeks 363 listings. However, 12 more homes went into escrow this week with an average sales price of $363, 437 and a median of $339,950. In addition 10 more homes successfully closed escrow, their average sales price was $436,366; median $444,200 with an average of 125 days on the market.

Over the next several weeks I am going to break down the Chico Real Estate market into the several segments it represents; ie area's 1a-1f. The first of which is area 1a.

In the Sierra North Valley MLS area 1a represents the 'northwest' area of Chico; which basically covers all homes north of Hwy 32 at the southern border and all property West of Hwy 99 for the eastern border.

There are currently 42 homes with an 'active' status on the market within this area. 18 of these homes are three bedrooms with a square footage range of 1450 to 2288 and average of 68 days on the market. The remainder are four plus bedrooms with square footage ranging from 1540 to 7302, average days on the market 140 days.

Next week I'll cover area 1b of the Chico area in the Sierra North Valley MLS. If you would like a complimentary market analysis of your home or if you would like to browse currently active homes available, please visit Chico Real Estate Source-ChicoTammy.com

Have a great week!

Chico California Real Estate 3/4/2007 Update

2007-03-04T09:05:00.001-08:00

Welcome to the first edition of my Chico, California Real Estate Web Blog!

As the Chico real estate market gears up for the spring market, active listings in the Sierra North Valley MLS, have dropped to 363 listings for single family residences in Chico (area's 1a-1f), this number is down from last weeks 378 and definitely down from the 600 plus listings, floundering on the market in the 3rd and 4th quarter of 2006; yet still above the average of 130 homes in the 1st and 2nd quarter of 2005.

Chico seller's continue to adjust to this market, in relation to setting the prices on their homes.
This past week 16 homes successfully closed escrow, the average price on these homes was $348,469-the median $336,350. The good news-these homes closed within 94% of the asking price, although the days on market is still a bit long-the average of 101 days. In addition, 18 homes went into escrow this week(February 25th-March 4th). The average price for these homes is $376,319-the median $344,113-days on the market, an average of 113 days.

I am holding an optimistic view for the upcoming year, I hardly expect the market to jump back to the peak of 2005 this year, but returning to a normalized market.