Homes Saved; Dozens of Others Lost
July 15th, 2008 categories: This and That
We’ll, by now, if you live anywhere in the North Valley or foothill region and if you are at all like me, you are probably pretty tired of the relentless smoke that seems to stubbornly hang in the air. Although, that inconvenience pales in comparison to the difficulties faced by the dozens of fire victims who lost their homes to the recent fires. It is certainly a tough time for many people in our area.
The good news, however, is that the smoke seems to be lifting with most of the evacuation orders in the fire affected areas of places like Paradise and Concow. Let’s hope that the worst is behind us.
One home that was spared from the fire, was the spec house we had in escrow located just below Paradise on Tuscan Dr. The day after my first fire blog post of June 11th, I found a window of opportunity early in the morning to drive up the Skyway towards the fire and our home. I spent all morning and into the afternoon with a friend from Magalia cutting hand line and laying hose and sprinklers in preparation for the fire that was burning just below us to the West.
My main concern, as the smoke below gradually moved South, was that we would get fire in the brush filled canyon that chimneys up to the road at the end of the Tuscan Dr. cul-de-sac. And, as these pictures show, that is exactly what happened. The total lack of fire resources on our street, prompted me to call the fire information number I somehow remembered from the previous nights local news cast.
It was sometime around 2:00 in the afternoon when the flames started up the canyon and towards the homes on our street and the many others that eventually burned just to our south off of Neal Rd. and adjacent neighborhoods. I advised the gentlemen on the phone that we had fire coming at us and that I was concerned that I had not seen, even a single fire engine in our area. He explained that he did not know where that street or subdivision was, but he would look into it and see what he could do. Within minutes, there was first one state employee, followed closely by about 2 strike teams of OES Fire Engines and Personel.
The last photo seen in this slide show was taken just after the police demanded we evacuate. Stuck in Paradise that night, due to road closures, I spent a long night at friends’ and checked on the house the next morning. It, and each of the others in our subdivision, were all fine. Unfortunately, that was not the case for the many others that were lost that night.
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Chico Home Sales Quarterly Market Report
July 14th, 2008 categories: Chico Real Estate, Market Report
Depreciation slows as sales activity picks up and Chico houses sell faster!
2nd Quarter 2008:
- 242 Single Family Homes Sold
- Average price of $339,282
- Median price of $289,750
- Average Days on Market, 65
1st Quarter 2008:*
- 133 Single Family Homes Sold
- Average price of $341,549
- Median price of $292,000
- Average Days on Market, 92
*Revised slightly from my market snapshot posted on May 23, 2008
Despite a barrage of negative financial and housing news, the Chico real estate market appears strong.
IndyMac Bank may be down the tubes. Fannie Mae and Freddie Mac are getting help from the government in an attempt to stave off investor worries. And, perhaps scariest of all, Budweiser, the all American “King of Beers”, is being taken over by a Belgian company!
But, as the numbers show, the Chico, CA housing market may be settling in at, or near, a bottom. Both, Average and Median home prices are down only a mere 1% during the second quarter from the previous quarter. Home sales volume is up 45% from the previous quarter. And, homes are selling 39% faster. Inventory is down about 8% from 440 available homes as recent as May 27th, to 403 available homes today. In fact, the number of homes sold during the second quarter of this year is down only nominally from the number of homes sold during the second quarter of 2006, when 253 homes sold.
I hope you find this information helpful as you navigate the real estate market and ponder sales and purchase decisions. Check back often. Or, better yet, sign up for new article updates sent directly to your inbox. And, don’t hesitate to contact me with questions and further assistance.
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Fast Moving Fire East of Chico, CA
June 11th, 2008 categories: This and That
Pushed by strong North winds and dry conditions, this fast moving fire broke out around 12:30 this afternoon.
Now I know this isn’t really real estate sales related information. And, maybe I’m playing a bit too much reporter… But, the “fire dog” in me felt compelled to share a pic, or two.
I first noticed this fire while driving East on Hwy 32 on my way up to Paradise from Chico. I didn’t have my camera at that time. At that time it was probably about 5 acres and initial attack was still responding and air support had yet to arrive. These photos were taken about an hour later when it was probably a couple of hundred acres.
My first concern is for any people, homes and animals located in the fires path to the South. My experience with fire in these conditions has me doubting that this fire will be stopped before threatening homes, especially in the areas in and around Stilson Canyon. And, even scarier if it gets into Butte Creek Canyon. When pushed by 25 mile an hour North winds, fires in these tinder-dry conditions are extremely difficult to stop without some sort of reprieve from mother nature.
I wish everyone well.
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Chico, CA Market Report 5/27/2008
May 27th, 2008 categories: Market Report
Since the previous Market Report 5/12/2008:
27 Single Family Homes have sold in the greater Chico, CA area with an average sales price of, $306,052 and a median sales price of, $285,000. Average days on market of those sold was 53. The most active market with 4 homes sold, was the $280,000 to $284,999 price range.
These figures reflect a 21% decrease in sales activity from the previous 2 week period, a 9% decrease in average sale price and 3% decrease in median sales price. Average days on market improved substantially, from 79 to 53, representing a 33% reduction in days on market for homes sold.
Currently:
440 Single Family Homes are for sale (including those reported as contingent and temporarily off market). 121 Homes are Pending sale. Average days on market of available homes is, 111. The ratio of Pending homes to Active homes is down 3% to 25%.
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Chico Real Estate Market Snaphot
May 23rd, 2008 categories: Market Report
Snapshot Comparison: Average Sold Prices for Chico, CA
1st Quarter 2008:
- 132 Single Family Homes Sold
- Average price of $340,955
- Median price of $292,000
- Average Days on Market, 91
1st Quarter 2007:
- 207 Single Family Homes Sold
- Average price of $366,835
- Median price of $330,500
- Average Days on Market, 92
1st Quarter 2006:
- 187 Single Family Homes Sold
- Average price of $374,134
- Median price of $339,000
- Average Days on Market, 69
Analysis:
The Chico, CA real estate market has experienced continued home price declines in home values as reported during the 1st quarter of the past two years.
- 7% reduction in price from 1st Qtr. 2007 to 1st Qtr. 2008
- 2% reduction in price from 1st Qtr. 2006 to 1st Qtr. 2007
That’s a total of only 9% reduction in average home values comparing 1st Qtr. 2006 to 1st Qtr. 2008, indicating a healthy market correction, but certainly not a collapse in Chico, CA home values. Look for further analysis here as I will compare our local figures with others around the region and the nation.
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