Chico, CA Market Report for March, 2009
April 7th, 2009 categories: Market Report
56 Single Family Homes sold in Chico during the month of March. That is up 29% from the previous month!
- Average Sold Price: $278,237, Up 2% from February
- Median Sold Price: $260,000, Up 3%
- Average Days on Market: 105, taking 36% longer to sell
- Homes sold, on average, for more than 89% of list price, down 4% from February.
Currently, there are 405 Active Single Family Homes on the market in the Chico area. That is up 7% from about a month ago.
- Average list price of Active Homes: $426,488, down 1%
- Median list price of Active Homes: $354,540, up 1%
- Average Days on Market: 124, three days fewer than previous
Now, let’s see if the indications identified in February’s Housing Report for Pending home sales continued through March. We have already discussed substantial increase in home sales accompanied my modest, yet important, price gains.
97 homes are currently Pending Sale. That is up 11%. But, what about prices?
- Average list price of Pending Homes: $293,512, down 4%
- Median list price of Pending Homes: $278,900, down 2%
- Average Days on Market: 80, down 21% (finding Buyer’s faster)
What do these numbers tell us?
Well, first, home sale activity for March basically exploded over the previous month’s sales. A 29% gain is significant. Although, some of that robust activity may be explained by the time of year; the seasonal market impact we typically experience during the Spring time. However, I would say that during a market decline, that seasonal impact would not be significant and, therefore, I am optimistic and encouraged by the numbers I see here. They could very well indicate a healthy seasonal impact, coupled with the beginnings of a shifting market. Both, would be good signs.
Secondly, while Pending home sales are up in the double digit range from February, prices of those homes are down a bit. So, continued upward trend in sales activity and seemingly stable to, moderately fluctuating prices going into April.
The best news here is that the market is “active”. People are buying and selling and prices do not appear to be slipping in any significant way. I don’t see an overheated, frenzied market going into the rest of the year. But, I do feel strongly that Buyer’s will continue to take advantage of low prices, fantastic interest rates, tax incentives and mortgage protections programs, while inventory should start to tighten up, values will begin to inch up slowly.
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Hot Off The Press: California Association of Realtors to Offer Mortgage Protection Program
April 1st, 2009 categories: Chico Real Estate, Market Report
C.A.R. LAUNCHES MORTGAGE PROTECTION PROGRAM
To help provide first-time home buyers with peace of mind when purchasing a home, the C.A.R. Housing Affordability Fund (C.A.R.H.A.F.) is offering a new mortgage protection program to first-time home buyers.
Through the Housing Affordability Fund’s Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month for up to six months to help make their mortgage payments. A qualified co-buyer also can participate in the program, for a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.’s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program this year, and estimates that up to 3,000 families will benefit from the program throughout 2009.
To qualify for the Mortgage Protection Program, applicants must:
. Be a first-time home buyer – someone who has not owned a home in the last three years
. Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
. Use a California REALTOR® in the transaction
. Purchase the property in California
. Be a W-2 employee (cannot be self-employed or military personnel)
First-time home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®. For applications and other information on this exciting new program, go to www.car.org/aboutus/hafmainpage/ or contact Monica Rodriguez at (213) 739-8380 or monicar@car.org.
*Source: C.A.R. Newsline
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C.A.R. Posts Recent Housing Stimulus Laws: How Will They Impact Chico Home Buyers?
March 6th, 2009 categories: Chico Real Estate, Mortgage News
The California Association of Realtors (C.A.R.) has posted an easy to read (although, rather lengthy), content-rich article explaining many key components of new Federal and State Housing Stimulus Laws for 2009, that should be valuable to anyone looking to buy a home in the coming months. Key points include, the:
- First-time Homebuyer Tax Credit
- Home Affordable Refinance
- Home Affordable Modification
- New Home Tax Credit
- 90-Day Extension to Foreclosure Process
- and, others…
Because of its length, I will not post the article in its entirety here. So, please click here for my contact/email information and I will be happy to email you the full article upon your request.
There is some good stuff here. Please take advantage of it!
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Chico, CA Home Sales and Market Report for the Short Month of February, 2009
March 3rd, 2009 categories: Chico Real Estate, Market Report
40 Single Family Homes sold in Chico during the short month of February
- Average Sold Price: $271,589, down 8% from January
- Median Sold Price: $253,000, down 3% from January
- Average Days on Market: 67 days, selling 13% faster than previous month
- Homes sold, on average, for more than 93% of list price, up roughly 5% from January
Currently there are 377 single family homes for sale in Chico, virtually the same as it was a month ago. So, inventory seems to be holding.
- Average list price of active homes: $428,174, down 3% from January
- Median list price of active homes: $355,000, down 2% from January
- Average Days on Market: 127, virtually the same as the previous month
But, here’s where things start to get really interesting…
86 Homes are currently Pending sale, up 8% from January.
- Average list price of Pending homes: $307,185, up 3% from January
- Median list price of Pending homes: $284,000, up 5% from January
- Average Days on Market: 101, up 4 days from the previous month
Could it be that these Pending home sales figures indicate the bottom of the housing decline in Chico? Well, I wish I could say I knew for certain. But, I don’t. However, I have been sensing my toes tickling the bottom of the pond and I think that it will be awfully interesting and telling when we take a look at the March figures. So, without making any overreaching predictions, if I’m right on this, you can say you heard it first at, ChicoRealEstateVoice.com. If I’m wrong… well, you can let me know that too!
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Mortgage Rates are Great TODAY!
February 12th, 2009 categories: Mortgage News
Rates are great today… But, tomorrow may be a different story
I am hearing that the 30 yr. fixed rate loan is at $4.875%. The 15 yr. loan, 4.75%. And, FHA is at 5% today. Of course, the best rates will be had by the most qualified borrowers.
However, the bond market has been plummeting. So, expect a different picture for tomorrow as mortgage rates should climb a bit. But, if you have the opportunity to lock a rate now, you should be happy that you did.
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