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.
Average home prices are down only a mere 1% during the second quarter from the previous quarter, while median prices are up about the same percentage. 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.
