Archive for the 'Market Report' Category
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.
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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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Chico, CA Market Report 5/12/2008
May 12th, 2008 categories: Market Report
Since the last Market Report 4/28/2008:
34 single family homes have sold. 3 Condos have been reported sold.
The average price of Single Family Homes sold: $334,728. Median Price: $293,500. Average Days on Market: 79.
Currently:
425 Single Family Homes and 43 Condos are for sale.
120 Homes are Pending sale. 8 condos are Pending Sale.
The ratio of pending sales to active listings is 28% (down 2% from two weeks ago).
“Upper End” Market Snapshot (Figures for homes sold above $600,000):
1st Quarter 2007.
18 homes sold with an average price of $748,640 and a median price of $738,000. Days on Market, 154.
2nd Quarter 2007.
26 homes sold with an average price of $758,902 and a median price of $756,232. Days on Market, 133.
3rd Quarter 2007.
15 homes sold with an average price of $824,355 and a median price of $765,000. Days on Market, 113.
4th Quarter 2007.
16 homes sold with an average price of $764,403 and a median price of $739,000. Days on Market, 156.
1st Quarter 2008.
12 homes sold with an average price of $769,917 and a median price of $712,000. Days on Market, 165.
April 1, 2008 to current (roughly 1st half of second quarter).
8 homes sold with an average price of $851,000 and a median price of $733,750. Days on Market, 118. Of those homes sold in Chico (excluding one in the Durham area that was listed for $3,000,000 and sold for $1,550,000) the average ratio of sold price to listing price was just a fraction under 95%.
Looking back at the same period 2006 (4/1/2006 to 5/12/2006).
7 homes over $600,000 sold with an average price of $850,000 and a median price of $780,000.
Average price is up slightly this year, compared to two years ago. Median price is down slightly (roughly 6%).
Source: Sierra North Valley Multiple Listing statistics.
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Chico, CA Market Report 4/28/2008
April 28th, 2008 categories: Market Report
Since the beginning of the year:
188 Single Family Homes and 13 Condos have sold in Chico (includes, Forest Ranch, Durham and Cohasset) for a grand total of 201 Homes and Condos.
The average price of Single Family homes sold: $346,347. Median Price: $293,500. Average Days on Market, 82.
The average price of Condos sold: $170,250. Median Price, $145,000. Average Days on Market, 140.
Compared to the last quarter of 2007:
204 Single Family Homes sold, with an average price of, $350,672, median price of: 316,600. Average Days on Market, 94.
15 Condos sold, with an average price of, $174,660, median price of, $162,000. Average Days on Market, 89.
Currently:
456 Single Family Homes and Condos active (for sale). 139 are Pending sale.
The ratio of Pending sales to active listings is now 30%, up 2% from my previous market report of April 11, 2008.
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