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.
| Discussion: 1 Comment »
Cowboy Junkies Woo Chico Fans at Laxon Auditorium
May 5th, 2008 categories: Around Town, Events
This past Saturday we were treated to the sweet sounds of the Cowboy Junkies at Laxon Auditorium, one of Chico’s premiere venues for music and a variety of performing arts. Promoted and sponsored by Chico Performances California State University, the Cowboy Junkies are just one of many terrific shows available throughout the year right here in Chico, CA.
Where’s Jane?
Enthusiastic about hearing a few of their new songs, we missed hearing the classic cover, Sweet Jane, one of the Junkies most popular songs. But, just in case you want a listen, I have included it here.
I have to give props to Austin Texas’ Monahans, who opened up for the headliners with only two members of the band playing guitar, percussion and vocals. They put out a lot of sound for only two musicians.
| Discussion: 1 Comment »
5 Reasons Why the Chico Real Estate Market is Hot!
April 30th, 2008 categories: Chico Real Estate, Pick of The Week
Here are 5 homes in Chico that recently, within the last week, have gone pending or have been reported sold that were on the market for less than 10 days. I intended to blog on 2 of them as a “Pick of The Week” home, but just didn’t get to it in time. Sorry…
Could it be that we are in the kind of market in which “good deal” homes sell faster than I can blog about them?
1. 151 Aspen Glen Dr. 3/2, 1,420 square feet, built in 2000. Listed at, $259,000. Days on Market: 7. Status: Sold, $259,000. Listed by, Teresa Larson-Coldwell Banker. MLS# 200803003.
2. 911 Sheridan Ave. 3/2, 1,200 square feet, built in 1964. Listed at, $279,000. Days on Market: 7. Status: Sold, $275,000. Listed by, Lori Akers-C-21. MLS# 200801561.
3. 1871 Auburn Oak Way. 3/2, 1,316 square feet, built in 2001. Listed at, $280,000. Days on Market: 8. Status: Pending. Listed by, Jonathan Rilea, Keller Williams. MLS# 200803897.
4. 2801 Vistamont Way. Duplex. 3/2 and 2/2, 2,287 square feet, built in 2006. Listed at, $354,900. Days on Market: 10. Status: Pending. Listed by, Judy Cane - Aloha Realty. MLS# 200803791.
5. 2235 Dorado Cerro. 3/2.5, 3,116 square feet, built in 1963. Listed at, $599,000. Days on Market: 11 (ok. not 10 or less, but usually takes a day or two to input status change). Status: Pending. Listed at, $599,000. Listed by, Michael Fortino-Coldwell Banker.
And, as a bonus- I love bonuses- I just represented clients on the purchase of a 2 bedroom, 1 bath condo for $97,000. It was an REO (bank owned property) listed at, $114,900. Even the listing price was below appraised value. Aside from one other condo sale nearly 2 years ago that was a 1 bedroom and 164 square feet less, this was the cheapest condo reported on MLS in the past couple of years.
The Point
There are quite a few homes languishing on the market in Chico. But, for the astute, ready to move Buyer, there are many good deals to be had. And, those good deals- go Fast!
| Discussion: No Comments »
New HVCC Regulation: Could it Put YOU out of Business?
April 29th, 2008 categories: Mortgage News
There is very little time to get your voice heard on this critical regulation that could have dire consequences to your business, and the housing industry as a whole.
In a call to action received from David Biggers, Chairman, a la mode, inc., “… a nearly silently adopted regulation which could very well be the most dangerous restriction ever placed on the mortgage industry. It literally threatens to eliminate mortgage brokers almost overnight.”
According to Biggers, the new regulations came out of a lawsuit brought by the New York Attorney General involving coercion of appraisers by large institutions. In the settlement agreement, the GSE’s (Fannie Mae and Freddie Mac), and the Office of Federal Housing Enterprise Oversight (OFHEO) agreed to change national appraisal rules-in exchange for the Attorney General’s office terminating its investigation of the GSE’s.
He further explains, “Unfortunately, while we believe the agreement has the best of intentions, the hastily written embedded regulations (called the, “Home Valuation Code of Conduct”, or HVCC), do not solve the problem and in fact severely punish agents, mortgage brokers, appraisers, and ultimately consumers.”
“If there was ever a case of the cure being worse than the disease, this is it.”
Although, this issue deserves far more discussion and analysis, regrettably, in the interest in and lack of time to get your voice heard, I will simply provide two links that should further explain the proposed regulation and leave the analysis and any further input to you.
To have your voice heard by 5:00 PM CST today, http://www.alamode.com/HVCC-MB.
And, visit, proposal [PDF], to judge for yourself.
| Discussion: 3 Comments »
Chico, CA Wildflower Century Ride
April 28th, 2008 categories: Around Town, Events
About 3,500 cyclists came to Chico to ride the 27th annual Wildflower Century this year, which
has become recognized as one of the premier distance rides around.
Although, as its name implies, the Wildflower Century does offer a 100 mile loop, the event also offers shorter options for folks looking to spin their wheels a few less revolutions. The 65 mile loop, known as the Mildflower, the 30 to 60 mile loop called the Flatflower, and the 15 mile pedal-the Childflower.
The “Big Daddy” ride begins in Chico, travels through beautiful Butte Creek Canyon on Honey Run Rd., to Paradise, south to Table Mountain, and back on the flats through Durham and back to Chico. The ride does have its share of climbs, especially the short, but steep climb up Honey Run. That baby should definitely make the average rider “feel the burn”. The biggest speed shot is down Clark Rd. on the backside of Paradise, where it is not difficult to experience the “speed wobbles” at 45 miles per. Fun stuff.
Unfortunately, I did not make the ride this year as I recently dusted off the old “roadie” and lent it to a friend to use in a triathlon taking place next weekend. I did, however, plan to ride my townie -through a portion of the ride anyway- but, ended up spending the morning with visiting family. Oh well… There is always next year!
Photo: Historical Honey Run Covered Bridge in Butte Creek Canyon.
| Discussion: No Comments »
