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As of January 16^th there were a total of three hundred seventeen active single family residences available for sale in the six urban areas of Chico as reported in the Sierra North Valley MLS-which included twenty three bank owned properties and an additional fifty two properties listed on a short sale basis. The average asking price for these homes was $422,260 with a median asking price of $345,000 with an average day on the market (DOM) of 124. During the timeframe of January 10^th through the 16^th there were a total of twenty five new listings added ranging in price from the low of $159,900 which was a two bedroom, one bathroom home with 936 square feet to a high of $889,000 for a four bedroom, two and one half bathroom home with 4,248 square feet.

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Fifteen homes began the escrow process during this time as well with an average asking price of $296,513, a median asking price of $282,000 and a DOM of 50. The highest priced home in this group is represented by a four bedroom, two and one half bathroom home with a total of 2,437 square feet and an asking price of $538,000 which entered escrow after 2 DOM. The lowest priced home-with an asking price of $159,000-entered escrow after 119 DOM, this home featured three bedrooms, two bathrooms and 1,377 square feet.

With seller’s receiving approximately 90% of their original asking price, nine homes successfully closed escrow this week after an average DOM of 70. The lowest priced home in this group closed at $217,000 after 240 DOM for a three bedroom, two bathroom home with 1,404 square feet. While the highest priced home-a three bedroom, two bathroom home with 1,829 square feet-successfully closed escrow at $400,000 after 175 DOM. Collectively this week’s sold market represents an average selling price of $288,000 and a median selling price of $282,000.

As of January 9^th there were a total of three hundred thirteen active single family residences available for sale in the six urban areas of Chico as reported in the Sierra North Valley MLS. Within the total active listings available-twenty four are bank owned and another fifty homes are offered on a short sale basis which equates to approximately 23% of the active inventory offered as “distressed” properties. The average asking price for the three hundred thirteen homes was $420,394, with a median asking price of $340,000 and an average day on the market (DOM) of 125. During the week beginning January 3^rd and ending on the 9^th, twenty one new listings were added to the inventory ranging in price from a low of $121,500 for a one bedroom, one bathroom home with 1,100 square feet to a high of $1,150,000 for a four bedroom, three bathroom home with 3,815 square feet.

Seven homes began the escrow process during this same week after an average DOM of 77. The lowest priced home in this group was a three bedroom, three bathroom home with 1,834 square feet which entered escrow after 87 DOM with an asking price of $205,000. The highest priced home entered escrow after 84 DOM with an asking price of $339,000-this home featured four bedrooms, two bathrooms and 2,202 square feet. In total, this group had an average asking price of $256,407 and a median asking price of $239,000.

With seller’s receiving approximately 83% of their original asking price-three homes successfully closed escrow for the week ending on the 9^th after an average DOM of 91. The lowest priced home sold for $145,000 after 40 DOM-the home was a three bedroom, two bathroom home with 1,130 square feet. The highest priced home sold for $930,000 after 53 DOM-it featured three bedrooms, three bathrooms and 3,381 square feet. Collectively this group represents an average selling price of $509,000 and a median selling price of $452,000.

It’s that time again-we made it through another year! This week I’m going to look at the Chico real estate market’s 2008 year end totals as well as 2008’s fourth quarter statistics. This information will cover the six urban areas within the City of Chico for single family residences as reported in the Sierra North Valley MLS.

The fourth quarter of 2008 had a total of one hundred sixty nine homes successfully close escrow-the same quantity of homes sold in the fourth quarter of 2007. The fourth quarter 2008 had an average selling price of $296,755 with a median selling price of $269,500 after an average day on the market (DOM) of 62. While the fourth quarter 2007 had an average selling price of $345,970, a median selling price of $315,000 and an average DOM of 94. So from 2007’s fourth quarter to this year’s fourth quarter-we are down on average selling price and median selling price by approximately 14%.

The year 2008 in total had seven hundred eighteen homes successfully close escrow after an average DOM of 72-with an average selling price of $317,211 and a median selling price of $282,750. In comparison 2007’s totals reflect an average selling price of $358,350, a median selling price of $325,000 with a total of eight hundred fifty one homes sold, which would reflect an approximate decrease in overall values of approximately 11% on average and 13% on median home prices. From the peak year of 2006, with average home prices at $372,141 and median home prices at $335,000 for the total of eight hundred fifty one homes sold-we are down just under 15% on average and slightly over 15% on median home prices.

Currently-as of January 4^th-there are a total of three hundred ten active single family residences available for sale in the MLS-at the current rate of absorption, we have slightly over a five months supply.

This week I’m looking at the third quarter of 2008’s real estate statistics for single family residences in the six urban areas of Chico as reported in the Sierra North Valley MLS. During this time frame there were a total of one hundred ninety six homes which successfully closed escrow after an average day on the market (DOM) of 82. The average price this year for the third quarter was $307,680, which compared to 2007’s third quarter average price of $359,510 reflects a drop of approximately 14%. The median price for this year’s third quarter ended at $273,500-a drop of approximately 14%-from the third quarter 2007’s median selling price of $320,500. Since the peak, which Chico experienced during the second quarter of 2006, Chico has experienced an overall decrease in value of approximately 20%.  I also wanted to share a bit of information on the ‘distressed property’ market-that is homes that were sold either as a REO (Bank Owned) or as a short sale (seller selling for less than what their current mortgage is). During the first quarter of 2008, we had a total of one hundred twenty seven single family residences sold of those three homes were sold in a short sale situation and five were sold as REO which equates to about a ½% of listings sold. The second quarter had two hundred twenty three homes sold with a REO count of thirty five and a short sale count of nine totaling a distressed property percentage of approximately 19%. The third quarter with one hundred ninety six homes sold had forty five REO properties and twelve short sale properties successfully closing escrow which equals approximately 29% of homes sold to be in the category of ‘distressed’. Currently there are a total of four hundred thirteen single family residences available for sale with fifty homes listed as short sales and another 27 listed as REO properties-or approximately 19% of our inventory under the classification of ‘distressed properties’.

As of October 17 there are a total of four hundred seventeen active single family residences available for sale in the six urban areas of Chico within the Sierra North Valley MLS-of which approximately 17% are deemed distressed properties. Included in the total is the addition of twenty one new listings added during the week beginning October 11^th and ending on the 17^th. The lowest priced home added was a three bedroom, two bathroom home with 1,470 square feet with an asking price of $227,900. The highest priced home in this group-with an asking price of $1,050,000-was a five bedroom, three and one half bathroom home with 4,108 square feet. Collectively all active single family homes represent an average asking price of $418,120, a median asking price of $342,380 and an average day on the market (DOM) of 101. 

There were six homes that began the escrow process this week ranging in price from a low of $179,900 for a three bedroom, one bathroom one with 1,170 square feet which entered escrow after 12 DOM to a high of $439,000 for a four bedroom, two and one half bathroom home with 2,234 square feet which began escrow after 14 DOM. In total, this segment had an average asking price of $321,966, a median asking price of $317,000, and an average combined DOM of 53.

After an average DOM of 39, nine homes successfully closed escrow this week as well. The lowest priced home in this group is represented by a two bedroom, one bathroom home with 774 square feet which closed escrow after 11 DOM-selling for $150,000. While the highest priced home, with a selling price of $455,000 closed escrow after 127 DOM; this home was a three bedroom, two and one half bathroom home with 2,507 square feet. All nine homes represent an average selling price $294,083 and a median selling price of $295,000.

For the week covering September 27^th and ending on October 3^rd there were a total of four hundred three active single family residences available for sale in the Sierra North Valley MLS within the six urban areas of Chico. This number reflects the addition of nineteen new listings ranging in price from the lowest-a one bedroom, one bathroom home with 850 square feet and an asking price of $162,000; to the highest-a three bedroom, two and one half bathroom home with 2,815 square feet and an asking price of $735,000. Collectively the active single family residence market has a combined average asking price of $413,824, a median asking price of $339,950 and an average day on the market (DOM) of 101.

Additionally, this week had seven homes begin the escrow process after an average of 26 DOM. The lowest priced home in this group entered escrow after 2 DOM with an asking price of $199,950 for a two bedroom, one bathroom home with 1,200 square feet. While the highest priced home in this group with an asking price of $394,500 for a three bedroom, two bathroom home with 1,782 square feet entered escrow after 53 DOM. In total, this group had an average asking price of $266,250 with a median asking price of $269,500.

 Eight homes successfully closed escrow this week with seller’s receiving approximately 92% of their original asking price after an average DOM of 118. The highest priced home-a three bedroom, three bathroom home with 2,017 square feet, successfully closed escrow after 298 DOM with a selling price of $402,000. While the lowest priced home with a selling price of $175,000 closed escrow after 120 DOM-this home featured two bedrooms, one bathroom and 1,239 square feet. The combined average selling price of this group was $274,250 with a median selling price of $243,000.

This week I’ll be looking at the activity covering September 13^th through the 19^th in the six urban areas of Chico as reported in the Sierra North Valley MLS. As of the 19^th there were a total of three hundred eighty four active single family residences listed for sale with an average day on the market (DOM) of 98. The total active inventory represents an average asking price of $421,566 and a median asking price of $352,500 with approximately 15% of the inventory deemed ‘distressed’-that is either a foreclosure or an attempted short sale property. For this week there were a total of twenty one new listings added to the MLS ranging in price from the lowest-a four bedroom, two bathroom home with 1,519 square feet and a asking price of $211,000, to the highest-a four bedroom, four bathroom home with 3,600 square feet and an asking price of $650,000. This week we had another nine homes enter the escrow process after an average DOM of 53. The lowest priced home in this group entered escrow after 43 DOM with an asking price of $195,900 for a three bedroom, two bathroom home with 1,170 square feet. At the opposite end, with a DOM of 13, the highest priced home-a five bedroom, four bathroom home with 3,457 square feet entered escrow with an asking price of $685,000. Collectively this segment of the market has an average asking price of $316,366 and a median asking price of $255,000. Seller’s this week received a combined average of approximately 93% of their original asking price with the seven homes that successfully closed escrow. The highest priced home closed escrow with a selling price of $460,000 for a four bedroom, two bathroom home with 1,910 square feet after 90 DOM. The lowest price home received $175,000 for a two bedroom, one bathroom home with 735 square feet after 118 DOM. Collectively this group had an average selling price of $285,714, a median selling price of $270,000 and an average DOM of 114. 

For the week covering September 6^th and ending on September 12^th there were three hundred eight four active single family residences available for sale in the six urban areas of Chico within the Sierra North Valley MLS. During this same time frame twenty one new listings were added ranging from the low of $153,900 for a two bedroom, one bathroom home with 774 square feet to the high of $995,000 for a four bedroom, two and one half bathroom home with 3,676 square feet. In total the average asking price for all active single family residences currently listed is $428,392, the median asking price is $359,000 and the average days on the market (DOM) is 102.  Nine homes began the escrow process this week as well after an average DOM of 87. The lowest priced home in this group with an asking price of $240,000, was a three bedroom, two bathroom home with 1,650 square feet which entered escrow after 8 DOM. With an asking price of $769,000, the highest priced home-a four bedroom, two and one half bathroom home with 2,812 square feet-entered escrow after 316 DOM. Collectively this group represents and average asking price of $390,433 with a median price of $269,000. With seller’s receiving a combined average of 97.2% of their original asking price-eleven homes successfully closed escrow this week after an average DOM of 85. The highest priced home closed escrow after 8 DOM and a selling price of $635,000, this home had four bedrooms, two and one half bathrooms and contained 2,950 square feet. With a selling price of $215,000, the lowest priced home-a three bedroom, two and one half bathroom home with 1,197 square feet successfully closed escrow after 113 DOM. This segment represents an average selling price of $349,272 and a median selling price of $305,000.

During the week of August 30^th through September 5^th there were a total of three hundred eighty six active single family residences available in the Sierra North Valley MLS covering the six urban areas of Chico. This number reflects the addition of nineteen new listings added during the week ranging in price from the low of $192,000 for a two bedroom, two bathroom home with 972 square feet to a high of $920,000 for a five bedroom, three and one half bathroom home with 3,247 square feet. This group collectively has a median asking price of $357,000, an average asking price of $431,388 and an average day on the market (DOM) of 100. This week in real estate there were an additional twelve homes which began the escrow process after an average DOM of 52. The lowest priced home in this group entered escrow after 8 DOM with an asking price of $189,000 for a three bedroom, one bathroom home with 1,136 square feet. While at the opposite end of the spectrum, the highest priced home entered escrow after 127 DOM with an asking price of $465,000 for a three bedroom, three bathroom home with 2,507 square feet. In total, this group represents a median asking price of $304,000 and an average asking price of $312,466. Five homes successfully closed escrow this week after an average DOM of 71-receiving approximately 84.66% of the seller’s original asking price. The highest priced home, with a selling price of $661,500, successfully closed after 176 DOM-this home featured four bedrooms, three and one half bathrooms with 3,285 square feet. The lowest priced home in this group-a three bedroom, two bathroom home with 1,233 square feet closed escrow after 5 DOM with a selling price of $230,100. The five homes together represent a median selling price of $269,000 and an average selling price of $372,120.

This week I’ll be looking at the Chico real estate market during the time frame of August 23^rd through the 29^th, covering the six urban areas of Chico within the Sierra North Valley MLS. As of Friday, there are a total of three hundred ninety one active single family residences available for sale with an average DOM (days on the market) of 97. Twenty two new listings were added ranging in price from a low of $189,000 for a three bedroom, one bathroom home with 1,136 square feet to a high of $989,000 for a three bedroom, two and one half bathroom home with 4,623 square feet. Collectively, this group has an average asking price of $432,049 and a median asking price of $359,000. Nineteen homes began the escrow process this week after an average DOM of 60. The highest priced home with an asking price of $675,000 for a four bedroom, three and one half bathroom home with 3,285 square feet entered escrow after 176 DOM. Representing the lowest priced home a three bedroom, one bath home with 1,172 square feet and an asking price of $140,000-began the escrow process after 68 DOM. Receiving approximately 96.6% of the seller’s original asking price-there was a total of six homes that successfully closed escrow this week after an average DOM of 27. The selling price for this group was $341,416, while the median selling price was $269,250. The lowest priced home successfully closed escrow with a selling price of $180,000, the home had a total of 1,398 square feet with three bedrooms, one and a quarter bathrooms after 71 DOM. The highest priced home with a closing price of $725,000 successfully closed escrow after 54 DOM-this particular home had three bedrooms, four bathrooms and contained 3,512 square feet.