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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.