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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.