Chico CA Real Estate Market Stats

Chico CA Real Estate Market Report for Week Ending 2/18/2008

Chico real estate market data.

I’ve always found real estate market reports to be really dry reading… but many of you potential Chico buyers and sellers have been coming to my blog looking for this type of information, so here you go!

The following represents the market data including Chico homes sold, listed, price changes, and pendings for single family homes only. Chico areas covered are 1A to 1F, as provided by the Sierra North Valley MLS.

Chico CA Real Estate Market Report

Looking for other Chico real estate market data? Tell me what you need!

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Chico CA Real Estate Listings SOLD! Week Ending 2/16/08

 

Chico Residential Listings SOLD!

$165,000 1401 SANTA CLARA AVE 1161 sqft

$220,000 330 W 14TH STREET 1300 sqft

$231,500 689 E 18TH STREET 2000 sqft

$285,000 1196 #B FILBERT AVE 1173 sqft

$285,000 1300 CHESTNUT ST 1280 sqft

$275,000 1391 CROUCH AVE 1967 sqft

$269,000 1389 KERI LANE 1592 sqft

$280,000 735 PINE ST 2020 sqft Duplex

$285,000 667 E 8TH STREET 1261 sqft

$255,000 1558 FILBERT AVE 1658 sqft

$275,000 1300 CHESTNUT ST 1280 sqft

$295,000 5 TORINO CT 1810 sqft

$390,000 1520 LOCUST ST 4 plex

$545,000 638 STILSON CANYON RD 2402 sqft

$775,000 488 E 3RD STREET 4500 sqft

$900,000 1328 ESPLANADE 5-15 units

Want to see your Chico property listed up there in the “SOLD!” section?

Contact me for a no obligation, Comparative Market Analysis to find out what your house may sell for. Ask me about my internet marketing plan!

My direct number: 530-864-5407. Email: [email protected]

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Chico Real Estate: What happened to prices in 2007?

 

Chico CA Real Estate Prices History Comparison 2005-2007

Misery loves company, or so the saying goes. It’s the only explanation for the dismal outlook many folks have when discussing the Chico real estate market. While it’s true that prices have come down from the record highs of 2005 and 2006, it’s safe to say that we fared pretty well compared to many of our California neighbors. If Chico Realtors have said it once, we’ve said it a million times: REAL ESTATE IS LOCAL!

The chart below compares average asking prices and sold prices for single family, residential properties in the urban Chico area.

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Chico Listings Sold Week Ending 1/19/2008

 

Chico Residential Listings SOLD!

$450,000 1635 LAZY TRAIL DR 2330 sqft

$210,000 220 HENSHAW AVE 1110 sqft
$452,000 35 WESTGROVE CT 2307 sqft

$350,000 2657 LAKEWEST DR 2087 sqft

$340,000 7 REDEEMERS LOOP 1881 sqft

$332,000 429 CHESTNUT ROSE L 1705 sqft

$305,000 1812 HERON LN 1731 sqft

$413,000 925 DIAS DR 2240 sqft

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Chico CA Real Estate Market Report for Week Ending 1/19/2008

 

Chico real estate market data.

I’ve always found real estate market reports to be really dry reading… but many of you potential Chico buyers and sellers have been coming to my blog looking for this type of information, so here you go!

The following represents the market data for single family homes only. Chico areas covered are 1A to 1F, as provided by the Sierra North Valley MLS.

Read the rest of this entry »

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What Am I Thankful For…

by guest writer Mike Wiegert, broker, Chico Homes


At this time of holiday cheer and good will towards men, I really feel the need to express my gratitude and thanks for the many blessings in my life.

First there is the love of a healthy family and friends. Next, I’m grateful for my own personal health and well being. I’m thankful that none of my sons are involved in an unnecessary war in a desperate land thousand of miles from home. I’m grateful that I live in a community like Chico, CA where a day never goes by without a hearty greeting from someone I’ve haven’t seen for a while. And I can’t forget to mention how thankful I am to be a Realtor in these times of prosperity and exceptional market conditions.

WHAT? WHOA! STOP! HALT! SCREECH!

What did that idiot just say? Is that the same market that we’ve heard about with desperate sales situations and real estate salespeople jumping off bridges or scurrying to find other skilled occupations. (Would you like fries with that?) Yes, that’s the market I’m talking about.

It’s all a matter of perspective.

We’ve all read horror stories sensationalized by our newspapers nationwide about the failing real estate market. We heard about how the bottom is falling out, and how families have lost tens and hundreds of thousands of dollars in equity in their homes. We know about foreclosures and short sales being on the rise.

Did you see, however, an article that stated that by Thanksgiving week, members of the Chico Multiple Listing Service had sold and closed $825,000,000 in real estate since January ONE?

That’s EIGHT HUNDRED AND A QUARTER MILLION, PEOPLE!

Gosh, that really sounds terrible to me. Did you also read that the highest sales volume in Chico MLS history was the record year of 2005 at a whopping $1,250,000,000? At the current rate, Chico CA Realtors are projected to sell $927,000,000 in Chico CA real estate or about 74 percent of the volume of sales of that highest, greatest real estate sales year of all time! Year 2007 is shaping up to be the third largest volume of sales in Chico Multiple Listing Service history.

I’m thankful that mortgage rates are staying at historical lows, often in the high fives to low sixes. At risk of sounding like your Grandpa, I remember selling (or trying to sell) real estate in Chico, CA in the eighties when interest rates were in the 18 to 20
percent range. The point is that interest rates are incredibly low, and it’s a fantastic time to buy. If you read my article last week about short sales, it was a shout out to all the buyers out there. We’re talkin’ OPPORTUNITIES, PEOPLE!

I’ll leave you with this thought: you can read all the sensational negative news available, but remember that our local market is strong, and it’s a great time to be involved.

Have you every heard anyone say, “I wish I hadn’t bought so much Chico CA real estate in my lifetime.” I didn’t think so. How about, “I wish I had bought MORE real estate!”

I rest my case.

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Looking to buy or sell Chico CA Real Estate? Need a Top Producing Chico CA Realtor? Call Sandi Bauman 530-864-5407 or email [email protected] Specializing in REO, residential, relocation, investment & ag property.

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Chico, CA Real Estate Market Report October 2007

Statistics for: Single Family Detached, Condo, Duplex, Mobile On Land

Date Range=10/2007-10/2007

Current Active Avg List Price Avg DOM

464 $404,743 105

Listed Sold Pct Sold Avg List Price Sold Avg Price Sold

123 53 43% $368,148 $349,222

Sale Price/List Price Ratio Avg DOM Sold Pct Expired

94.86% 79 34%

Like what you’re reading?

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Looking to buy or sell Chico CA Real Estate? Need a Top Producing Chico CA Realtor? Call Sandi Bauman 530-864-5407 or email [email protected] Specializing in REO, residential, relocation, investment & ag property.

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Absorption Rate and Pricing a Chico Property

The term “absorption rate” is one you may hear a Realtor use when discussing pricing Chico CA real estate property.

Blog moneyColumnist Jerry Rossi explained it beautifully in the June 2006 edition of Realty Times. The application of his example allows us to explore, based on fact, the liklihood of selling a Chico, CA property at the price you are considering listing it at.Jerry’s example!An investor wants to sell his 4-plex for $300,000. After doing a Comparative Market Analysis on the property, a competent Realtor knows that his 4-plex is probably only worth $275,000. To help him understand why he should NOT list it $25,000 over value, you apply the formula to figure out the absorption rate.

In simple terms:

  • Take the number of 4 plexes sold in the past 12 months at $300,000. (let’s say 5 sold)
  • Divide this number by 12 to get the absorption rate. (5 divided by 12 = .42)
  • Find the number of 4 plexes available at $300,000. (10 available)
  • Divide this number by the absorption rate. (10 divided by .42 = 23.80)

It will take 23.80 months (yikes!) for the market to absorb the 4 plexes currently for sale at $300,000.

It would take 7.5 months on the other hand, if the investor was to list at your suggested price of $275,000… and there were 5 4-plexes available at $275,000.

If the difference in the number of months doesn’t help in the understanding of the dangers of overpricing, try considering the amount of money the seller will pay OUT during that extra 16.3 months the property could sit on the market.

If the seller is paying $1900 per month on a mortgage, their SAVINGS could be $30,970 in payments.

Ultimately, they will save $5970 by pricing their 4 plex $25,000 LESS!!

Like what you’re reading?

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Looking to buy or sell Chico CA Real Estate? Need a Top Producing Chico CA Realtor? Call Sandi Bauman 530-864-5407 or email [email protected] Specializing in Chico CA REO, residential, relocation, investment & ag real estate.

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My perspective: The Chico, CA Real Estate Market is not THAT bad!

Call me a hopeless optimist if you like, but I don’t think the Chico CA real estate market is half as bad as everyone makes it out to be!

Blog pics Glass half fullThe power that the media has on people’s perception of reality is both amazing and frightening.Considering the facts stated below, can anyone really argue that the Chico CA real estate market is all that horrible?

These numbers represent all class of property including single family homes, residential income, commercial, manufactured homes, vacant land, ranches and farms, year to date as reported by the Sierra North Valley MLS.

Year Listed Sold % Listed Sold Avg List Price Avg Sold Price List/Sold DOM

2007 6498 2067 31.81% $303,327 $289,171 95.33% 92

2006 7401 2430 32.83% $302,084 $290,848 96.28% 73

I’m thinking the numbers look pretty gosh darn good! My biggest caution to sellers would be to expect an extra 20 days on the market for a reasonably priced house to sell.

To sum it up, approximately 40 less properties per month have sold in 2007 than in 2006. Nearly 400 Chico Realtors have closed at least one transaction this year!

Compared to the statistics that are being posted for other regions in the United States, I really think that Chico CA has faired very well. Take Ponciana, FL for instance. Only 1.77% of their total inventory is actually selling! It appears that Chico CA property is a safer investment than you might find somewhere else.

Am I really the only one seeing this glass half full?

Like what you’re reading?

Click here to SUBSCRIBE to Chico CA Real Estate Blog and MLS Listings Search

Looking to buy or sell Chico CA Real Estate? Need a Top Producing Chico CA Realtor? Call Sandi Bauman 530-864-5407 or email [email protected] Specializing in REO, residential, relocation, investment & ag property.

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Sandi Bauman (Chico Homes): Real Estate Agent in Chico, Butte County, California
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