What is going on with the Chico real estate inventory?
February 21st, 2022categories: Chico CA Real Estate Market Stats
The real estate inventory in Chico is LOW! If you’ve been kicking around the idea of selling, now is the time to call us for a FREE Home Valuation.
Just how low is LOW?
As of this morning, there were only 56 single family detached homes available in Chico. It apparently hasn’t been this low since at least 2002! This graph shows the average through January, which indicates an inventory of 60 units. February offers even better opportunities to sell- the inventory is still deteriorating.
To put that crazy 56 number into perspective, there are currently 100 pending sales, and 56 sold in the past 30 days. We only have about two week’s worth of inventory!
Suffice it to say, buyer’s agents are working extra hard to find properties to suit their buyer’s needs. When a property is priced correctly, it is likely receiving multiple offers in a short amount of time. Median days on market is only 7!
Something to consider. Sellers are receiving 98-100% of their original asking price on average. What that tells us is that although we have an extreme shortage of inventory, buyers are not routinely going crazy with their bids. An overpriced listing will sit. A seller might not enjoy many showings, and low offers may not come in despite the fact that there is very little inventory to choose from. It’s still critical to price the property wisely for best results. On the plus side, the pricing is still creeping up and it’s expected to continue to do so through the end of the year.
Make sure you engage a Chico real estate broker that you trust. Carefully review the comparable properties and recommended price range that they offer you. If you have chosen wisely, you will be working with a top producer that eats, sleeps, and breathes the real estate market and can therefore offer sound opinions and data. LISTEN to their advice closely and follow recommendations for pre-marketing strategies if they seem reasonable to you. Low inventory does not currently mean that best practices can be abandoned if you want to move your property.
LIST YOUR HOME NOW TO TAKE ADVANTAGE OF LOW INVENTORY
Traditional wisdom tells us that the best time to list is in the spring. After all, the flowers are blooming, the grass is green, the birds are chirping. Unfortunately, a large number of other Chico sellers will be putting their homes on the market at the same time, so why wait until there is more competition?
Ready to sell your Chico property?
Call 530-864-5407 or email [email protected].
It would be my pleasure to discuss your unique property and potential market value.
