Chico CA Real Estate Market Stats
What is going on with the Chico real estate inventory?
February 21st, 2022 categories: 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.
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Chico Real Estate Inventory Is LOW. List Now.
February 28th, 2020 categories: 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?
Well, as of this morning, there were only 96 single family detached homes available in Chico. It apparently hasn’t been this low since 2002!
To put that crazy 96 number into perspective, there are currently 148 pending sales, and 99 sold in the past 30 days. We have less than one month’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. If buyers and agents aren’t right on top of it, they will miss the sale.
Median days on market? 12
Sale price compared to original price? 96.9%
Median Sales Price? $395,000. That statistic is up about 7% from November 2019 through January 2020.
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. Chico is experiencing an early spring anyway, 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.
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Chico Real Estate Inventory Is LOW. List Now.
January 10th, 2017 categories: Chico CA Real Estate Market Stats
Chico’s home inventory level 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?
Well, as of this morning, there were only 128 single family detached homes still available in Chico. In my 12 years of real estate, I do not recall inventory ever being this low. Last January we had 229!
To put that 128 number into perspective, 77 homes sold in Chico in November, and 55 sold in December. At the rate which homes are selling, if no new homes were to come on the market in Chico, we would not have any inventory to sell after about a month!
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. If buyers and agents aren’t right on top of it, they will miss the sale.
Average days on market? 18
Sale price compared to original price? 99.7%
Median Sales Price? $310,000. That statistic is up 6% from January 2015.
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. Why wait until there is more competition?
Ready to sell?
Please call Sandi Bauman at 530-864-5407 or email [email protected].
It would be my pleasure to discuss your unique property and potential market value.
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Statewide Stats Show that Chico Real Estate Market is Improving!
April 8th, 2013 categories: Chico CA Real Estate Market Stats, Uncategorized
Chico is showing a 3.3% growth in housing permits.
Read to sell?
Call Sandi Bauman 530-864-540
#1 Top Producing Chico Listing Agent 2010-2103
#1 Top Producing Butte County Selling Agent 2012-2013
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Chico Is A Seller’s Market!
January 1st, 2013 categories: Chico CA Real Estate Market Stats, Chico Sellers
Historically low interest rates (3-4%) + low inventory = A SELLER’S MARKET.
As of this morning, there are only 153 active single family homes in Chico. Only 34 of those are under $200,000, which is a highly sought after price range. 79 homes sold in December 2012. 22 of those Chico homes sold for under $200k. We only have about 6 weeks of inventory available for buyers, which is considered LOW.
If you’ve been on the fence about putting your property on the market, now might finally be the right time. Lack of inventory in some price ranges is creating multiple offer scenarios on many properties. We’re finding it difficult to get some of our buyers into homes due to the competition with cash offers.
Considering selling? Call Sandi Bauman, the Top Chico Listing Agent for guidance. In 2011, Sandi Bauman and her Team sold more than 170 properties. The average Chico Realtor sold 5. It would be our pleasure and privilege to discuss your unique property. Call 530-864-5407 or email [email protected].
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Interest rates are at an all time low!
October 27th, 2012 categories: Chico CA Real Estate Market Stats, Chico CA Real Estate News, Uncategorized
Ready to begin searching for that perfect Chico home, but haven’t yet partnered with a Realtor? The Sandi Bauman Team! at Chico Homes would consider it a pleasure and a privilege to assist you with the process. Our dynamic team of buyer specialists will offer you highly personalized and professional service every step of the way. Call Sandi 530-864-5407 or email [email protected] to get started!
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California Median Home Prices. How Does Butte County Stack Up?
August 5th, 2012 categories: Chico CA Real Estate Market Stats
According to the California Association of Realtors, Butte County’s median home prices in Butte County is currently $221,050.
To those of us that have spent the last few years selling a lot of lower end, bank-owned property, that number sounds very healthy! Glenn County didn’t make the list, but nearby Tehama County is showing a median home price of $140,000.
Ready to begin, but haven’t yet partnered with a Realtor? The Sandi Bauman Team! at Chico Homes would consider it a pleasure and a privilege to assist you with the process. Our dynamic team of buyer specialists will offer you highly personalized and professional service every step of the way. Call Sandi 530-864-5407 or email [email protected] to get started!
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Chico Housing Market: Blue Skies Ahead!
July 25th, 2008 categories: Chico CA Real Estate Market Stats
by Mike Wiegert
A survey and report by the Leading Real Estate Companies of the World, a conglomerate of brokers in early July points to some easing of adverse conditions in the housing market.
Fifty-nine percent of those surveyed believe there will be a strong housing market over the next sixty days. An overly abundant supply of residential units is the foremost concern among those respondents surveyed with many seeing a decline in inventory from a year ago.
While eighty-two percent agree that prices are down, seventy-five percent indicated that such a decline is less than ten percent and thirty-three percent believe that prices have only dropped five percent in their communities. A statement issued by Leading RE, “We believe our affiliates represent a good cross-section of the U.S. brokerage community because many of these firms are the market leaders in their areas and encompass a large number of transactions.
The findings from this month’s ‘Housing Beat’ survey mirror what others in the industry are reporting – that we are not out of the woods yet, but that inventory is beginning to be absorbed, financing difficulties have eased, sellers are more realistic about pricing and buyers are growing impatient with waiting to purchase their next home.”
For questions specific to the Chico Housing Market, call Chico Homes 530-895-9378.
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Chico Home Buyers Get Off The Fence and Into the Real Estate Market
June 27th, 2008 categories: Chico Buyers, Chico CA Real Estate Market Stats, Chico CA Real Estate News
by Mike Wiegert
On a national level, existing home sales increased in May as buyers are reacting to lower home prices according to the National Association of Realtors (NAR). May figures indicate 4.99 million existing home units sold, up two percent from April’s sales of 4.89 million sold units. This number is still a far cry from May 2007 sales at 5.93 million units. The reason for the latest increase in national home sales was summed up by NAR President Richard F. Gaylor, “Home buyers are starting to get off the fence and into the market, drawn by drops in home prices in many areas and armed with greater access to affordable mortgages,” he said. “Today’s buyer plans to stay in a home for 10 years, which is a good strategy for building long-term wealth.”
NAR Chief economist, Lawrence Yun, indicated last week that there is a significant inventory of homes. “The large supply of homes on the market clearly favors buyers, and it should take several months to draw the inventory down,” he said. “Stabilization in home prices can only occur with buyers returning to the market, so we are encouraged by rising home sales, particularly in distressed markets. Foreclosures and short sales appear to be a larger part of the market, particularly in California, and are creating a drag on current home prices.”
So what do the statistics mean to homebuyers in the Butte County area? At 472 active residential listings in the Chico area market, our local inventory is significantly lower than the national average per capita.
With an urban area population of 106,000 residents, the number of available homes compared to the number of residents is substantially less than most cities across the nation. In a nutshell, although the Chico real estate market is a “buyer’s market“, a less than generous selection of listings in our area diminishes the possibility of buyers coercing sellers into accepting cut-rate offers.
Local homeowners have indisputably seen their home prices drop over the past year. With a median sales price of $308,750 in June 2007 compared to $272,000 in June of 2008, year over year statistics appear to indicate almost a 12 percent decrease in median home prices sold for our area. And with the subsequent losses of equities following these price drops, many sellers are not in the position to accept bargain prices on homes that they owe more on than these proposed offers. I can’t really count the numbers of sellers who have expressed an unwillingness to go out of pocket to sell their homes. Instead, they are bunkering down and waiting for the market and prices to stabilize. Is this a good or bad strategy? You’ve heard it before, “real estate is a long term investment.” For many, it might be prudent to wait out bad times. For others that need to sell to relocate, hopefully many redeeming real estate opportunities exist in their new location.
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Chico CA Real Estate Market Report for Spring 2008
May 17th, 2008 categories: Chico CA Real Estate Market Stats, Chico CA Real Estate News
The Chico Real Estate Market is Changing!
Although a steady decline of local home prices over the last several months has been reported there’s a change of direction in last months statistics. For the first time in months the median and average home price in the Chico area is in the black.
The Chico area’s median price was up at $272,500 from March at $267,000. Median price refers to the exact middle point of all the homes sold in that month or given period. The average price in April was up at $340,881 from $311,232 in March. Average price is defined as combining the sales prices of all the sales for a given period and dividing by the number of unit sales for that period.
In addition to this good news, the number of residential Chico area units sold was up significantly at 80 in April in contrast to March sales at 45. Of course many would say that this increase of number of sales is due to the traditional increase caused by seasonal changes, and they would be right. The overall increase in sales of residential units has little to do with the median and average home prices.
So, are we on the road to recovery? A little early to tell, but many economists and analysts are indicating trends in that direction. Michael Feder, CEO of Radar Logic, Inc., a reputable company known for statistical reporting of national and regional sales data and trends, recently stated on Bloomberg.com that several national metropolitan areas not only showed signs of stabilization, but actual significant price increases in recent months. New York’s borough of Manhattan, Houston, Dallas, Virginia Beach, Seattle, Charlotte, Salt Lake City, Austin and Buffalo all have reported gains in recent months. Even our local neighbor, San Francisco, demand exceeded supply and median and average sales prices posted increases.
When taken into perspective, all the sensationally negative news is really only taking into account recent year over year sales data, which is indeed somewhat depressing, especially to folks who purchased during the housing boom of 2004 to 2006.
In ancient times when I began my real estate career, my mentor first told me that real estate is a long term investment and that I should be certain that my customers understood this basic principle. Along the line we forgot this concept and rushed to buy real estate at inflated prices in order to make a quick buck or just get in while the getting was good.
Prices have come down the last year, but when looked at over a five year perspective, homes nationally have appreciated at 4.7 percent annually.
Even neighbor Sacramento/Roseville, one of the hardest hit areas in the country, experienced a 1.5 percent increase in home prices over the last five years. In fact, of all the national Metropolitan Statistical Areas (MSA’s), only Detroit, Cleveland and Denver reported decreases in homes sales prices when calculated over the last five years. Michael Feder expressed optimism without forecasting by saying that home prices should improve based on Financial Services Committee Chairman, Barney Frank’s commitment to reopen the mortgage credit conduit.
In Chico, we are seeing a re-emergence of FHA mortgage loans thus enabling credit worthy buyers in our area to purchase with less that the standard twenty percent down payment.
And a reminder, with over fifty million mortgaged homes in this nation, less than two percent are in peril of foreclosure at this time. It is certainly apparent that these foreclosure sales when calculated in the the homes sales data and indexes are really what are influencing current market prices. Equally apparent is the Federal governments determination to come to the assistance of these desperate homeowners with a variety of programs to stem off the flow.
There’s no doubt that nationally, statewide and locally here in Chico CA, real estate investments have been rendered a strong blow, but the wound is healing.
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