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During the week covering August 16^th through the 22^nd there was a total of three hundred ninety three active single family residences available for sale within the six urban areas of Chico in the Sierra North Valley MLS. The average asking price for these listings was $433,984 with a median asking price of $364,000, an average DOM (days on the market) of 96 with 14.7% of these listings deemed ‘distressed’. There was a total of twenty seven new listings added during this time frame ranging in price from a low of $180,000 for a two bedroom, one bathroom home with 860 square feet to a high of $729,000 for a four bedroom, two and three quarter bathroom home with 2,982 square feet. Although the quantity of active listings has inched up over the last couple of weeks-we are still below August 23^rd 2007’s quantity of four hundred eighty three homes- a decline of about 18%. Additionally there were eight homes that began the escrow process during the week after an average DOM of 44. The homes ranged in price from a low of $199,000 for a two bedroom, two bathroom home with 864 square feet which entered escrow after 70 DOM to a high of $445,000 for a three bedroom, two bathroom home with 1,703 square feet which entered escrow after a marketing time of 91 DOM. In total this group represents an average asking price of $307,693 and a median asking price of $276,500. Six homes successfully closed escrow receiving approximately 91.33% of the seller’s original asking price after an average of 130 DOM. The lowest priced home in this group closed escrow after 17 DOM, with a closing price of $235,000 for a three bedroom, one bathroom home with 1,066 square feet. While the highest priced home-a three bedroom, two and one half bathroom home with 2,212 square feet successfully closed escrow for $358,000 after only 7 DOM. Combined this segment had an average selling price of $291,983 and a median selling price of $279,450.

This week I’ll be covering August 9^th through the 15^th. In total the Sierra North Valley MLS shows three hundred eighty six active single family residences in the six urban areas of Chico with approximately 8.5% classified as ‘distressed’ properties. The average asking price for these homes is $445,332 with an average day on the market (DOM) of 100 and a median asking price of $370,500. This quantity of active homes included the addition of seventeen new listings which were added this week ranging in price from the low of $229,000 for a three bedroom, one bathroom home with 1,068 square feet to the high of $695,000 for a four bedroom, two and one half bathroom home with 2,449 square feet.There were eight homes that began the escrow process this week as well. The lowest priced home in this group was $110,000 for a three bedroom, two bathroom home with 1,179 square feet, which entered escrow before reaching the input stage of the MLS-while the highest priced home with an asking price of $685,000 for five bedrooms, four bathrooms and 3,457 square feet entered escrow after thirteen DOM. In total, this group had an average asking price of $279,662, a median asking price of $267,000 and an average DOM of 24.We had five homes successfully close escrow this week with seller’s receiving approximately 88.66% of their original asking price. The average selling price this week was $284,400, the median selling price-$285,000 with an average DOM of 180. The lowest priced home in this group is represented by a two bedroom, two bathroom home with 1,306 square feet which successfully closed escrow after 322 DOM with a selling price of $225,000. The highest priced home-a four bedroom, two and one half bathroom home with 1,990 square feet successfully closed escrow after 104 DOM with a selling price of $337,000.

For time period covering August 2^nd through August 8^th there was a total of three hundred seventy four active single family residences listed for sale in the Sierra North Valley MLS in the six urban areas of Chico. Compared to last year during the same time frame we have an approximate 22% decrease in active listings-last year’s number was four hundred eighty one. This week there were twenty six new listings ranging in price from a low of $210,000 for a three bedroom, one bathroom home with 1,280 square feet to a high of $1,200,000 for a two bedroom, two bathroom home with 2,034 square feet. In total, the currently active inventory has an average asking price of $445,922 and a median asking price of $369,750 with an average day on the market (DOM) of 98 with approximately 14.4% of the properties classified as distressed.Seven homes began the escrow process this week after an average DOM of 92. The lowest priced home in this group with an asking price of $179,500 was a two bedroom, one bathroom home with 735 square feet which entered escrow after 118 DOM. The highest priced home within this group, which was offered for sale at $289,000, was a two bedroom, two bathroom home with 1,346 square feet which began the escrow process after 374 DOM. Collectively the seven pending homes had an average asking price of $251,028, a median asking price of $264,900 and an average DOM of 92.With seller’s receiving approximately 92.2% of their original asking price after an average DOM of 52-ten homes successfully closed escrow this week. A three bedroom, two bathroom home with 1,536 square feet closed escrow after 2 DOM with a selling price of $207,500, representing the lowest priced home in this group. While the highest priced home with a selling price of $455,000 for an eight bedroom, four bathroom home with 2,431 square feet closed escrow after 57 DOM. Combined the average selling price in this group ended at $329,125 with a median selling price of $327,875.

As of August 1^st there are a total of three hundred sixty two active single family residences available for sale within the six urban areas of Chico listed in the Sierra North Valley MLS. The average days on the market (DOM) for these homes are one hundred one days, while the average asking price is $447,681, with a median asking price of $369,750. During the time frame covering July 26^th through August 1^st there was a total of twenty five new listings added to the MLS ranging in price from the low of $169,500 for a two bedroom, one bathroom home with 1,025 square feet to a high of $1,350,000 for a five bedroom, three and one half bathroom home with 4,108 square feet. Of all currently active homes available for sale there is a total of 14.6% which are deemed ‘distressed properties’-that is either bank owned or short sale opportunities.Eleven homes began the escrow process during this same timeframe after an average DOM of 51. The lowest priced home in this group is represented by a two bedroom, two bathroom home with 936 square feet which had an asking price of $177,000-this home began escrow after 83 DOM. The highest priced home with an asking price of $725,000 entered escrow after 54 DOM and had three bedrooms, four bathrooms and a total of 3,512 square feet. Combined this group had an average asking price of $360,200 and a median asking price of $279,900.Additionally, fifteen homes successfully closed escrow this week with seller’s receiving approximately 94.4% of their original asking price. The lowest priced home in this group with a selling price of $141,000 for a three bedroom, one bathroom home with 900 square feet closed after 24 DOM; while the highest priced home with a selling price of $500,000 for a four bedroom, three bathroom home with 3,073 square feet successfully closed after 162 DOM. In total, the combined sold group had an average DOM of 62, an average selling price of $315,346 and a median selling price of $316,700.

This week I’ll be looking at the single family residence market within the six urban areas of Chico for the time frame of July 19^th through the 25^th as reported within the Sierra North Valley MLS. During this week the quantity of new listings over doubled over last week’s quantity to thirty nine ranging in price from a low of $213,900 for a three bedroom, two bathroom home with 1,328 square feet to the high of $879,000 for a three bedroom, two and one half bathroom home with 2,875 square feet. In total there is currently three hundred fifty eight active single family residences available for sale with an average days on the market (DOM) of 103, an average asking price of $445,076 and a median asking price of $370,500 of which 13.9% considered to be ‘distressed’-either REO or short sale.There were eight homes that began the escrow process this week with an average asking price of $305,475, an average DOM of 129 and a median asking price of $272,200. The lowest priced home in this group is represented by a two bedroom, one bathroom home with 732 square feet and an asking price of $84,900 which entered escrow after 76 DOM. The highest priced home-with an asking price of $615,000-entered escrow after 102 DOM; this home contained five bedrooms, three and one half bathrooms and 3,107 square feet.Additionally there were a total of eight homes which successfully closed escrow this week after an average DOM of 117. The lowest priced home in this group was $146,000 for a two bedroom, one bathroom home with 1,296 square feet which closed after 102 DOM. After 164 DOM, the highest priced home-a three bedroom, two bathroom home with 2,372 square feet, successfully closed escrow after 164 DOM. Combined this section of the market had an average selling price of $260,800 and a median selling price of $271,500 with seller’s receiving about 92.5% of their original asking price.

For the week covering July 12^th through the 18^th there was a total of three hundred thirty nine active single family residences available for sale in the Sierra North Valley MLS within the six urban areas of Chico. A few weeks back I noted we had approximately 14% of the active listings deemed ‘distressed’-that is either REO(bank owned) or listed as ‘short-sale’(attempting to sell for less than what is owed on the property)-that figure is relatively unchanged to 14.4%. The current average asking price for all active single family residences is $450,188, the median-$369,000 and the average days on the market (DOM) is 110. Included in the total active listings is the addition of fifteen new listings during this week ranging in price from a low of $150,000 for a two bedroom, one bathroom home with 732 square feet to a high of $1,850,000 for a three bedroom, three bathroom home with 5,382 square feet.During this timeframe fourteen homes began the escrow process after an average DOM of 80. These fourteen homes represent an average asking price of $291,846 and a median asking price of $297,000. The highest priced home in this group is represented by a four bedroom, three bathroom home with 2,766 square feet which entered escrow after 164 DOM while the lowest priced home-a three bedroom, one bathroom home with 1,172 square feet entered escrow after 23 DOM.The sold market this week represented by nine homes had an average selling price of $386,666, an average DOM of 94 and a median selling price of $379,000-with seller’s receiving approximately 98.5% of their original asking price. The lowest priced home in this group is represented by a three bedroom, one and one half bathroom home with 1,433 square feet and a selling price of $242,000, which entered escrow after 7 DOM. The highest priced home with a selling price of $610,000 for four bedrooms, three bathrooms and 2,483 square feet successfully closed escrow after 21 DOM.

This week I’ll be looking at the Chico Real Estate market for the time period covering July 5^th through the 11^th. All data is derived from the Sierra North Valley MLS and will be covering the six urban areas of Chico and the single family residence market. As of the 11^th there were a total of three hundred forty six active single family residences available for sale, with an average DOM(days on the market) of 109, an average asking price of $447,989 and a median asking price of $369,000. During this time frame there were twenty eight new homes listed beginning with the low end-$179,900 for a three bedroom, two bathroom home with 1,020 square feet and at the opposite end of this group, with an asking price of $1,150,000, a four bedroom, two and one half bathroom home with 4,400 square feet situated on 3.89 acres entered the market this week as well.Additionally twelve homes began the escrow process this week as well with an average asking price of $310,666 and a median asking price of $269,000 after an average DOM of 84. The lowest priced home in this group-$214,900, for a four bedroom, two bathroom home with 1,379 square feet entered escrow after 3 DOM. While the highest priced home with an asking price of $765,000 for a three bedroom, two and one half bathroom home with 3,350 square entered escrow after 98 DOM.After an average of 55 DOM, the next group I’ll be looking at are those homes which successfully closed escrow this week. In total there were seventeen homes ranging in price from a high of $365,000 for a three bedroom, two bathroom home with 2,181 square feet to a low of $170,000 for a two bedroom, one bathroom home with 672 square feet. Collectively these homes represent an average selling price of $254,994 and a median selling price of $238,000.

This week I’ll be looking at the second quarter 2008 real estate statistics for single family residence sales documented within the Sierra North Valley MLS for homes located within the six urban areas of Chico. We closed the second quarter with a total of two hundred seventeen homes sold, an increase from the first quarter of 2008’s quantity of one hundred twenty six which equals an approximate 42% increase in quantity of homes sold.  When comparing to the second quarter of 2007, which had a total of two hundred fifty seven homes sold, we are down about 15% from last year.The average selling price for the second quarter of 2008 ended at $327,418, down about 2% over the first quarter’s average of $334,292, while the second quarter of 2007 had an average selling price of $357,045, which would equate to an approximate 8% decrease over last year. The median selling price for the second quarter of 2008 was $287,000 down slightly-approximately 1%-from the first quarter’s median selling price of $291,000. When comparing the second quarter of 2007 versus the second quarter of 2008, Chico real estate is down approximately 14% from 2007’s median of $335,000. In total from the peak of our market in the second quarter of 2006 the Chico real estate market median price is down an overall total of 16.8%. The last segment I looked at in the second quarter was median homes prices broken down by bedroom quantity. The Chico median price for up to a two bedroom home ended at $247,200, three bedroom homes had a median of $280,000 and finally the median of four or more bedroom homes was $379,750.

During the week beginning June 21^st and ending June 27^th there were a total of three hundred fifty seven active single family residences listed as available in the six urban areas of the Sierra North Valley MLS. Nineteen new listings were added during this time frame ranging in price from a low of $140,000 for a three bedroom, one bathroom home with 1,172 square feet to a high of $725,000 for a four bedroom, three bathroom home with 2,980 square feet. Collectively all active listings have an average asking price of $453,292, a median asking price of $375,000 and an average days on the market (DOM) of 114. Of all active single family residences currently available in Chico-approximately 14% would be considered distressed properties-i.e. short sales or bank owned.The Chico market also had eleven homes begin the escrow process during this timeframe after an average of 46 DOM. Beginning with the high of $359,000 for a three bedroom, two and one half bathroom home with 2,131 square feet to the low of $140,000 for a three bedroom, one bathroom home with 1,172 square feet, the combined average asking price for these homes was $280,900 while the median asking price was $269,000.Fourteen homes successfully closed escrow this week with seller’s receiving approximately 88% of their original asking price. The lowest selling price in this group was $215,000 for a three bedroom, two bathroom home with 1,427 square feet which had a DOM of 10; the highest selling price of $1,300,000 for a four bedroom, three bathroom home with 4,000 square feet had a DOM of 156. Collectively this segment had an average selling price of $427,314 and a median selling price of $372,000.

Within the six urban areas of Chico in the Sierra North Valley MLS there are a total of 367 active single family residences as of June 20^th. The active inventory has an average asking price of $451,826, a median asking price of $372,000 and an average day on the market time (DOM) of 115, with less than 13% or 47 properties deemed ‘distressed’. For the week beginning 6/14 and ending on the 20^th-there were a total of 19 new listings added ranging in price from a low of $229,000 for a three bedroom, two bathroom home with 1,050 square feet to a high of $1,175,000 for a four bedroom, four bathroom plus home with 5,200 square feet.During this same time frame there were 10 homes that began the escrow process after an average DOM of 70. The latest ‘pending homes’ ranged in price from $179,900 for a four bedroom, two bathroom home with 1,232 square feet-beginning escrow after 1 DOM to $424,090 for a three bedroom, three bathroom home with 2,811 square feet-beginning escrow after 183 DOM. Combined this group had an average asking price of $259,764 and a median asking price of $239,250.This week also had 18 homes successfully close escrow receiving approximately 90% of the seller’s original asking price after an average DOM of 32. The lowest priced home in this group-a three bedroom, one and one half bathroom home with 1,476 square feet and a DOM of 1 successfully closed escrow at $161,500; while the highest priced home-a three bedroom, two bathroom home with 2,046 square feet and a DOM of 17 closed at $425,000. In total this group represents an average selling price of $277,288 and a median selling price of $270,000.