Ryan's Chico Real Estate Blog

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Chico Housing Market Report (Ryan Vaught)

July 2007 Report

Chico home sales are up year-to-date from last year. Roughly 15% more homes sold so far this year, than last year at this time. It is hard to argue that the market is tanking and slow with a figure like that.

Much of the increase is from the chico condo inventory. Chico had several large condo developments, converted from apartments, hit the market last year. It took a while for this inventory to sell off.

If you would like information on Chico condos, visit my new site, dedicated to Chico condos
http://www.chicocondos.net/

But regardless, this is great news.

Absorption
Take a look at a graph from my market report.
This is an absorption rate chart. Red shows the homes off the market, green shows the homes on the market.
In a stale market, you'd see quite the opposite of what you see in this chart.
Home sales and withdrawns are outnumbering the new listings every single month.

Interest Rates
We have seen a slight rise in interest rates. This is only natural, after a period of such low rates. It actually is a good thing for sellers.

During the last year we have seen a lot of "hover" buyers. Those which shop, but never buy. They aren't quite sure where the market is, and their realtor sure isn't bright enough to inform them. Another thing which keeps these buyers from pulling the trigger, is the tease of lower interest rates. With the recent small hikes in rates, we saw a lot of "hover" buyers turn into real buyers. Just like a swift kick in the butt, this hike in rates told many buyers that now is the time to buy, or forever hold your peace.

Inventory
We are at a seasonal high for inventory. If you take a look at my historical listings chart, you can see for yourself. This should not frighten you, it is the best time to sell your home, so if you have been advised properly, you would be putting your home on the market as well. Think of it as a shopping mall during Christmas. Shops are open later, because their are more people buying. If you would look at the inventory of Macy's before the holiday season, you'd think retail sales are tanking. How on earth could they hold that much in inventory? This is the same effect on the housing market. In economics they call is the pull of demand. More demand means more supply. Don't let the large number of homes on the market scare you, it is simply a response and preparation to a seasonal influx of buyers.

Some data for you number folks.

CityListingsPrice/SqFtPriceSqFtDOM
Bangor  11  $352    $345,536    1,454    72  
Durham  26  $268    $718,103    2,549    80  
Chico  542  $224    $412,913    1,829    89  
Forest Ranch  23  $210    $497,143    2,358    110  
Orland  103  $208    $357,696    1,756    78  
Corning  45  $204    $326,674    1,620    93  
Biggs  10  $195    $346,668    1,841    66  
Paradise  289  $193    $357,933    1,830    93  
Oroville  493  $191    $303,554    1,601    91  
Berry Creek  39  $190    $288,182    1,467    80  
Red Bluff  30  $188    $331,572    1,736    209  
Yuba City  10  $184    $355,100    1,953    80  
Willows  56  $175    $288,607    1,713    120  
Gridley  11  $167    $249,336    1,564    105  
Magalia  211  $160    $263,274    1,608    85  

View the Entire Report
http://www.ryanvaught.com/?cf=mls/report1

Not sure what I am talking about? Don't agree with a statement I made?
Give me a call, let's talk real estate.

Interested in learning more about the Chico area or Ryan
Vaught Properties: Chico Income Property
Chico Condos: Chico Condo Sales
Ryan Vaught: Ryan's Residential website

Ryan Vaught, Realtor
Keller Williams Chico CA
Office Phone: (530) 343-2959
Cell Phone: (530) 519-1044

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    Currently Ryan has nearly $4 million in inventory, and will have sold over three million in the first two quarters of 2007. Please don't hesitate to contact me with any questions about Chico area real estate.

    2357 Oro Quincy Hwy, Oroville$339,000
    1600 Sq. Ft.
    Huge lot, this property has unlimited potential. Property contains good sized 3 bed 2 ba home, with a detached garage and a 1 bed 1 ba home. Creek runs through property. Prope...
    Click for more information
    2477 Switzerland Ln, Chico$314,500
    3 Bedroom 2.5 Bath 1472 Sq. Ft.
    Clean as a whistle and cute, this doe mill home is very affordable and very nice. Enjoy todays comforts with yesturday's charm, in this 2 story home. Home includes all applian...
    Click for more information
    704 Madrone Ave, Chico$295,000
    3 Bedroom 1.5 Bath 1344 Sq. Ft.
    Clean, bright and ready for move in, this home has been completely remodeled inside and out. New tile, wood product flooring, carpet and much more. This home sits on a huge lo...
    Click for more information
    2099 Hartford Dr, Chico$280,000
    3 Bedroom 2 Bath 1380 Sq. Ft.
    Unit #25. Newer, fresh 3 bedroom condo in a great location, near chico mall, shopping and more. This condo has been maintained well and has all of today's amenities. Lower hoa...
    Click for more information
    2099 Hartford Dr, Chico$275,000
    3 Bedroom 2 Bath 1382 Sq. Ft.
    Unit #6. Newer and contemporary this cute condo is much bigger than most on the market. Built in 2005 it has all of today's amenities with a very affordable price. Close to ch...
    Click for more information
    2056 Parkway Village Dr, Chico$274,900
    3 Bedroom 2 Bath 1184 Sq. Ft.
    Largest lot in this subdivision! Spic and span this 3bd/2ba home in a great location is close to schools and shopping. Sits on a large corner lot in a desirable and friendly n...
    Click for more information
    2357 Oro Quincy Hwy, Oroville$254,000
    3 Bedroom 2 Bath 1200 Sq. Ft.
    Nice sized lot, with 100% remodeled home. Very affordable, private setting 3/2 home with detached garage. New stucco, new paint, dual pane windows and much more. Please take a...
    Click for more information
    384 E 5th Avenue, Chico$249,000
    2 Bedroom 1 Bath 909 Sq. Ft.
    Charming like no other! Located in the heart of chico's avenues, this home features new wood-product flooring and vinyl, a quaint kitchen and dining nook. New title in bathroo...
    Click for more information
    998 Jonell Ln, Chico$234,500
    2 Bedroom 2 Bath 983 Sq. Ft.
    Own a home for a condo price! Close to shopping and more. Less 1/2 mile to upper bidwell entrance. Hoa maintains all front exterior and common areas including private pool, sp...
    Click for more information
    2232 Park Ave, Oroville$222,000
    1524 Sq. Ft.
    Great location, this duplex has potential. Recent upgrades include dual pane windows and more! This duplex consists of two 2 bedroom, 1 bath units. They both have inside laund...
    Click for more information

  • Comment balloon 1 commentRyan Vaught • July 19 2007 12:47AM

    Comments

    What a great format and interesting market report.  I commend you for putting tgether an interesting report that summarizes a market so well.  Thanks for sharing.  lea
    Posted by Lea Deo - REALTOR®, Johnson County REALTOR®| Shawnee KS Homes for Sale (Keller Williams Legacy Partners, Inc.) over 10 years ago

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