Happy New,
From our family to yours, here's wishing you a happy, healthy, and prosperous 2009. Be grateful every day for everything and everyone that brings joy to your life.
And what a year it has been!! There have been quite a few positive events and an equal if not more unpleasant events. As this is my year in review newsletter, there is much to discuss so let’s get started.
759 homes sold this year which is down from 2007 of 880 (or 13%). Of the all the homes that sold in 2008, only 169 (22%) were distress properties. Chico’s Real Estate market continues to sell homes and a relatively small portion of those homes are distress properties. If you look at Fresno area where distressed properties represent 80% of the market, Chico is doing great.
The numbers can get a little overwhelming. Here is a graph which summarizes the last three years median price in Chico. From Jan 1, 2006 through today, the median selling price of Chico homes has changed from $325,000 to $ 265,000; representing a change of -23% over the last 3 year. Today's Median Days on Market for correctly priced homes is 40.
This graph paints of picture of what we all feel, the market median prices of homes has gone done about 19% this year. There is a silver lining here. One of the reasons that the median has dropped so much this year is because houses about $400k have not been selling. (Only 18% of all houses sold this year were over $400k). This skews the overall median price reading. Once the credit market figures out their issues, the $400k and above houses will start selling again and the median price in Chico will go up.
On the positive side, Interest Rates are incredibly low right now. Several of my clients have locked in 4.75ish rates on a 30 year fix conventional loans this month. If you are a first time home buyer or a move up buyer, there are some outstanding deals
As always, thank you in advance for your referrals and don’t forget to check out all of Chico’s listings at www.matthewherman.com
Respectfully,
Matt
P.S. I just added all of the short sales and foreclosures in Chico to my website. If you want to see some of the best values in Chico check them out.
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Matthew Herman
Keller Williams Realty
530-809-3754 (Office)
530-809-3755 (Fax)
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