I listed a home last week at what I thought was the very tip top of the price range. I was on the fence about pricing the listing so high that I had my entire office weigh in on the pricing. The vote, it’s a stretch, but not completely unrealistic. By week’s end we had 5 offers all at, or above, asking price. Wow!
The most common question you hear when you work in Real Estate is, “So how’s the market?” For the last few years, my mantras when asked this question have been “Low Inventory!!” - “Seller’s Market!” - “Prices are going up!” A few times a year, I run the stats just to make sure that the numbers track with my perception and experiences. I just sat down and ran the numbers, and as the saying goes, numbers don’t lie – it’s a seller’s market!
The median home price in Chico is up to $315,000. That is up from a median price of $305,000 at the end of 2016 and $296,500 one year ago. The median price per square foot is $202. The average days on the market for a listing in Chico are 39 days, which is down from 44 days in June 2016. The stat that really tells the story for me is month’s supply of inventory. We are at 1.7 months supply of inventory compared to 2.3 months at the same time last year. That means if we added no new inventory, we would run out of houses to sell in less than 2 months. That is truly a seller’s market! With only 179 homes on the market in Chico I can assure you, we are desperate for inventory!
If you haven’t checked out your home’s value recently, give us a call. We would be glad to give you an estimate, even if it is only so that you can update your balance sheet! And if you are considering a purchase, don’t be too deflated. Interest rates are still hovering at about 4% and we may know a couple of fabulous Realtors who can help you navigate the competition!
For those of you in Paradise, Orland and Magalia, here is a snapshot of the market, enjoy!