By Tammy Waller Aviles
This week I’ll be reviewing the condominium and duet/half-plex market in the six urban areas of Chico as reported in the local Sierra North Valley Multiple Listing Service. Currently there are forty nine properties currently available for sale including two that are bank owned and an additional seven offered on a short sale basis or approximately 18% of the current inventory. The average asking price for these active properties is $171,851 with a median asking price of $168,000 and an average day on the market (DOM) of one hundred forty one days. In looking back one year from April 30th 2008 till April 30th 2009 there were a total of fifty four condo/duet/half-plex properties sold, which going by the current rate of absorption, would give the Chico market approximately eleven month supply of this type of property.
During the first quarter of 2009 there were a total of 7 homes sold in this category with an average DOM of eighty eight days. The average selling price for this quarter was $160,839 with a median selling price of $160,000. Sellers during this timeframe received a combined average of 86% of their original asking price. In comparison the first quarter of 2008 had a total of six units sold after an average DOM of seventy nine-the average selling price at that time was $174,208 with a median selling price of $144,375. Sellers last year received approximately 87% of their original asking price. In looking at both figures this segment has decreased in average selling price this year by approximately 7% from last year and increased by approximately 9% on the median selling price.
Tammy Waller Aviles
Broker/Owner
Realty Executives Waller Real Estate
