Today I will be looking at the January 2012 Chico real estate market statistics for single family residences, which appears to an improvement over last year. We had a total of forty six homes sold with an average selling price of $270,327, a median selling price of $240,000 and an average day on the market of 91 days. The majority of the homes were sold as a standard sale-meaning not a short sale or REO property-broken down to twenty nine standard sales and seventeen properties sold as "distressed" or 64%.
In comparison to January 2011, there were a total of 40 homes sold-13% less than our current year. The average selling price was lower during this period as well coming in at $253,490 with a marginally improved median sales price of $240,150. The quantity of standard home sales versus distressed properties was pretty much reversed with only 45% of the homes sold being a standard sale. The average days on the market last year was approximately 15% longer as well coming in at 108 days.
Currently, there are a total of two hundred eleven single family residences for sale in the city of Chico-this is excluding condo's and townhouses with only 24% of these listings classified as a distressed sale. It will be interesting to see if this trend continues through the upcoming months!
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