What the Chico Housing market looks like NOW
There are currently 363 Single Family Homes for sale in Chico. 21 of those are Bank Owned (REO's) and 54 are Short Sales. 67 Homes are Pending, accounting for an 18% absorption rate.
Housing inventory tightens up
On September 30, 2008, I reported 463 active homes on the market, 23 of those were REO's and 48 Short Sales. That is an overall reduction in inventory of 100 homes, while the number of RE0 and Short Sales didn't change all that much. So, total inventory decreased by 22%. However, because of the reduction in all available homes for sale, the percentage of REO and Short Sales available on the market increased 7%, from 15% on September 30th.
Does this tightening indicate a change in the market? Maybe. Maybe not. It is typical for inventory to tighten up a bit during the Holiday Season as "would-be" home seller's focus on other things and plan for sales during the Spring. However, that is a substantial reduction in available homes that may not be fully explained by a normal seasonal shift. Perhaps the more important indicator would be actual sale trends for the period.
Look for my next post and see what the numbers tell us about activity in 2008...
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