• Average Sold Price: $278,237, Up 2% from February
• Median Sold Price: $260,000, Up 3%
• Average Days on Market: 105, taking 36% longer to sell
• Homes sold, on average, for more than 89% of list price, down 4% from February.

Currently, there are 405 Active Single Family Homes on the market in the Chico area.  That is up 7% from about a month ago.

• Average list price of Active Homes: $426,488, down 1%
• Median list price of Active Homes: $354,540, up 1%
• Average Days on Market: 124, three days fewer than previous

Now, let’s see if the indications identified in February’s Housing Report for Pending home sales continued through March.  We have already discussed substantial increase in home sales accompanied my modest, yet important, price gains.

97 homes are currently Pending Sale.  That is up 11%.  But, what about prices?

• Average list price of Pending Homes: $293,512, down 4%
• Median list price of Pending Homes: $278,900, down 2%
• Average Days on Market: 80, down 21% (finding Buyer’s faster)

What do these numbers tell us? 

Well, first, home sale activity for March basically exploded over the previous month’s sales.  A 29% gain is significant.  Although, some of that robust activity may be explained by the time of year; the seasonal market impact we typically experience during the Spring time.  However, I would say that during a market decline, that seasonal impact would not be significant and, therefore, I am optimistic and encouraged by the numbers I see here.  They could very well indicate a healthy seasonal impact, coupled with the beginnings of  a shifting market.  Both, would be good signs.

Secondly, while Pending home sales are up in the double digit range from February, prices of those homes are down a bit.  So, continued upward trend in sales activity and seemingly stable to, moderately fluctuating prices going into April.

The best news here is that the market is “active”.  People are buying and selling and prices do not appear to be slipping in any significant way.  I don’t see an overheated, frenzied market going into the rest of the year.  But, I do feel strongly that Buyer’s will continue to take advantage of low prices, fantastic interest rates, tax incentives and mortgage protections programs, while  inventory should start to tighten up, values will begin to inch up slowly.

To help provide first-time home buyers with peace of mind when purchasing a home, the C.A.R. Housing Affordability Fund (C.A.R.H.A.F.) is offering a new mortgage protection program to first-time home buyers.

Through the Housing Affordability Fund’s Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month for up to six months to help make their mortgage payments. A qualified co-buyer also can participate in the program, for a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.’s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program this year, and estimates that up to 3,000 families will benefit from the program throughout 2009.

To qualify for the Mortgage Protection Program, applicants must:
. Be a first-time home buyer – someone who has not owned a home in the last three years
. Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
. Use a California REALTOR® in the transaction
. Purchase the property in California
. Be a W-2 employee (cannot be self-employed or military personnel)

First-time home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®. For applications and other information on this exciting new program, go to www.car.org/aboutus/hafmainpage/ or contact Monica Rodriguez at (213) 739-8380 or monicar@car.org.
*Source: C.A.R. Newsline

• First-time Homebuyer Tax Credit
• Home Affordable Refinance
• Home Affordable Modification
• New Home Tax Credit
• 90-Day Extension to Foreclosure Process
• and, others…

Because of its length, I will not post the article in its entirety here.  So, please click here for my contact/email information and I will be happy to email you the full article upon your request.

There is some good stuff here.  Please take advantage of it!

• Average Sold Price: $271,589, down 8% from January
• Median Sold Price: $253,000, down 3% from January
• Average Days on Market: 67 days, selling 13% faster than previous month
• Homes sold, on average, for more than 93% of list price, up roughly 5% from January

Currently there are 377 single family homes for sale in Chico, virtually the same as it was a month ago.  So, inventory seems to be holding.

• Average list price of active homes: $428,174, down 3% from January
• Median list price of active homes: $355,000, down 2% from January
• Average Days on Market: 127, virtually the same as the previous month

But, here’s where things start to get really interesting…

86 Homes are currently Pending sale, up 8% from January.

• Average list price of Pending homes: $307,185, up 3% from January
• Median list price of Pending homes: $284,000, up 5% from January
• Average Days on Market: 101, up 4 days from the previous month

Could it be that these Pending home sales figures indicate the bottom of the housing decline in Chico? Well, I wish I could say I knew for certain.  But, I don’t.  However, I have been sensing my toes tickling the bottom of the pond and I think that it will be awfully interesting and telling when we take a look at the March figures.  So, without making any overreaching predictions, if I’m right on this, you can say you heard it first at, ChicoRealEstateVoice.com.  If I’m wrong… well, you can let me know that too!

I am hearing that the 30 yr. fixed rate loan is at $4.875%.  The 15 yr. loan, 4.75%.  And, FHA is at 5% today.  Of course, the best rates will be had by the most qualified borrowers.

However, the bond market has been plummeting.  So, expect a different picture for tomorrow as mortgage rates should climb a bit.   But, if you have the opportunity to lock a rate now, you should be happy that you did.

• Average sold price: $294,963
• Median sold price: $260,000
• Average Days on Market: 77
• Homes sold, on average, for 88.43% of list price

Click here to see how these figures compare to those of 2008.

Right now, there are 376 active single family homes on the market in Chico.  Of those homes that are not contingent or temporarily off market:

• Average list price: $442,174

• Median list price: $362,450

• Average Days on Market: 126

79 homes are currently Pending sale.

• Average list price of pending homes: $296,796

• Median list price of pending homes: $269,000

• Average days on market, pending homes: 97

So, as these numbers suggest, the place to be for Chico home sales is under the $300,000 price range.

*Data taken from Sierra North Valley MLS

As a Real Estate Broker in Chico, California, I see many people moving out of, or into, their homes.  None, however, have been so eagerly anticipated and watched as Obama’s ”BIG” move into the White House today.  So, I would like to say, “Aloha Mr. Bush” and “Aloha President Obama!”  I wish you and us all the best as we move forward toward a better future.

I only wish moving was that easy for me.  On the other hand… I suppose there was nothing easy about it.

Every once in a while, I see something that really gets under my skin, pisses me off, and reminds me that there are some real idiots out there.

This morning, on my way to the office, I passed by my neighbors car parked in front of their home and was disgusted to see the vandalism shown in the picture.  It bothered me so much I left the office to return to the scene of the crime to take a couple of pictures and, if the opportunity arose, share my disdain for the cowardly act with our good neighbor.

I ended up taking the pictures and chatting with another neighbor about the ridiculous things some people do and the need to watch over each other’s homes’ and property.

Although, my neighbor (the recipient of this malicious act) is a person of color, I suspect that he was targeted, not because of the color of his skin, but for the Obama bumper sticker on his car.  This, of course, is total speculation and I am no investigator.  But, what you don’t see clearly in this picture, is the black spray paint covering the taillights and the Obama sticker.

Either way though, no matter what the motive, it is simple minded and ignorant in nature.  And, most definately cowardly.  What can I say?  I could go on and on about this.  But, the simple reality is that there are just lousy people out there.  It is just really sad that this happened to these lovely people and I hope that whatever their feelings are regarding this senseless act, they stay strong and positive knowing that they have friends and neighbors who support them and condemn what those jerks did.  This shouldn’t be happening anywhere, especially in my Chico neighborhood!

Total Sold	1st Qtr.	2nd Qtr.	3rd Qtr.	4th Qtr.
Sold:	133	244	210	182
Avg. Price:	341,586	338,022	308,937	298,199
Median Price:	292,000	291,250	271,500	268,250
Days On Market:	92	64	86	64
REO’s
Sold:	5	38	47	47
Avg. Price:	343,980	257,794	239,924	255,960
Median Price:	250,000	265,500	238,000	228,900
DOM:	50	37	33	38
Short Sale
Sold:	3	10	12	9
Avg. Price:	231,667	281,320	272,542	275,317
Median Price:	230,000	270,500	243,500	255,000
DOM:	99	39	105	110

*Note: descrepencies shown here from previous figures due to adjustments and late sales reports through Sierra North Valley MLS.  Information deemed to be relaible, but not guanteed.

Analysis: On the whole, median Chico home sale prices ended the year 8% lower than they started.  More homes sold during the 4th Quarter than did during the 1st Quarter, with the most reported sales occuring during the middle of the year.

Median REO prices continued to decline throughout the year, ending down 8% from the beginning of the year.  Median Short Sale sold prices ended 10% higher with a large bump during the second quarter.

Mortgage Rates are Fantastic!

Rates are near an all time low, right around 5% (less on some days).  While qualifying guidlines have greatly tightened, those with good credit, income, and some cash to invest are finding fantastic deals.  FHA continues to fill the gap for Buyers with little down payment.  And, programs, such as CalPers, are assisting Buyers who qualify.

So, Is There Opportunity for Real Estate Investment?

Absolutely!  It seems that I am hearing it more and more from people lately.  They say things like, “I wish I had some extra money to invest in real estate right now”.  “There are such great deals out there”.  And, well, for the most part, they are right.  But, that doesn’t mean that every house for sale is a good deal.  Just because homes in general are a lot less expensive than they were when they were priced at their peak, doesn’t automatically mean that they are a great deal.  Many of them were just over priced to begin with.  But, they are getting much closer to being where they should be and in some cases already are.  So, yes.  There are opportunities for Chico real estate investors and home buyers in 2009!  You just need to know what to look for.