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Market update 1-25-2019 Hightower Real Estate Group

Market update 1-25-2019

January 25th, 2019 by Robert Hightower

Hey as we start off 2019, the traditional Real Estate selling season is upon us.  Moving forward in this year and for the foreseeable future we will have to deal with the effects of the Camp fire in the neighboring town of Paradise Ca.  The area has lost 14,000 houses, in the greater Paradise area.  To give you some perspective the city of Chico averages around 100 home sales per month of existing homes on less than a 1/2 acre.  Chico is nearly all built out and really doesn’t have the capacity to soak up many of the displaced folks.  With the natural housing pressures of Chico to now add the Camp fire on top of it we have a extreme buyer demand and should have for years to come.  I think sellers will be fine if they wait a year or two to sell if they are thinking about selling.  I do not feel like you will miss the  “boat”.

Looking at the numbers the average listing price is up 9% up over before the fire and the average closed sales price is up the same 9%.  Today we have 85 listings in Chico, SFR on less than 1/2 acre.  We are seeing over asking on most properties by about 4-5% and multiple offers on most.  If you have any questions about buying or selling in the Chico area moving forward please contact me directly 530-518-4440

 

Robert Hightower

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