In keeping with our good news/bad news theme I’ve attached graphs and tables demonstrating 2 year market trends for Chico and surrounding rural areas and communities.
The news is virtually all good for buyers: the median sold price for Chico homes is 16 % lower than the median price two years ago. This doesn’t take into account the first wave of price drops in late 2006 and early 2007. By showing only the median price the chart also doesn’t illustrate the exceptionally low prices that bank R.E.O.’s (Real Estate Owned), Trustee Sales (foreclosures) and short sales (allowed to sell for less than bank is owed) sold for, but the median is dragged down by these sales. These charts only show sales in which a real estate agent participated.
For sellers who have owned their homes for more than six years or so this 16 percent drop still did not wipe out the 18 percent per year appreciation they achieved in the glory years of 2000-2006. Prices on homes rose nearly 100% (+/-) over that period so depreciation between 16-30% still leaves seasoned owners in the black. Summer 2009 was a bright spot for many sellers as home prices enjoyed a short upward run which peaked in July.
The news is virtually all good for buyers: the median sold price for Chico homes is 16 % lower than the median price two years ago. This doesn’t take into account the first wave of price drops in late 2006 and early 2007. By showing only the median price the chart also doesn’t illustrate the exceptionally low prices that bank R.E.O.’s (Real Estate Owned), Trustee Sales (foreclosures) and short sales (allowed to sell for less than bank is owed) sold for, but the median is dragged down by these sales. These charts only show sales in which a real estate agent participated.
For sellers who have owned their homes for more than six years or so this 16 percent drop still did not wipe out the 18 percent per year appreciation they achieved in the glory years of 2000-2006. Prices on homes rose nearly 100% (+/-) over that period so depreciation between 16-30% still leaves seasoned owners in the black. Summer 2009 was a bright spot for many sellers as home prices enjoyed a short upward run which peaked in July.
No comments:
Post a Comment