Tammy Waller Aviles, Broker

Today marks the launch of Chico Real Estate Trends, a blog featured on the local newspaper, Chico Enterprise Record's blog -NorCal Blogs! I will be posting information on our current real estate market.

Today marks the launch of Chico Real Estate Trends-To start I am looking at the Chico real estate market yearend review for 2011-specifically, the single family residence market. For added reference I will refer back to statistics that are taken during the peak of our market-second quarter of 2006, as well as the statistics from the prior year.

As far as quantity of homes sold during the 2011 year-it wasn't all that bad. There was actually an increase over 2010's total units sold. In 2010, there were 760 homes sold with approximately 53% of that number sold as a "distressed property"-that is either foreclosed, in the process of foreclosure and/or being sold as a short sale. The average sales price for 2010 was $277,456 with a median sales price of $250,000. By 2011 year end, there were 860 homes sold-an increase of approximately 11%, with about 46% of the properties sold being in a distressed status. Both the median and average sales prices for Chico declined from the previous year. The median sales price in 2011 ended at $225,000-an approximately 10% drop; while the average sales price decreased to $252,558 or approximately 8%.

Chico's peak hit during the second quarter of 2006. During that quarter the average sales price was $376,308 with a median sales price of $345,000-a nearly 33% decrease on average and just under 35% decrease on median sales prices compared to 2011.

Currently Chico has 216 active single family residences for sale, with 56 or approximately 26% of those being distressed properties. At the current rate of sale, we are down to approximately 3 months of inventory!

This just in! Three more California HUD homes have been added this week under the category of "all offers considered". When a property has been on the market greater than 90 days-HUD wants it sold and will look at anything and HUD will still offer 3% towards a buyer's closing costs. All three of these properties are first timer's on the list, so if you've been keeping an eye out for them, here is your opportunity for a great deal.

The first home is located in Pacific Grove, Monterey county, California. This old world charmer built in 1910 features one bedroom and one bathroom within 574 square feet and is situated on an easily maintained .04 acre lot. The home had an initial list appraisal value of $320,000 and is now being offered for sale with an asking price of $224,000-30% below the appraised value and remember this is the "asking price". Case # 042-792138

Moving to the central valley county of Tulare, our next home is located in Visalia, California. Perfect for the first time buyer or investor. Built in 1992, this home features three bedrooms, two bathrooms and an attached two car garage. Laminate flooring accents the master bedroom. With an original appraisal value of $$65,000, this home is priced to move at $52,000. There is a small repair escrow if owner occupant buyers (those using the home as a primary residence) use FHA financing of $1,540 which can be financed into your new loan. Case #045-340170

The final Hud home this week is located in the mountain community of Crestline, located in the mountains of San Bernardino county. Perfect for the weekend get away, this little cabin style home features two bedrooms and one bathroom within 1,120 square feet. Built in 1968, features include a cozy fireplace located in the living room which is highlighted with wood ceilings and a slider opening to a private deck. There is a repair escrow, if using standard FHA financing, of $2,338. The listing appraisal value was $79,000 and is now offered for sale at $63,200. Case #048-458100

For further information contact Waller Real Estate and ask about the HUD Home Advantage!

Check out these eight California Hot HUD Home Sale properties! The following homes need an offer now and HUD is willing to look at all offers. What that means to you-is a great opportunity to purchase a home with a highly motivated seller. In addition, HUD will credit buyers up to 3% towards closing costs and if you're using FHA financing-a FHA appraisal has already been done. Contact Waller Real Estate today for more information or to set up an appointment with one of our partners in our Preferred Independent Broker Network!

Starting with the city of Burson located in the central California county of Calaveras, we have a two bedroom, three bathroom home built in 1980 with 2,812 square feet with a current asking price of $253,600. The home features laminate flooring with a cozy stone fireplace in the family room, open floor plan and deck at the rear of the home. The original appraisal value is listed at $317,000 with FHA financing available in it's as is condition. Case #043-762270

Bring the family home to this cute three bedroom, two bathroom home with 1,802 square feet located in the city of Stockton within San Joaquin county. The home was built in 1949, but has been updated with tile flooring in the kitchen and dual pane windows. There is a repair escrow on this property of $1,925 which can be financed into your FHA loan. The appraisal value for this home is $106,000 and is currently available with an asking price of $84,800. Case #043-782965

This cute A-frame style home is located in the foothills of Madera county within the town of Coarsegold. Featuring one bedroom and one bathroom with 960 square feet on 1.26 acres! The home is a part of the Yosemite Lake Owner's Association HOA with annual fees of $823; Additionally, the home does qualify for FHA financing with a repair escrow amounting to $2,585. The appraisal value of this home is $69,000 and is currently being offered for sale at $48,300. Case #045-541581

Moving down south to the Santa Barbara county town of Lompoc, this bungalow style home built in 1951 features three bedrooms and one bathroom within 932 square feet and a detached garage. Tile and laminate flooring highlight the interior of the home. There is a repair escrow on this property if using FHA financing of $1,430. The appraisal value is listed at $135,000 and is now being offered for sale at $81,000. Case #197-322985

Wow! a lower unit one bedroom, one bathroom condo in the Ventura county city of Simi Valley. HOA fees are $285 monthly. The unit has a total of 535 square feet. Owner occupant buyers only on this deal as there are occupancy restrictions that are part of the HOA. The appraisal value is $110,000 with a current asking price of $88,000. Case #197-353184

Moving inland now to San Bernardino county-I wrote about this one in my last post on September 25th-the home is located in Helendale. Constructed in 1981, the home features three bedrooms and three bathrooms within 1,845 square feet. It is part of a HOA with fees of $160 monthly. Additionally there is a small repair escrow in the amount of $330. The appraisal value is listed at $118,000 but is now offered for sale at $82,600. Case #048-453716

Also located in San Bernardino county, this home is in the town of Barstow and is new to the list. This home has a total of 1,809 square feet and features three bedrooms and one and one-half bathrooms. Due to necessary repairs exceeding $5,000, the home does not qualify for standard FHA financing-but the FHA 203K rehab loan will work. The appraisal value is $50,500 with a current asking price of $40,400. Case #048-477377

The final home this week was featured in my September 25th post as well. Located in the Imperial county town of Calipatria with a current asking price of $33,000. The home features three bedrooms and one bathroom with 1,554 square feet. Due to an un-permitted garage conversion, standard FHA financing is not available, but don't let that stop you! The home qualifies for FHA 203K rehab financing. The appraisal value for this property-$55,000. Case #044-423572

Equal Housing Opportunity!