CHICO
1ST QUARTER 2016
Economic Snapshot
An overview of our local economy.
housing
Housing market
at a glance...
Q1 2016
6.5%
2007=100
98.8
Q4 2015
92.8
$400,000
Q1 16 average sales price
was $335,176, up 6.5%
from Q4 15 and up 11.5%
from a year ago.
$375,000
Average Sales Price
$350,000
* Seasonally Adjusted
$325,000
$300,000
$275,000
Residential properties
stayed on the market an
average of 55 days, up 3
days from Q4 15 and down
32 days from a year ago.
There were 276 closed
sales in Q1 16, down 56
sales from Q4 15, and up
32 from a year ago.
$250,000
Q1-16
Q4-15
Q3-15
Q2-15
Q1-15
Q4-14
Q3-14
Q2-14
Q1-14
Q4-13
Q3-13
Q2-13
Q1-13
Q4-12
Q3-12
Q2-12
Q1-12
Q4-11
Q3-11
Q2-11
Q1-11
Q4-10
Q3-10
Q2-10
Q1-10
Q4-09
Q3-09
Q2-09
Q1-09
Q4-08
Q3-08
Q2-08
Q1-08
Q4-07
Q3-07
Q2-07
$200,000
Q1-07
$225,000
Homes priced over $500k
increased to 10% of all
closed sales in Q1 16, up
from 7% in Q4 15.
1ST quarter trend
When I look at this chart I think a few things but one is “WOW!” What
a spike! We are almost back to the pre-recession peak – that’s
significant.
In looking at the chart most times when there is a big spike like this the
next quarter is down. One of the reasons for the spike is a change in
the mix – a 33% increase in sales over $500,000. That might mean
that the 6.5% increase in overall housing prices is a little overstated if
you consider similar product. I think another very big deal is the
numbers of days on the market compared to last year – down from 87
to 55. That is a lot! I have heard that the best houses have multiple
offers with some in excess of asking price.
Mark Francis
President and CEO | Golden Valley Bank
More Snapshot information available at www.goldenvalleybank.com
Published April 2016
Member FDIC
Calen Chapman Consulting
Percentage of sales
10%
28%
$0 - $249k
$250k - $499k
62%
>$500k