Ballou Digest [Q3 2014] PO Box 7804, Chico, CA 95927 P: 530.518.5914 F: 530.809.1147 tara@balloucompany.com www.balloucompany.com Ballou BC Real Estate Company Chico Digest 1
Real Estate Topics Chico Digest Q3 2014 Real Estate Topics 1. My Newest Listing- Horse Property!! 2. Commercial Real Estate Market Trends i. Leasing Activity ii. Sales Activity 3. Residential Real Estate Market Trends i. Sales Activity ii. Residential Investment Details 4. Fun Facts about Real Estate Chico Digest 2
What s Going on in Chico? Chico Digest Q3 2014 My Newest Listing! 10082 Jones Avenue, Durham, CA 95938 I am so excited to announce my newest listing in the desirable town of Durham, just minutes from Chico. This 7.19 acre equestrian facility would be perfect for a family with horses or a boarding stables. There are two barns with a total of 13 stalls and runs, seven fenced pastures, three sand arenas, a round pen, and a large office/tack room. The main house has 3 bedrooms, 2 bathrooms, and an office with beautiful vaulted wood ceilings. Next to the main house is a separate 900 square foot house with 1 bedroom and 1 bath. This property has a domestic well and an ag well. This property is also equipped with a shop that is approximately 1000 square feet and also has an oversized 2 car garage. This property sits on two parcels. I am hosting an Open House this Saturday, August 9th from 1pm-4pm if you would like to stop by and view it. Please call or email me for more details. Asking $625,000 Chico Digest 3
Commercial Real Estate Market Trends Chico Digest Q3 2014 Commercial Leasing Activity Chico, California At $1.11 for Office, $0.87 for Retail, and $.38 for Industrial, average lease rates were far less this second quarter for all three asset classes, compared to the previous quarter. There are also more properties on the market now, and it appears that supply for commercial office space is increasing. Office Retail Industrial Commercial Lease Data: Q2 2014 Average Lease Rates ($/SF) # of New Leases Signed # of Current Active Listings 1.11 22 108 0.87 2 70 0.38 8 18 Average Commercial Lease Rates ($/SF) $1.30 $1.08 $0.86 $0.64 $0.42 $0.20 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014 Office Retail Industrial Source: CARETS Commercial MLS Lease Rates represent newly signed leases entered into CARETS Commercial within that particular time period and they may not represent rates for existing leases. Data may not always represent the market, especially if there were not enough transactions to give fair estimates. 2014 CRMLS. Information is believed to be accurate, but shall not be relied upon without verification. Accuracy of square footage, lot size and other information is not guaranteed. By Tara Davis BRE: 01860993 On 8/5/2014 1:45:pm. Chico Digest 4
Commercial Real Estate Market Trends Chico Digest Q3 2014 Commercial Sales Activity Chico, California There were ten commercial sales this quarter, which is four more transactions than the first quarter. Although sales activity has increased this quarter, there is still not enough data to produce reliable feedback on the market. Commercial Sales Data: Q2 2014 Average Total Sale Price ($) Average Sale Price ($/SF) Average Days on Market # of New Sales Office Retail Industrial $395,250.00 $122.17 504 8 $295,000.00 $123.02 79 1 $2,150,000.00 $42.70 607 1 $210.00 Average Commercial Sales Price ($/SF) $157.50 $105.00 $52.50 $0 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014 Office Retail Industrial Source: CARETS Commercial MLS Data may not always represent the market, especially if there were not enough transactions to give fair estimates. 2014 CRMLS. Information is believed to be accurate, but shall not be relied upon without verification. Accuracy of square footage, lot size and other information is not guaranteed. By Tara Davis BRE: 01860993 On 8/5/2014 2:08pm Chico Digest 5
Residential Real Estate Market Trends Chico Digest Q3 2014 Residential Sales Activity Chico, California Great news! The average sale price for Single Family Homes, Residential Income, and Condos have increased significantly since the first quarter. In addition to that, the average Days On Market for single family homes decreased from 76 days to 56 days. This means that the average home is sold in less than two months! The number of new home sales increased by 51%. This is remarkable and very exciting. The real estate market is sizzling hot. Residential Market Data: Q2 2014 Average Sale Price % Change in Average Sale Price from previous quarter Average Days on Market # of New Sales Single Family Residence Residential Income Condo $315,491.00 8.6% 56 284 $469,788.00 58.0% 49 17 $159,768.00 47.9% 67 21 Average Residential Sale Price ($) $500,000 $400,000 $300,000 $200,000 $100,000 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014 SFR Res Inc Condo *SFR: Single Family Residence Source: CRMLS. Data may not always represent the market, especially if there were not enough transactions to give fair estimates. 2014 CRMLS. Information is believed to be accurate, but shall not be relied upon without verification. Accuracy of square footage, lot size and other information is not guaranteed. By Tara Davis BRE: 01860993 On 8/6/2014 2:41pm Chico Digest 6
Residential Real Estate Market Trends Chico Digest Q3 2014 Residential Investment Details Chico, California There were seventeen residential income properties sold this quarter, and the average price per unit increased by about 19.5% compared to last quarter. Residential Income Market Data: Q2 2014 Average Sales ($/Unit) % Change in Average Sale Price from previous quarter Vacancy Rates 4/15/14 Residential Income $111,869.00 19.5% Houses 4.1% Apartments 2.6% Sources: CRMLS and NVPOA Data may not always represent the market, especially if there was not enough data to give honest estimates. 2014 CRMLS. Information is believed to be accurate, but shall not be relied upon without verification. Accuracy of square footage, lot size and other information is not guaranteed. By Tara Davis BRE: 01860993 On 8/5/2014 2:58pm Chico Digest 7
Fun Facts about Real Estate Chico Digest Q3 2014 Fun Facts about Real Estate Did you Know... The median age of a home built in the United States is 40. 40 years ago when those houses were built, the average 30-year fixed mortgage interest rate was 9.1%. According to the National Association of Realtors, the average home owner has a median net worth of nearly $200,000. The average renter has a median net worth of $4,000. Renters, as a share of households, have increased by 6 million from ten years ago. Renters are on the rise. Sellers are feeling better about the housing market. The #1 reason for selling in 2012 was financial difficulties. The #1 reason for selling in 2013 was that sellers felt that the time and price are right for moving up according to a C.A.R. Home Seller Survey. Generation Y (those people born between 1980 and 1995) comprises one-third of recent home buyers. The Median Income is $73,600 and the Average home purchase price is $180,000 nationwide according to a NAR Trends Study. Chico Digest 8
Ballou BC Real Estate Company Chico Digest [Q3 2014] PO Box 7804, Chico, CA 95927 P: 530.518.5914 F: 530.809.1147 tara@balloucompany.com www.balloucompany.com Although the information presented in this update has been obtained from reliable sources, Ballou Company and The Group Real Estate Brokers do not gaurantee its accuracy, and such information may be incomplete. The information contained herein has been obtained from sources we deem reliable. We do not, however, guarantee its accuracy. All information should be verified. Some data may not accurately represent the market, especially if there werenʼt enough transactions to give fair estimates. By Tara Davis BRE: 01860993 Chico Digest 9