The housing market is finding a bit more balance, but will it translate to better pricing?

SPEED LIMIT

“We’re beginning to see signs of a more balanced housing market with fewer homes selling above list price and homes remaining on the market a little longer than in previous months,” said C.A.R. President Otto Catrina. “What this tells us is that there is slightly more supply, fewer and less-intense bidding wars, and those who've experienced ‘buyers' fatigue’ may now have a window of opportunity,” he said.

But prices have not dropped. The June price was 1.6 percent higher than the May median price and 9.9 percent higher than June of last year.

The high-end market continues to outperform the more affordable market segments. The share of million-dollar home sales in California increased for the fourth straight month and reached the highest level on record at 35.3 percent.

Home prices could be leveling off though, as the monthly gain in price appears to be moderating. The June median price was higher, but only slightly above the long run average of 1.1 percent.

“Pending home sales declined 30.6 percent in June—the biggest drop since the first month of the pandemic—likely due to eroding affordability, rising mortgage rates and home prices, and the increased risk of a recession,” said C.A.R. Vice President and Chief Economist Jordan Levine. “The combined effect resulted in a record increase in the average monthly mortgage payment for a typical home by more than 40 percent. With the Fed expected to raise rates further in the second half of the year, the 30-year fixed rate mortgage could surge past 6 percent by year's end and lead to more affordability challenges for potential homebuyers.”

At the county level, home prices continued to rise across the state, 15 counties in California set new record median highs in June. Forty-five out of 51 counties tracked by C.A.R. increased in their median prices in June, with 31 of them rising 10 percent or more from a year ago. Here, in Butte County, prices went up over 12 percent.

Houses are still selling fast and high. The average number of days it took to sell a California single-family home was 12 days in June, averaging full price.

So far, analysts agree that our Real Estate market, which was speeding along like a car going 100 miles per hour, has slowed to a calmer pace of 75 or so.

We’re keeping our hands on the wheel.

Doug Love is Sales Manager at Century 21 in Chico. Email dougwlove@gmail.com. Call or text 530-680-0817.

"Effie's knowledge and skills are unsurpassed in her field. She is a true professional. She is patient, kind and always has her clients interest in mind. I can't say enough good things about her to do her justice except you are in good hands if you're lucky to have her as your agent." -Pamela Fuller

This beauty is located on the Stamar Terrace section of Colusa Street among the newer homes! Your jaw will drop as you saunter through the front door and marvel at the cosmetic upgrades this home has to offer. Immediately, your senses will awaken to the scent of the roses and citrus tree in the backyard. Your eyes will be captivated by the great room with its vaulted ceilings, its gas fireplace, and the ample sunshine that pours through the generous-sized dual-pane windows. Next, your taste buds will tingle as you dream about the feast you will prepare using all of the gas appliances in your fully-equipped kitchen. You will savor every morsel of your meal while gazing out the sliding-glass doors that lead from the dining room to a quaint backyard with covered dining patio. Relaxing in your primary suite, you will appreciate the expansive walk-in closet and warmth of your soaking tub, along with the walk-in shower and dual vanity in the adjoining bathroom. As you wake up to the sound of chirping birds outside your window, you will realize that this home is your dream come true. Bed: 3.0 Bath: 2.0 SqFt: 1,439 Price: $359,000

SOLD

Skinny dipping allowed!! The sliding glass doors of the master bedroom open onto a private sparking pool, making keeping fit fun. Here, you will love the rich wood flooring, the light and airy rooms, the freshly painted walls, and its charming vintage bathroom. From its cozy kitchen with center island to its central heat/air and sliding glass windows, this darling home offers everything you have wished to have in your starter home and more. The oversized yard offers a pool, a welcoming dining patio, a fire pit, a chicken coop, and provides a plenty of space for gardening. The single-car garage is equipped with work benches and is perfect for your wood-working hobbies. This home is ready for you to move in and enjoy the hot summer days of Chico in your own private pool! Bed: 3.0 Bath: 1.0 SqFt: 1,192 Price: $389,000

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This is it!!!! This wonderful GORGEOUS custom home is a one of a kind property: Check out the OWNED solar, INGROUND sparkling pool, 3 Car Attached Garage +++++ shop with a studio to boot!!!! The home is 2296 according to county records and a permitted 868 sq.ft. shop and studio make up the rest of this perfectly manicured spot! The floor plan is both entertaining friendly and also lends itself to tuck away quietly and privately to read, nap, or ponder. The wall of windows in the back of the home, not only offer alot of natural lighting, but it draws the outside in and is a beautiful sight while sitting at the kitchen table enjoying a meal. There are alabastar hand plastared walls, Milano Olivewood flooring, vaulted ceiling and recessed lighting. The kitchen has stainless steel appliances and they will even throw in the refrigerator!!! The master suite has a music system, rear covered patio access and walk in closet! This home has high efficiency windows, and a newer roof. The detached studio/shop has central HVAC, full bathroom, HDTV, mini fridge, stained cement floors and an outdoor shower to boot! RV access, bring your toys!!! Hurry, hurry, hurry!!!!! Bed: 4.0 Bath: 3.0 SqFt: 3,164 Price: $1,100,000

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#2 in Production for 2021 and a consistent Centurion Award winner!

"Sherry Landis was referred to us by our cousin, Vikki Reimer who has been our agent with our homes that we bought and sold in Chico, CA. Sherry is the greatest agent and we put our trust and faith in her and she completely delivered. Not only is she a great agent but also a wonderful and thoughtful person. We live in Arizona and when we arrived in Chico in dealing with this home, she was always there for us. There were some hurdles to get through and she always kept us informed and updated on the sale of our home. Sherry Landis is an asset to Century 21 and we were Blessed and Honored to work with her and have her as our agent. We would definitely recommend Sherry Landis." - Rod and Bev Siemens

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The spacious entryway draws you into an open concept living and dining area, which boasts vaulted ceilings, updated ceiling fans, woodstove and lots of natural light!! There is a custom "copper wall" that is a must see! The kitchen has been updated with newer appliances and a garden window! The Master bedroom has 2 sliding glass doors that draw the outdoors in. Enjoy plenty of storage with the walk-in master closet, walk-in kitchen pantry and 2 car-garage. Additional features include updated flooring throughout (2019), and OWNED solar (2020) All new Dual Pane Windows installed approx. 2 years ago. New central AC unit on the way! Bed: 3.0 Bath: 2.0 SqFt: 1,672 Price: $499,000

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Call or text me regarding these homes and others (530) 514-4855 SherryLinnCalbert@gmail.com