The Ridge Report - March 2021
Life on the Paradise-Magalia Ridge continues to be interesting with all of the daily changes life brings us. Just last week we were experiencing sunny days and temperatures in the high 60’s to low 70’s and yesterday we received a couple inches of snow! In reviewing the town of Paradise’s latest numbers, www. MakeItParadise.org claims that 686 Homes have been completed, they have received 1550 Building permit applications, 190 businesses are open and 15,401 trees have been removed. Keep in mind these are only umbers for the town of Paradise and Butte County has their own set of encouraging numbers for the areas outside of the town limits.
Looking at the real estate “numbers” for Paradise, Magalia and Chico are also interesting. Paradise currently has 30 homes on the market with an average list price of $419,946, 27 homes pending and 8 homes have sold in the past 30 days with an average sale price of $348,613. Comparing this to last month listings are up slightly as are pending home sales while the average sale price is lower this month. Magalia currently has 24 homes for sale averaging $382,690 32 pending homes and 13 have closed escrow in the past 30 days. Comparing this to last month, their listings are down ever so slightly with a higher current list price average, pending properties are significantly up (32 this month over 21 last month), and sales are slightly down with 13 instead of last month’s 17 as is the average sale price ($203,467 vs. $254,194). Chico remains the busiest but also the most densely populated area with 90 homes currently on the market averaging $604,139, 159 properties pending (WOW!) and 86 having closed in the past month at an average sales price of $444,639. Comparing these numbers with last month we are seeing a very slight up-tick in listings (90 this month vs. 78 last month) another up-tick in pending homes at 159 compared to last month’s 126 and a similar number of homes (86 vs. 84) having closed escrow with the average sale price slightly declined from $469,430 to the current $444,639.
Land sales in the area also continue to be interesting. For this we will primarily focus on the Paradise and Magalia area. Paradise currently has 98 land listings (down from a couple hundred a year ago) averaging $84,742 with 103 pending (this is a HUGE number!) and 84 closing escrows in the past 30 days averaging $40,768! WOW. That is a LOT of land sales! Magalia currently has 46 lots for sale averaging $48,391 (some outliers of larger properties are skewing this number) 17 pending and 8 closing escrow in the past 30 days averaging $17,525. While Paradises land listings are down a fair bit from last month (126 Vs. 98) pending sales are similar at 103 vs. 111, but sales are significantly up at 84 vs. 59 and I would say lot sales prices are similar ($40,768 vs. $41,220). Magalia’s comparative numbers show a decline in available lots for sale (46 vs. 52), an up-tick in pending sales (17 vs. 10) and a slight decline in both number of sales and prices (8 vs. 10 and $17,525 vs. $42,365)
Whether you are looking at residential, commercial, land or ranch properties, the market is quite dynamic these days with EXTREMELY low inventory.
As a reminder, every day is a new adventure on the Paradise ridge and we greatly enjoy working with repeat and new clients helping to find them exactly what they are looking for. Whether they are looking to buy or sell in our home communities of Paradise, Magalia, Chico and Oroville or in our favorite home away from home in the Lake Almanor area or even Tehama county we are here to assist in any way possible. Warren Bullock is the Listing Manager of the Chari Bullock Real Estate Team and American Homes And Land Real Estate in Paradise located at 5580 Almond St. • Warren@ChariBullock.com 530-413-0041