Real estate analysts at Realtor.com have a sobering new report on the condo market in Chics city.
According to the report, the Chico condo market is in the midst of an “epic turnaround” and that “there is no longer a need for an ‘upgrade’ in this market.”
The report estimates that in Chicos market, there are currently 2,819 condominium units, and that only 2,527 units have been sold.
The number of sales has increased over the last year, to 1,923.
“This historic uptick in sales reflects a significant shift in demand in Chicas market,” said John Foti, CEO of Realtors.com.
“It is no secret that Chico is the city of condos, and sales are up there with San Francisco and even Los Angeles.
But there are a lot of buyers who aren’t in the market yet.
They are waiting for a few more years before they will be able to purchase their dream condo.”
The real estate market is expected to increase even further in 2019, with a projected 1,890 units sold, the report said.
Chico has a median house price of $1.1 million, while the median condo price is $2.2 million.
It has a growing tech industry, with several tech companies now opening office locations.
Chicopias economic future is bright, the experts believe, and with the city’s population increasing by more than 20,000 per year, the demand for condos is expected increase even more.
But it’s not just Chico.
There are also a number of communities that have experienced an uptick in condo sales.
In the area surrounding San Carlos, a number have been experiencing increases in sales, and there is also a large number of condos and apartment units in Chilpancingo, a suburb of Chico, the study said.
In Chico City, a condo market that has been experiencing a sharp uptrend, a study conducted by Realtorian.com predicts that in 2019 there will be a total of 1,897 condominium sales.
The city of Chics has also seen an uptick, with more than 3,000 condo sales being recorded in 2019 alone, according to the Realtory.com report.
The average sale price in Chicks is now $1,744, and condos are on the rise, with the median price of an apartment unit in Chiccos market now at $2,865.
“We believe that there is a real opportunity for Chico to become the ‘hot spot’ for condo sales in the coming years,” Foti said.
“The condo market continues to be the largest single driver of the citys growth, and the condo industry has seen an incredible turnaround in recent years.
We anticipate Chico will be the new ‘hotspot’ for condominiums as demand for them continues to grow.”