Best Realty's Lake Oroville Real Estate Blog

By: Mark Wisterman

Here we are once again, meeting to review the past week’s market activity of Oroville home sales in the Lake Oroville real estate market.
There is not much out of the ordinary to report this week.  The only interesting statistic in this chart concerns the number “distressed” sales (bank owned or short sales) that have taken place 2 of the last 3 weeks. With only one of these sales last week and just 2 of them 2 weeks ago it will be interesting going forward to see if this is an early sign of a trend developing in the sale of Oroville homes or if it is just a temporary slowdown. The next few weeks will tell.
In a recent post on our office Facebook page at http://www.facebook.com/RealtyWorld.CA  I commented about the perception some buyers, and quite frankly their agents, have about prices in today’s Lake Oroville real estate market.  The comment being that there is no factual basis for anyone to make a blanket statement that everything is selling for more that asking price.  In fact for the 4 years that I have been tracking Oroville home sales there have been only 4 weeks where the average sales price has exceeded the average listing price. And not one, I repeat, NOT ONE of those weeks has occurred in 2013. In fact, the average sales price to listing price ratio is pretty much within historic norms. That is certainly not to say that some homes have not sold for more that asking price, because they have. My point here is that, as a buyer in the Oroville real estate market, you need to be sure you are fully informed about what the market is actually doing. It is easy to get sucked into the real estate hype. But do not feel bad if you do because many who work in the industry get sucked into it to. The reason: They do not take time to actually look at the numbers.
Lucky for you, you have this Lake Oroville real estate market blog site to help you stay on top of the numbers.
 

MLS Stats for Oroville Area
Week Ending
Week Ending
Week Ending
% Change

5/2/2013
5/9/2013
5/16/2013
Previous Week

# of Total Sales
10
13
10
-23.08%

# REO/Short Sales Sold (SS)
2
7
1
-85.71%

% Sales that are REO/SS
20.00%
53.85%
10.00%
-81.43%

Avg. List Price
$132,430
$141,500
$138,350
-2.23%

Avg. Sold Price
$127,195
$130,244
$132,445
1.69%

Sold Price % of Listing Price
96.05%
92.05%
95.73%
4.01%

Avg. Days On The Market
57
96
94
-2.08%

Total Sales Volume
$1,271,950
$1,693,169
$1,456,900
-13.95%

# of Single Family Listings
151
158
156
-1.27%

# Foreclosed On Market
17
21
20
-4.76%

% of Foreclosed on Market
11.26%
13.29%
12.82%
-3.54%

# Short Sales on Market
9
6
8
33.33%

% Short Sales on Market
5.96%
3.80%
5.13%
35.04%

Days of Inventory Left
106
85
109

By: Mark Wisterman

Sellers in the Lake Oroville real estate market, as well as those in the Paradise, Chico, and other Butte County real estate markets, are currently experiencing the makings of a perfect storm for home prices.
Buyers finally jumping off the fence to take advantage of the low government suppressed interest rates and the increased affordability brought on by an over-correction in housing values, are finding difficulties in having a home because inventories of homes for sale continues to shrink.  Fewer foreclosures coming to market and potential home sellers who can’t sell  because they owe more that their home is worth on the open market, are providing plenty of opportunities for current sellers to stand firm on their pricing.
I invite you to watch my latest vlog post for my take on the whole situation. And, as always, I welcome your comments. Especially yours, Eric!

 By: Mark Wisterman
We meet, once again, to review the latest weekly real estate market information for the Lake Oroville real estate market. 
The number of Oroville home listings that sold this week continue to show increases as does the average price for Oroville real estate market listings that have sold. With $1.75 million in total sales of Oroville homes listed, this was also an above average week for sales volume.
So what the heck is the cause of all these increases? Take a look at the numbers highlighted in red. The number of homes in the greater Lake Oroville area available for sale continues to shrink. Down over 2.5% from the previous week.  It is this number alone, in my opinion, that is driving the rest of the numbers.  In my next post I will spend a little time discussing these low inventory numbers and how I think it is going to affect the Oroville, CA real estate market in the short term and what buyer’s and seller’s can do in the face of the changing real estate market in Oroville.
 

MLS Stats for Oroville Area
Week Ending
Week Ending
Week Ending
% Change

2/28/2013
3/7/2013
3/14/2013
Previous Week

# of Total Sales
9
10
12
20.00%

# REO/Short Sales Sold (SS)
3
5
6
20.00%

% Sales that are REO/SS
33.33%
50.00%
50.00%
0.00%

Avg. List Price
$144,367
$132,915
$153,700
15.64%

Avg. Sold Price
$140,861
$124,940
$145,925
16.80%

Sold Price % of Listing Price
97.57%
94.00%
94.94%
1.00%

Avg. Days On The Market
64
190
186
-2.11%

Total Sales Volume
$1,267,750
$1,249,399
$1,751,100
40.16%

# of Single Family Listings
150
149
145
-2.68%

# Foreclosed On Market
19
17
21
23.53%

% of Foreclosed on Market
12.67%
11.41%
14.48%
26.94%

# Short Sales on Market
9
5
6
20.00%

% Short Sales on Market
6.00%
3.36%
4.14%
23.31%

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 Home sales for the Lake Oroville real estate market had somewhat of a breakout week this past week as there were significant improvements in the major valuations area of the data.
In addition to big increases in the average list price and the average sold price of the Oroville homes that sold this week, there was a doubling of the total sales volume of homes that closed escrow this week. The sale of distressed homes in the Oroville real estate market (those that are bank owned or were sold for less than was owed on them) continues to hold at levels that have not been seem since the depths of the mortgage mess.
Inventories of Lake Oroville  area homes for sale continue to be constrained which seems to be causing, for lack of a better term, a mini-frenzy among Oroville home buyers who seem to think that there will never be any other  Oroville homes on the market and have allowed themselves, often with the prodding of their agent, to get sucked into the unenviable position of having to engage in auctioneering to buy a home. In an upcoming post I will give you my take on why I have a concern that there may be a mini-bubble developing in the market right now.

MLS Stats for Oroville Area
Week Ending
Week Ending
Week Ending
Week Ending
% Change

2/7/2013
2/14/2013
2/21/2013
2/28/2013
Previous Week

# of Total Sales
9
8
6
9
50.00%

# REO/Short Sales Sold (SS)
5
2
2
3
50.00%

% Sales that are REO/SS
55.56%
25.00%
33.33%
33.33%
0.00%

Avg. List Price
$90,756
$122,516
$117,100
$144,367
23.29%

Avg. Sold Price
$86,278
$117,138
$102,525
$140,861
37.39%

Sold Price % of Listing Price
95.07%
95.61%
87.55%
97.57%
11.44%

Avg. Days On The Market
66
178
51
64
25.49%

Total Sales Volume
$776,500
$937,100
$615,150
$1,267,750
106.09%

# of Single Family Listings
158
155
150
150
0.00%

# Foreclosed On Market
20
20
18
19
5.56%

% of Foreclosed on Market
12.66%
12.90%
12.00%
12.67%
5.56%

# Short Sales on Market
8
7
7
9
28.57%

% Short Sales on Market
5.06%
4.52%
4.67%
6.00%
28.57%

 
 
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