Best Realty's Lake Oroville Real Estate Blog

By: Mark Wisterman
Congratulations to our agents who worked so hard to complete these transactions in the Lake Oroville real estate market. View the video for details.
 

 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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OK, I know that this is not the most well produced real estate video that any of you in the Oroville real estate markets, or the real estate markets of Paradise and Chico, CA. have ever seen.
Quite frankly I hadn’t even intended for this video to go beyond the eyes of my client. But, then I thought, “Aw, what the heck,”  I might as well let all of you see the how cool some of my latest and greatest technology is helping me help my customers. This video was shot and entirely produced entirely on my iPhone5 with a really awesome app that is actually still being beta tested.  The amazing thing is that it only took about 10 minutes to put it all together once the images were recorded on the phone.
I would be happy to provide this service to any of you out there in the real estate markets that I serve including the market for Oroville homes, Paradise homes and homes in Chico and Sutter and Yuba Counties.

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OROVILLE. For those of you who don’t know Oroville, I will be doing a blog fest introducing local businesses and what they offer. Oroville is comprised of alot of the “Mom and Pop” stores with some big corporations mixed in. A nice combination.
We have alot of hard-working and honest entrepreneurs in our midst bringing us unique offerings and/or services in a hometown atmosphere. That is not to say that we are left behind in the ages but rather a blend of old and new.  Some business owners are from here and some have come to visit and ended up staying. No, not the Hotel California kind of staying but rather, a choice!
Whether I am going to town for a specific need or driving clients around town and out-lying areas to look at Oroville real estate, or just beebopping around taking photos of our gorgeous Oroville lake, Feather River, and other beautiful areas to post..it is just comfortable here.
Stay tuned, same bat channel, different day to learn about the great businesses and services Oroville has to offer.