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
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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Time to once again take a look at the weekly home sales for the greater Lake Oroville real estate market.
Another good week for the number of  Oroville homes sold in the Lake Oroville real  estate market this past week. Total sales volume exceeded $1,000,000 in back to back weeks for the first time in months.  The inventory of available homes for sale in the Oroville real estate market continues to decline as more buyers are entering the market as they try to beat the rise in interest rates that is occurring in the face of improved unemployment numbers were reported this week.
The number of  ”distressed” Oroville home listings, those that have been foreclosed upon or have loan balances in excess of their values also continues to slide. Going forward I look for the short sale market of Oroville homes for sale to be on the brink of extinction towards the end of the year as values continue to slowly recover.  As the value of Oroville homes increases we will begin to see more inventory of owner occupied homes which will provide buyers more opportunities to avoid having to deal with the foreclosure market and the backwards way that the banks and their agents have deal with their transaction.  Before writing this post I briefly researched the sales activity of local agents whose clients are predominantly banks. I think that the most telling stat I discovered was that, for the first two months of this year, one of the busiest foreclosure agents in the Lake Oroville area has seen a nearly 40% decrease in the number of listings sold as compared to the same period last year.  I will monitor this in the coming months to see if this is just a blip or an actual trend developing.
 Tip of the Week: Pay attention the interest rates. The pressure is on for rates to increase! 

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

2/14/2013
2/21/2013
2/28/2013
3/7/2013
Previous Week

# of Total Sales
8
6
9
10
11.11%

# REO/Short Sales Sold (SS)
2
2
3
5
66.67%

% Sales that are REO/SS
25.00%
33.33%
33.33%
50.00%
50.00%

Avg. List Price
$122,516
$117,100
$144,367
$132,915
-7.93%

Avg. Sold Price
$117,138
$102,525
$140,861
$124,940
-11.30%

Sold Price % of Listing Price
95.61%
87.55%
97.57%
94.00%
-3.66%

Avg. Days On The Market
178
51
64
190
196.88%

Total Sales Volume
$937,100
$615,150
$1,267,750
$1,249,399
-1.45%

# of Single Family Listings
155
150
150
149
-0.67%

# Foreclosed On Market
20
18
19
17
-10.53%

% of Foreclosed on Market
12.90%
12.00%
12.67%
11.41%
-9.93%

# Short Sales on Market
7
7
9
5
-44.44%

% Short Sales on Market
4.52%
4.67%
6.00%
3.36%
-44.07%

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