What In The Realty World is Going On Here?

One of the biggest challenges for anyone thinking of buying or selling real estate in any market across the country is determining the condition of the market in their particular area. Certainly the same holds true for the Lake Oroville real estate market.

But where in the world of realty can you get accurate market  information? Zillow? Trulia? Maybe the nightly news.? Or better yet, how about Facebook? After all, if it is on Facebook, it must be true, right?

Your best resource for LOCAL market conditions is right here on this blog site. Over the past 5 years I have brought market updates, real estate advice,  and sometimes some fairly provocative opinions. It is, and always will be, my opinion that there is a HUGE need for accurate local real estate market information in the Lake Oroville real estate market. I also believe that there is a drought of such information out there. This is why I make providing real estate market information the top priority of this blog site. I am always looking to bring information to you in a variety of ways and from different perspectives so that you know what is REALLY going on.

Which brings me to my latest graph. This graph  illustrates the changes in the inventory of Lake Oroville homes for sale over the past 8 months at different pricing levels. What spurred me to research this is the fact that , although prices of homes that have sold has admittedly increased, the number of homes that are selling in the Oroville real estate market is on pace to be the first year since 2009 that the market  will be selling fewer homes in the current year than the previous year. Yes, you read that right. Regardless of what the “salespeople” are telling you about how “busy” they are, the truth is the home sales in the Oroville market are significantly behind last years numbers.

Because the “numbers guy” in me is always looking to explain what would cause this to happen, I jumped into the database to see what I could glean. The graph below is the result of my research and is the basis for the following opinions:

1. Even though inventory of Lake Oroville area home listings have recently increase in the past 6 or 8 weeks, they are still too low to sustain any meaningful long term increase in unit sales. This is frustrating buyers and some have actually dropped out of the market until inventory conditions improve.

2. The run-up in prices over the past 12-18 months is now beginning to price some buyers out of the market and has caused some “irrational exuberance” among some sellers and their agents causing a lot home homes to be initially overpriced.

3. The graph tells us that in the past 8 months total inventory has increased about 22%. The graph also shows that the largest increases in inventories have occurred  in the prices ranging from $200,000 to over $500,000 with inventories almost doubling in the $300,000 – $500,000 range. This is troubling for a market that has a number of economic challenges. But it is nothing compared my next observation.

4. The increase  in the inventory of homes in the price ranges that some might call the “sweet spot” for most Lake Oroville real estate market home buyers,  $100,000 – $200,000 is barely any increase at all, and at the $150,000 – $199,999 range it is actually negative growth. This is the reason I keep saying that now is the perfect time to sell if you have a home that will fit in this price range. You may even find yourself with multiple offers.

5. And what about the large growth in the range from $75,000 – $99,999? Some of this is due to rising prices that have shifted inventory from the lowest end of my price scale into the next tier. I think is also an effect of  homes in this price range languishing on the market due to their “unloanability” and the fact that many “flippers” are not flippers anymore.

In my opinion, the Lake Oroville real estate market is still seeking that balance between the number of Oroville buyers looking to buy and the number of  Oroville sellers willing to sell that My gut tells me, and I think that these number support this feeling, that until we see upwards of 275- 300 homes on the market, ( we currently have 196 on the market) with the vast majority of that growth taking place in the aforementioned “sweet spot”  of the Oroville real estate market, that we will continue to face the same challenges that we are faced with today.

I am interested in what you think!

The post What In The Realty World is Going On Here? appeared first on Mark Wisterman’s Oroville, Chico & Paradise Real Estate Blog.

Lake Oroville Real Estate Market Week In Review

Well, with every technology upgrade comes a little bit of a learning curve.

It took me a little while to figure out how to report the Lake Oroville real estate market home sales report with the new blogging site that REALTY WORLD provided, but I think I got it figured out for this week at least.

I know that it has been a long time since I reported on market activity for the sale of Oroville area homes and the current levels of Lake Oroville area active listings on the market. Hopefully this new format is a little easier to digest.

What we are currently seeing in the Lake Oroville real estate market is a continued softness in the number of housing units that are being sold. The greater Oroville real estate market is currently on pace to see about 10% fewer Oroville home sales  this year than in 2013. While values have continued to rise, there seems to be some leveling off of the size of the increases. This is actually good news as I believe part of the reason for the slowdown in unit sales has to do with the run-up in valuations.

The other factor affecting unit sales is the nagging issue of  low inventories of homes available for sale in the Lake Oroville area real estate market. Although we have seen some increases in inventories, in my view we are probably between 75-100 homes short of what would be needed to create a more balanced market between  Lake Oroville area real estate buyers and Oroville area real estate sellers.

The post Lake Oroville Real Estate Market Week In Review appeared first on Mark Wisterman’s Oroville, Chico & Paradise Real Estate Blog.

Yes, There is Still Water In California

Enjoy the latest home video tour from our production department. We are seeing a great deal of success with our video tour of  homes in the greater Lake Oroville area real estate market. There is no hiding the fact that the Oroville real estate market cannot be characterized as a “large” market but the response to our video home tours is bigger than that of some of the agents doing video tours in their much larger markets.  Enjoy the tour!

The post Yes, There is Still Water In California appeared first on Mark Wisterman’s Oroville, Chico & Paradise Real Estate Blog.

Take Your Guided Tour Here

Ok, Oroville real estate home searchers. Here is another new video property tour from the Lake Oroville real estate market!

 

The post Take Your Guided Tour Here appeared first on Mark Wisterman’s Oroville, Chico & Paradise Real Estate Blog.

New Property Video Tour Premier

Welcome to my newest video tour for the Lake Oroville area real estate market.

I hope these videos are helpful to all of you looking for a home for sale in the real estate market of Oroville. I always appreciate any feedback you are willing to give me about these Oroville home property videos.

The post New Property Video Tour Premier appeared first on Mark Wisterman’s Oroville, Chico & Paradise Real Estate Blog.