By: Mark Wisterman Here is the second installment of the newest feature that was recently added to this Lake Oroville real estate market blog. I call this video feature “Mark’s Real Estate Minute (or 2). Why the “or 2?” Because I have quickly found that I talk to darned much and there is NO WAY ... [Read More]
By: Mark Wisterman
Here is the second installment of the newest feature that was recently added to this Lake Oroville real estate market blog.
I call this video feature “Mark’s Real Estate Minute (or 2). Why the “or 2?” Because I have quickly found that I talk to darned much and there is NO WAY that I will every be able to limit these spots to 1 minute!!!! The latest and greatest of these spots will always be on the sidebar of this site for easy access.
I will periodically produce these spots to provide my perspective and advice on a wide array of topics including those you may like to hear about. A lot of changes are once again taking place in the Oroville real estate market and I think it is absolutely essential that you have as much information about Oroville market conditions, as well as market conditions in the greater Butte County real estate market area.
As the old saying goes, “Information is Power.” And this is exactly what I want to provide to you; the power to make the right decision regarding your real estate needs. It is my hope that I can pack enough info into each one of these ‘minutes’ to make a difference.
To make this little corner of this blog site work I am going to need your help. Please e-mail or text or IM me at my Facebook page with any questions or topics that you would like to have addressed.
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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. [Read More]
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 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 ... [Read More]
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!
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 ... [Read More]
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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Well, hello again, everyone! It is good to be able to take the time to update you on the real estate market in the Lake Oroville market area. It has been a very long time since I last provided any meaningful stats on the Lake Oroville real estate market and I hope to be doing ... [Read More]
Well, hello again, everyone! It is good to be able to take the time to update you on the real estate market in the Lake Oroville market area.
It has been a very long time since I last provided any meaningful stats on the Lake Oroville real estate market and I hope to be doing this on a much more frequent basis now that we are beginning to see new trends emerge in the number of Oroville homes that have sold as well as the number of Lake Oroville home listings that are currently on the market.
Probably the biggest news when in comes to the Oroville real estate market has to due with current inventories of homes available. Since the depths of the market crash we have seen a steadily decreasing number of Oroville homes come to market. When you view the slide show that is included with this post, you will see that the number of homes available was just over 400 in March of 2009. According to our Multiple Listing Database, as of this past Friday, there are now only 150 single family homes for sale in the greater Lake Oroville real estate market. This low inventory is making it extremely difficult on buyers as it causes a little bit of a “feeding frenzy’ whenever a home that is in move-in ready condition comes on the market in that some of the prices get bid up to the point where some buyers can no longer qualify.
You can expect this inventory shortage to continue until values recover to the point where homeowners, who are “underwater” and would like to sell but can’t, finally see that their homes are once again worth more than they owe on them. Barring anything that the government will do to screw things up, we should begin to see more news reports of significantly fewer of these upside down situations in the 2nd half of this year, which should provide the impetus towards an increasing number of Oroville CA homes for sale.
Below is a 4 week chart of the sales in the Lake Oroville CA market and below that is a slide show that provides a little more overview on the current state of the Oroville Ca housing market.
As always, I appreciate your comments and questions.
MLS Stats for Oroville Area
Week Ending
Week Ending
Week Ending
Week Ending
Previous %
1/31/2013
2/7/2013
2/14/2013
2/21/2013
Change
# of Total Sales
11
9
8
6
-25.00%
# REO/Short Sales Sold (SS)
6
5
2
2
0.00%
% Sales that are REO/SS
54.55%
55.56%
25.00%
33.33%
33.33%
Avg. List Price
$130,550
$90,756
$122,516
$117,100
-4.42%
Avg. Sold Price
$125,768
$86,278
$117,138
$102,525
-12.48%
Sold Price % of Listing Price
96.34%
95.07%
95.61%
87.55%
-8.43%
Avg. Days On The Market
56
66
178
51
-71.35%
Total Sales Volume
$1,383,450
$776,500
$937,100
$615,150
-34.36%
# of Single Family Listings
162
158
155
150
-3.23%
# Foreclosed On Market
22
20
20
18
-10.00%
% of Foreclosed on Market
13.58%
12.66%
12.90%
12.00%
-7.00%
# Short Sales on Market
8
8
7
7
0.00%
% Short Sales on Market
4.94%
5.06%
4.52%
4.67%
3.33%
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