Weekly Market Report

 | Comments Off

 

Hello once again everyone and welcome back to my latest report on market activity for the Lake Oroville real estate market.

As has been the case over the last number of weeks, this weeks market activity is extremely light. While it is good for sellers that values have improved, it would not be a healthy situation if the weekly number of homes selling stays at the level at which it currently finds itself. In fact, sales numbers for the first two months of 2014 have Oroville homes sales on the slowest pace in over 6 years.

It will be interesting to see what kind of bounce the Oroville real estate market  get during the historically busier Spring months of  March, April, and May

 

MLS Stats for Oroville Area Week Ending Week Ending % Change 6 Month
2/27/2014 3/6/2014 Previous Week Average
# of Total Sales 7 6 -16.67% 9
# REO/Short Sales Sold (SS) 1 4 75.00% 2
% Sales that are REO/SS 14.29% 66.67% 78.57% 24.31%
Avg. List Price $146,257 $136,650 -7.03% $156,017
Avg. Sold Price $135,286 $134,583 -0.52% $150,150
Sold Price % of Listing Price 92.50% 98.49% 6.08% 96.39%
Avg. Original List Price $146,543 $146,917 0.25% $164,190
Sold Price % of Original Price 92.32% 91.60% -0.78% 91.72%
Avg. Days On The Market 37 52 28.85% 76
Total Sales Volume $947,000 $807,500 -17.28% $1,310,408
# of Single Family Listings 180 181 0.55% 169
# Foreclosed On Market 10 11 9.09% 13
% of Foreclosed on Market 5.56% 6.08% 8.59% 7.92%
# Short Sales on Market 11 11 0.00% 9
% Short Sales on Market 6.11% 6.08% -0.56% 5.17%
Days of Inventory Left 180 211 14.76% 157
Data compiled from the CRMLS multiple listing service for single family homes in the
Greater Oroville real estate market area including the areas of Oroville, Palermo, Concow,
Forbestown, Bangor, Berry Creek, Brush Creek, Honcut, Yankee Hill
Information deemed reliable but not guaranteed.
Enhanced by Zemanta

Another Closing

 | Comments Off

By Mark Wisterman

 

A big congratulations to our associates, Marie Hawkins and Steffan Blaser for successfully and diligently representing their respective clients in the sale and purchase of this home in the Kelly Ridge subdivision in the Lake Oroville real estate market.

 

The New Year’s Newest Message

 | Comments Off

By: Mark Wisterman

Welcome to my first vlog post of 2014 for the Lake Oroville real estate market. I hope you enjoy it and stop back often for updates.

My Christmas Message To You

 | Comments Off

By: Mark Wisterman

From my family to yours:

MERRY CHRISTMAS!!!!

 

Enhanced by Zemanta

FHA Cuts Loan Limits

 | Comments Off

Weekly Sales By the Month

 | Comments Off

By: Mark Wisterman

My 2013 Photo-Web-Revised

Whoever “they” is says that everything happens for a reason.

That must be why it has been over a month since we visited regarding the weekly state of the Lake Oroville real estate market. In all honesty as each week came and went, and because I am certainly not a professional blogger by any means, I struggled to find the words I thought were needed to summarize each week’s activity. Especially given the fact the not much was different from one week to the next.

But just like “they” said, I now think I know the reason. Over the past 5 weeks in the Oroville real estate market we have seen a widening gap between  Lake Oroville area home’s original asking price and the price at which it actually sells.  To see this trend more clearly here is the “Reader’s Digest” version of my weekly Lake Oroville homes sales report.  Here is what I think you can take away from this information, especially if you are a seller:

1. The widening gap between between original list price and the final sales price of Oroville area homes shows that some agents have demonstrated an “irrational exuberance” in pricing homes for their sellers when valuations bounced off the overdone drop in values.  Remember that many agents will purposely recommend an inflated price to get the seller to list the home for sale and then go back in a couple of weeks to convince the seller that the price needs to be reduced.

2. The inventory of homes is NOT loosening up as many homeowners, who would like to sell their Lake Oroville homes, still owe more on their mortgages than their home are worth. It is my belief that we will not see any significant increase in Lake Oroville area homes on the market until values get back to 2005-2006 levels, which, for many Oroville homeowners, could be more than a couple of years from now, or, the banks release more homes onto the market. ( if they actually have any to put on the market). Whether it be one or both of these things that occur, once it does, the rate that values have been increasing over the past 6 months will be a thing of the past and may actually back track somewhat. In other words, putting your home on the market now ( if you are able to) may be the best time to do so.

3. Based on the activity level in my office, the lack of an increase in the number of “Pending” sales is the a result of a shortage of quality, reasonably price homes on the Oroville market. As a homeowner who is considering the possibility of placing your home on the Lake Oroville real estate market you should seriously consider your price-point. It is easy to get wrapped up in the hype that you can promptly sell your home even if you price it a little high, because “you can always come down when an offer comes in.” But remember this: Quality, experienced, knowledgeable buyers agents will not show obviously overpriced homes to their clients and they won’t waste everyone’s time by writing an offer on one either. They will just patiently wait on you to reduce your price and then make a offer even lower than that.

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Week Ending Week Ending
11/7/2013 11/14/2013 11/21/2013 11/28/2013 12/5/2013
Avg. List Price $188,044 $131,322 $145,620 $129,785 $154,580
Avg. Sold Price $189,978 $130,044 $140,840 $124,746 $149,700
Sold Price % of Listing Price 101.03% 99.03% 96.72% 96.12% 96.84%
Avg. Original List Price $196,717 $141,378 $150,020 $139,008 $169,780

Sold Price % of Original Price

96.57%

91.98%

93.88%

89.74%

88.17%

# of Single Family Listings

173

173

169

167

165

# of Pending Sales

63

67

67

67

67

Data compiled from the CRMLS multiple listing service for single family homes in the
Greater Oroville real estate market area including the areas of Oroville, Palermo, Concow, Forbestown, Bangor, Berry Creek, Brush Creek, Honcut, Yankee Hill
Information deemed reliable but not guaranteed.

 

Enhanced by Zemanta

Another Happy Buyer

 | Comments Off

Agent Flunks The Ethics Test

 | Comments Off

Is It That Time Already?

 | Comments Off

By: Mark Wisterman

Here we are once again to take a look at the latest weekly market activity for the Lake Oroville homes sales market.

As with nearly every week for the past two months there is certainly nothing earth-shattering going on in the Oroville real estate market.  Thanks to a couple of sales in the higher price ranges, the average sold price and the total value of Oroville area homes sold looks to be improving. But be careful not to get fooled here. With so few homes selling, it is very easy for a couple of large sells to tilt the numbers.

If you are wondering where the sales numbers may go in the coming weeks keep your eye on the very last line of the chart. The number of pending sales is a great future indicator of  the trend we will see 30-45 days from now regarding completed sales of Oroville homes. It has been flat for weeks now, indicating that we will not be seeing any significant increases in closed sales in the near term.

This is the 5th week in a row that the gap has grown between what an home in the Lake Oroville real estate market was originally priced at and at what price it actually sold. This gap may continue to increase as there is still a number of homes coming to market that have been……well, let’s just say,…………optimistically priced.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending % Change 6 Month
9/26/2013 10/3/2013 10/10/2013 Previous Week Average
# of Total Sales 14 11 9 -18.18% 11
# REO/Short Sales Sold (SS) 7 5 1 -80.00% 4
% Sales that are REO/SS 50.00% 45.45% 11.11% -75.56% 36.24%
Avg. List Price $127,479 $140,205 $196,031 39.82% $140,198
Avg. Sold Price $127,007 $134,536 $189,617 40.94% $135,787
Sold Price % of Listing Price 99.63% 95.96% 96.73% 0.80% 96.80%
Avg. Original List Price $136,893 $151,800 $217,800 43.48% $148,463
Sold Price % of Original Price 92.78% 88.63% 87.06% -1.77% 92.92%
Avg. Days On The Market 123 56 83 48.21% 65
Total Sales Volume $1,426,100 $1,479,900 $1,706,550 15.32% $1,544,030
# of Single Family Listings 184 177 175 -1.13% 172
Days of Inventory Left 92 113 136 20.84% 120
# of Pending Sales 77 71 72 1.41% 77
Data compiled from the CRMLS multiple listing service for single family homes in the
Greater Oroville real estate market area including the areas of Oroville, Palermo, Concow,
Forbestown, Bangor, Berry Creek, Brush Creek, Honcut, Yankee Hill
Information deemed reliable but not guaranteed.
Enhanced by Zemanta

Weekly Lake Oroville Market Report

 | Comments Off

By Mark Wisterman  

 Well, another week is in the books as we begin the final quarter of the calendar of 2013 in the Lake Oroville real estate market and it is the second week in a row of double digit unit sales.

This week saw the sale of 3 of the 10 Lake Oroville homes in the $200,000+ range and one in the $300,000+ range which caused a huge increase in the average sales price versus the 6 months average. This, once again, highlights the hazards of trying to report market activity in a smaller market, as the Lake Oroville real estate market. Nearly anything out of the ordinary that occurs during the week causes wild swings in the numbers.

It appears that my intuition about over-heated asking prices of Oroville homes my be correct as this week’s final sales prices are nearly 14% below the original listing prices. After having tracked this for only a few weeks it is far too early to draw any  definite conclusions but I think it will be an interesting stat to monitor.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending % Change 6 Month
9/19/2013 9/26/2013 10/3/2013 Previous Week Average
# of Total Sales 8 14 10 -28.57% 12
# REO/Short Sales Sold (SS) 3 7 5 -28.57% 5
% Sales that are REO/SS 37.50% 50.00% 50.00% 0.00% 37.33%
Avg. List Price $109,732 $127,479 $171,713 34.70% $138,878
Avg. Sold Price $105,613 $127,007 $161,500 27.16% $134,325
Sold Price % of Listing Price 96.25% 99.63% 94.05% -5.60% 96.68%
Avg. Original List Price $111,600 $136,893 $186,990 36.60% $145,048
Sold Price % of Original Price 94.64% 92.78% 86.37% -6.91% 93.28%
Avg. Days On The Market 40 123 64 -47.97% 65
Total Sales Volume $844,904 $1,426,100 $1,615,000 13.25% $1,599,882
# of Single Family Listings 190 184 177 -3.80% 170
# of Pending Sales 79 77 71 -7.79% 78
Data compiled from the CRMLS multiple listing service for single family homes in the Greater Oroville real estate market area including the areas of
 Oroville, Palermo, Concow, Forbestown, Bangor, Berry Creek, Brush Creek,Honcut, Yankee Hill.
Information deemed reliable but not guaranteed.