Take Your Guided Tour Here

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

 

New Property Video Tour Premier

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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.

New Video Just Released

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Here is the latest property video to be released from our video production department. Please let us know what you think.

In Memory of the Fallen

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Weekly Market Report

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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.
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Another Closing

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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

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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

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By: Mark Wisterman

From my family to yours:

MERRY CHRISTMAS!!!!

 

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FHA Cuts Loan Limits

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Weekly Sales By the Month

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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.

 

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