I Hope This Doesn’t Cause A Headache

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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