Almost Weekly Sales Report

By: Mark Wisterman

 I know, I know, I can’t keep calling it the weekly Lake Oroville housing report if I don’t actually report WEEKLY.  So, my phrase of the day is: Better late than never.

On the whole, there is not anything too earth-shattering in the Oroville real estate numbers over the past couple of weeks.  Unit sales are remaining fairly steady and the inventory of homes for sale in the Oroville market is sustaining the low levels that we have seen for a few months now. Oroville buyers are still having a tough time dealing with these low inventories in the face of rapidly rising interest rates, while sellers continue to hold back from listing their homes for sale waiting for the market values to climb higher.

And speaking of sellers: The glaring numbers in this data, that covers the last 4 weeks of markets activity for Oroville home sales is the trend in the inventory of bank owned homes in the greater Oroville real estate market. In the span of just 28 short days the inventory bank-owned homes has fallen over 50% to just 10 Oroville area homes for sale that are owned by the banks and now accounts for less than 7% of the Oroville area homes currently on the market. This is HUGE news, provided that the 5 year running rumor about the illusive “shadow inventory” remains a rumor.  It would be nice to put the final nail in the coffin of the real estate crisis, wouldn’t it?

I have added one more stat to this chart. At the bottom of this chart I have begun tracking the number of pending Oroville area home sales. As interest rates rise this will be the number to watch as a guide to how hot, or not, the market is becoming.

Stay cool, everyone. The weather is heating up out there.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Week Ending % Change
5/9/2013 5/16/2013 5/23/2013 5/30/2013 Previous Week
# of Total Sales 13 10 16 16 0.00%
# REO/Short Sales Sold (SS) 7 1 8 3 -62.50%
% Sales that are REO/SS 53.85% 10.00% 50.00% 18.75% -62.50%
Avg. List Price $141,500 $138,350 $145,563 $144,269 -0.89%
Avg. Sold Price $130,244 $132,445 $140,741 $141,119 0.27%
Sold Price % of Listing Price 92.05% 95.73% 96.69% 97.82% 1.17%
Avg. Days On The Market 96 94 54 41 -24.07%
Total Sales Volume $1,693,169 $1,456,900 $2,329,000 $2,257,899 -3.05%
# of Single Family Listings 158 156 151 150 -0.66%
# Foreclosed On Market
21
20
14
10
-28.57%
% Foreclosed on Market
13.29%
12.82%
9.27%
6.67%
-28.10%
# Short Sales on Market 6 8 8 8 0.00%
% Short Sales on Market 3.80% 5.13% 5.30% 5.33% 0.67%
Days of Inventory Left 85 109 66 66 -0.66%
# of Pending Sales 109 87 -20.18%
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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