Bitten By The Back-To-School Bug?

By: Mark Wisterman

My 2013 Photo-Web-Revised

 

Sorry for being a few days late with last week’s sales information for the Lake Oroville real estate market.

I got caught up in “reporting” on the current fire situation in the foothill area just outside Oroville. What turned out to be taking a few photos of the fire turned into an hourly Facebook posting with updates from CAL-FIRE which took up most of my weekend.

In any event, here are the numbers for the week. One of the biggest challenges with reporting the Lake Oroville real estate market activity is that we are a fairly small market. As a result the weekly numbers have a tendency to be somewhat volatile making it difficult to really get a feel for what is going on.

As we have discussed here many times before , the week to week, or month to month, or even the year over year numbers tell only a small part of the story of the market. In my view, it is the TREND that is important to watch when attempting to gauge the market.  To help you spot how things are trending in the Lake Oroville home sales market, I have added a new column to my weekly reporting or Oroville market activity. I am now calculating the averages over the last 6 months for each of the numbers that I have been tracking for you. This will give you something to compare the weekly numbers to so that you can actually see how the Oroville real estate market is doing and you no longer have to rely on subjective “feelings” that many a real estate person uses when discussing the market.

As for this week’s numbers, there is certainly nothing to toot our horns about when it comes to the number of units sold or the total dollar volume of closed sales. It is pretty much a repeat of the week before’s lackluster performance. One reason for the low numbers lately, is summertime and back to school time.  Activity normally slows down a bit in the summer as people are off on their vacations, and does not usually pick up again until after school starts. In fact I have begun working with 4 or 5 new clients this week just as the schools get opened for the year.  Another one of those trends that I am sure someone will measure some day.

Enjoy your week!

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending % Change 6 Month 
8/1/2013 8/8/2013 8/15/2013 Previous Week Average
# of Total Sales 16 7 7 0.00% 12
# REO/Short Sales Sold (SS) 6 0 4 N/A 5
% Sales that are REO/Short Sales 37.50% 0.00% 57.14% N/A 37.31%
Avg. List Price $141,419 $131,100 $118,043 -9.96% $136,566
Avg. Sold Price $137,390 $130,243 $116,029 12.25% $131,746
Sold Price % of Listing Price 97.15% 99.35% 98.29% -1.06% 95.54%
Avg. Days On The Market 49 51 88 72.55% 82
Total Sales Volume $2,198,237 $911,700 $812,200 -10.91% $1,654,493
# of Single Family Listings 183 191 190 -0.52% 160
# Foreclosed On Market 19 19 19 0.00% 17
% of Foreclosed on Market 10.38% 9.95% 10.00% 0.53% 10.82%
# of Short Sales on Market 7 8 10 25.00% 8
% Short Sales on Market 3.83% 4.19% 5.26% 25.66% 4.79%
Days of Inventory Left 80 191 190 -0.52% 103
# of Pending Sales 65 65 70 7.69% 79
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 reliabe but not guaranteed.
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