An August Not To Remember

By: Mark Wisterman

My 2013 Photo-Web-Revised

I know that as of the posting of this blog the month of August is not quite done yet.

But I hereby make a motion to put the memory of this month’s Lake Oroville real estate market sales numbers behind us and never look back again!

With another paltry week of Oroville real estate sales in the books and with just a very few sales yet to be logged into the Oroville area multiple listing service, the number of Oroville homes that sold this month will be the fewest number of homes sold in nearly 4 years. Yes, you read that correctly, not since Nov.  2009 has the pace of Oroville area home sales been this slow.

Although interest rates are still  extremely low, the recent increase in the rates coupled with the lack of reasonably priced homes has apparently caused a pause in buyer demand.

There are however, a couple of bright spots in this weeks Oroville area home sales data. First, we are beginning to see a slight increase in the number of homes coming to the market. This week alone I had discussions with owners of 6 different homes who will be listing their properties for sale in the next couple of weeks.  The inventory numbers are something I am closely monitoring. Secondly, the number of bank owned homes on  the Lake Oroville area real estate market continues its downward trend which, over time, will lead to a more “normalized” market.

Next week I will have the weekly sales numbers as well as the sales data for the sale of Oroville area homes for the month of August.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending % Change 6 Month
8/15/2013 8/22/2013 8/29/2013 Previous Week Average
# of Total Sales 7 3 6 100.00% 12
# REO/Short Sales Sold (SS) 4 0 3 #DIV/0! 5
% Sales that are REO/SS 57.14% 0.00% 50.00% #DIV/0! 36.31%
Avg. List Price $118,043 $199,633 $127,267 -36.25% $139,799
Avg. Sold Price $116,029 $185,667 $129,750 -30.12% $135,293
Sold Price % of Listing Price 98.29% 93.00% 101.95% 9.62% 96.78%
Avg. Days On The Market 88 76 48 -36.84% 78
Total Sales Volume $812,200 $557,000 $778,500 39.77% $1,646,465
# of Single Family Listings 190 190 194 2.11% 163
# Foreclosed On Market 19 20 17 -15.00% 17
% of Foreclosed on Market 10.00% 10.53% 8.76% -16.75% 10.64%
# Short Sales on Market 10 9 9 0.00% 8
% Short Sales on Market 5.26% 4.74% 4.64% -2.06% 4.79%
Days of Inventory Left 190 443 226 -48.95% 116
# of Pending Sales 70 73 75 2.74% 78