YAWN!! Another Week Has Passed

By: Mark Wisterman

My 2013 Photo-Web-Revised

 The sleepy real estate market in the Lake Oroville area continues to hit the “snooze”  alarm as the market seems to be sleep walking through yet another month.

When a market turns as this one has over the past few weeks some may think that the buyers are beginning to leave the market. If the recent activity in our office is any indication what is going on in overall home sales activity in the Oroville real estate market, that thinking would be incorrect. For example, I have shown more buyers Oroville homes for sale in the past couple weeks than I have at any other time this year. The buyers are not sitting on the sidelines worrying about interest rate increases. The fact is that Oroville buyers are now shopping more cautiously, and are beginning to consider  the actual value of the homes at which they are looking, not wanting to overpay for their next home.

So how do more Oroville homes get sold at a quicker pace? I think the answer lies with sellers and, quite frankly, some agents.  From a sellers standpoint it is great that Oroville home prices, (notice I did not say “home values”) have shown increases. But, just as it is unwise for a buyer engage in a market where a lot of panic buying is taking place, it is equally unwise for a seller to get too caught up in a market of rising prices. Sellers that over reach with their pricing, and agents who “pump” their pricing recommendation in the hopes of winning the listing over a more reasonable pricing recommendation, usually end up literally paying the price for being overly aggressive as their over-priced home languishes on the market.  In fact, it may be advisable to price your home a little below the asking prices of competing homes in you neighborhood. Remember, in general, the longer your home is on the market, the less you will get for it.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending % Change 6 Month
8/29/2013 9/5/2013 9/12/2013 Previous Week Average
# of Total Sales 6 10 8 -20.00% 12
# REO/Short Sales Sold (SS) 3 3 5 66.67% 5
% Sales that are REO/SS 50.00% 30.00% 62.50% 108.33% 36.65%
Avg. List Price $127,267 $87,675 $128,136 46.15% $137,522
Avg. Sold Price $129,750 $85,500 $125,250 46.49% $133,254
Sold Price % of Listing Price 101.95% 97.52% 97.75% 0.23% 96.92%
Avg. Days On The Market 48 38 43 13.16% 72
Total Sales Volume $778,500 $855,000 $1,002,000 17.19% $1,622,015
# of Single Family Listings 194 193 188 -2.59% 166
# Foreclosed On Market 17 18 15 -16.67% 17
% of Foreclosed on Market 8.76% 9.33% 7.98% -14.45% 10.39%
# Short Sales on Market 9 8 7 -12.50% 8
% Short Sales on Market 4.64% 4.15% 3.72% -10.17% 4.74%
Days of Inventory Left 226 135 165 21.76% 119
# of Pending Sales 75 76 76 0.00% 78
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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