By: Mark Wisterman
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|
|# 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.|