Weekly Lake Oroville Market Report

By Mark Wisterman  

 Well, another week is in the books as we begin the final quarter of the calendar of 2013 in the Lake Oroville real estate market and it is the second week in a row of double digit unit sales.

This week saw the sale of 3 of the 10 Lake Oroville homes in the $200,000+ range and one in the $300,000+ range which caused a huge increase in the average sales price versus the 6 months average. This, once again, highlights the hazards of trying to report market activity in a smaller market, as the Lake Oroville real estate market. Nearly anything out of the ordinary that occurs during the week causes wild swings in the numbers.

It appears that my intuition about over-heated asking prices of Oroville homes my be correct as this week’s final sales prices are nearly 14% below the original listing prices. After having tracked this for only a few weeks it is far too early to draw any  definite conclusions but I think it will be an interesting stat to monitor.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending % Change 6 Month
9/19/2013 9/26/2013 10/3/2013 Previous Week Average
# of Total Sales 8 14 10 -28.57% 12
# REO/Short Sales Sold (SS) 3 7 5 -28.57% 5
% Sales that are REO/SS 37.50% 50.00% 50.00% 0.00% 37.33%
Avg. List Price $109,732 $127,479 $171,713 34.70% $138,878
Avg. Sold Price $105,613 $127,007 $161,500 27.16% $134,325
Sold Price % of Listing Price 96.25% 99.63% 94.05% -5.60% 96.68%
Avg. Original List Price $111,600 $136,893 $186,990 36.60% $145,048
Sold Price % of Original Price 94.64% 92.78% 86.37% -6.91% 93.28%
Avg. Days On The Market 40 123 64 -47.97% 65
Total Sales Volume $844,904 $1,426,100 $1,615,000 13.25% $1,599,882
# of Single Family Listings 190 184 177 -3.80% 170
# of Pending Sales 79 77 71 -7.79% 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.