Is It That Time Already?

By: Mark Wisterman

Here we are once again to take a look at the latest weekly market activity for the Lake Oroville homes sales market.

As with nearly every week for the past two months there is certainly nothing earth-shattering going on in the Oroville real estate market.  Thanks to a couple of sales in the higher price ranges, the average sold price and the total value of Oroville area homes sold looks to be improving. But be careful not to get fooled here. With so few homes selling, it is very easy for a couple of large sells to tilt the numbers.

If you are wondering where the sales numbers may go in the coming weeks keep your eye on the very last line of the chart. The number of pending sales is a great future indicator of  the trend we will see 30-45 days from now regarding completed sales of Oroville homes. It has been flat for weeks now, indicating that we will not be seeing any significant increases in closed sales in the near term.

This is the 5th week in a row that the gap has grown between what an home in the Lake Oroville real estate market was originally priced at and at what price it actually sold. This gap may continue to increase as there is still a number of homes coming to market that have been……well, let’s just say,…………optimistically priced.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending % Change 6 Month
9/26/2013 10/3/2013 10/10/2013 Previous Week Average
# of Total Sales 14 11 9 -18.18% 11
# REO/Short Sales Sold (SS) 7 5 1 -80.00% 4
% Sales that are REO/SS 50.00% 45.45% 11.11% -75.56% 36.24%
Avg. List Price $127,479 $140,205 $196,031 39.82% $140,198
Avg. Sold Price $127,007 $134,536 $189,617 40.94% $135,787
Sold Price % of Listing Price 99.63% 95.96% 96.73% 0.80% 96.80%
Avg. Original List Price $136,893 $151,800 $217,800 43.48% $148,463
Sold Price % of Original Price 92.78% 88.63% 87.06% -1.77% 92.92%
Avg. Days On The Market 123 56 83 48.21% 65
Total Sales Volume $1,426,100 $1,479,900 $1,706,550 15.32% $1,544,030
# of Single Family Listings 184 177 175 -1.13% 172
Days of Inventory Left 92 113 136 20.84% 120
# of Pending Sales 77 71 72 1.41% 77
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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