Welcome to Deja Vu all over again for the national real estate market!!
Do you think that this industry will ever learn why the real estate market fell nearly into oblivion over the past 6 years? I don’t. Here is the web page from CNBC that discusses the new Continue reading
One of the biggest challenges for anyone thinking of buying or selling real estate in any market across the country is determining the condition of the market in their particular area. Certainly the same holds true for the Lake Oroville real estate market.
But where in the world of realty can you get accurate market information? Zillow? Trulia? Maybe the nightly news.? Or better yet, how about Facebook? After all, if it is on Facebook, it must be true, right?
Your best resource for LOCAL market conditions is right here on this blog site. Over the past 5 years I have brought market updates, real estate advice, and sometimes some fairly provocative opinions. It is, and always will be, my opinion that there is a HUGE need for accurate local real estate market information in the Lake Oroville real estate market. I also believe that there is a drought of such information out there. This is why I make providing real estate market information the top priority of this blog site. I am always looking to bring information to you in a variety of ways and from different perspectives so that you know what is REALLY going on.
Which brings me to my latest graph. This graph illustrates the changes in the inventory of Lake Oroville homes for sale over the past 8 months at different pricing levels. What spurred me to research this is the fact that , although prices of homes that have sold has admittedly increased, the number of homes that are selling in the Oroville real estate market is on pace to be the first year since 2009 that the market will be selling fewer homes in the current year than the previous year. Yes, you read that right. Regardless of what the “salespeople” are telling you about how “busy” they are, the truth is the home sales in the Oroville market are significantly behind last years numbers.
Because the “numbers guy” in me is always looking to explain what would cause this to happen, I jumped into the database to see what I could glean. The graph below is the result of my research and is the basis for the following opinions: Continue reading
Well, with every technology upgrade comes a little bit of a learning curve.
It took me a little while to figure out how to report the Lake Oroville real estate market home sales report with the new blogging site that REALTY WORLD provided, but I think I got it figured out for this week at least.
I know that it has been a long time since I reported on market activity for the sale of Oroville area homes and the current levels of Lake Oroville area active listings on the market. Hopefully this new format is a little easier to digest.
What we are currently seeing in the Lake Oroville real estate market is Continue reading
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|
|# 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.|
By: Mark Wisterman
Tomorrow is being heralded as a big day on Wall Street as the Federal Reserve is widely expected to announce that they will begin pulling back from their policy of artificially suppressing interest rates at the current level.
Fed Chairman Ben Bernanke achieved exactly what he set out to do when he rattled the markets in May with talk of tapering. Here’s how:
1. He got the market’s attention that it was not going to go on forever, as some seemed to think, and …
2. He set the stage for very little to happen tomorrow if they do indeed announce the pull back.
Although about the only surprise will be if the Fed continues the current levels of bond purchasing, there are going to be oodles of second guessers, complainers, and Monday morning quarterbacks who will be offering one of following Goldilock’s style complaints:
1. The reduction in bond purchases is too large.
2. The reduction in bond purchases is too small.
3. The reduction should not happen at all because not everything in the economy is “just right.”
Since everyone will have an opinion on this I guess I get to tell you mine:
From a real estate standpoint it is time to end this program, and the sooner the better. Thanks to this program and, the cruddy economy that has also forced interest rates down, the populace has become spoiled and thinks that interest rates above 4.5% are high. The free market must be allowed to function FREELY. That is the ONLYway to have long term health in the housing market.
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? Continue reading