Time Flies- Another Week Behind Us

By: Mark Wisterman

My 2013 Photo-Web-Revised

 

The preliminary market results are in for home sales in the Lake Oroville real estate for the most recent week.

I say preliminary because I discovered a bit of a glitch in how I have been reporting the weekly home sales numbers for the Oroville market. The week that I report on runs from Friday through Thursday of each week. What I discovered is that some agents are not getting their sales logged into our multiple listing service in time for me to pick them up for my weekly report causing an under reporting issue for Lake Oroville area home sales.  To correct this issue I will be revising the previous weekly Oroville home sales numbers at the time that I gather data on the recent weekly market numbers. I want you to have the most current and relevant data as you can possibly have and this new reporting standard will help with that.

Speaking of current and relevant numbers, I am making big change in this weekly report chart. Beginning with this report I am no longer providing data on the number of bank-owned Oroville homes for sale or the number of homes for sale in the Oroville market that are considered short sales. The reason for this is that the current level of these homes on the market is insignificant and they are no longer making a major impact on the market. I am still tracking the numbers but will no longer report them on this site.

In place of these numbers I have added something that I think, going forward, will provide more perspective on the market than the reporting of REO do. Continue reading

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? Continue reading

Lake Oroville Real Estate Market Review

By: Mark Wisterman

My 2013 Photo-Web-Revised

This is starting to get down right boring.

Another slow week in the Lake Oroville real estate market this past week.  Yes, it is true that the number of Oroville homes that sold in the past week is the best it has been in about 5 weeks. But that may be the only semi-bright spot in these numbers.  I say semi-bright because if you look at the average sales price of each Oroville home sale it clearly shows that most of the sales that took place this week in Oroville were very low priced homes that appear to have been snapped up by investors.

Tune in next week for more….hopefully good news! Continue reading

Almost Weekly Sales Report

By: Mark Wisterman

 I know, I know, I can’t keep calling it the weekly Lake Oroville housing report if I don’t actually report WEEKLY.  So, my phrase of the day is: Better late than never.

On the whole, there is not anything too earth-shattering in the Oroville real estate numbers over the past couple of weeks.  Unit sales are remaining fairly steady and the inventory of homes for sale in the Oroville market is sustaining the low levels that we have seen for a few months now. Oroville buyers are still having a tough time dealing with these low inventories in the face of rapidly rising interest rates, while sellers continue to hold back from listing their homes for sale waiting for the market values to climb higher.

And speaking of sellers: Continue reading

A Recap of Lake Oroville Market Activity for April 2013

By: Mark Wisterman

Here is a short slide show recapping the activity in the Lake Oroville real estate market for the month of April 2013.

The number of homes that were sold in the months of March and April are the two largest back to back monthly sales of Oroville homes since I have been tracking monthly sales dating back to October 2005. However, there has been a noticeable slowdown of closed sales so far during the month of May. Lack of inventory appears to be threatening to slow the sale of Lake Oroville homes for sale. As usual I will keep an eye on the market and continue to keep you informed of any trends that develop.

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News Flash: More Completed Transactions To Report

By: Mark Wisterman

Congratulations to our agents who worked so hard to complete these transactions in the Lake Oroville real estate market. View the video for details.

 

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Another Week Come and Gone

 By: Mark Wisterman

We meet, once again, to review the latest weekly real estate market information for the Lake Oroville real estate market

The number of Oroville home listings that sold this week continue to show increases as does the average price for Oroville real estate market listings that have sold. With $1.75 million in total sales of Oroville homes listed, this was also an above average week for sales volume.

So what the heck is the cause of all these increases? Take a look at the numbers highlighted in red. The number of homes in the greater Lake Oroville area available for sale continues to shrink. Down over 2.5% from the previous week.  It is this number alone, in my opinion, that is driving the rest of the numbers.  In my next post I will spend a little time discussing these low inventory numbers and how I think it is going to affect the Oroville, CA real estate market in the short term and what buyer’s and seller’s can do in the face of the changing real estate market in Oroville.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending % Change
2/28/2013 3/7/2013 3/14/2013 Previous Week
# of Total Sales 9 10 12 20.00%
# REO/Short Sales Sold (SS) 3 5 6 20.00%
% Sales that are REO/SS 33.33% 50.00% 50.00% 0.00%
Avg. List Price $144,367 $132,915 $153,700 15.64%
Avg. Sold Price $140,861 $124,940 $145,925 16.80%
Sold Price % of Listing Price 97.57% 94.00% 94.94% 1.00%
Avg. Days On The Market 64 190 186 -2.11%
Total Sales Volume $1,267,750 $1,249,399 $1,751,100 40.16%
# of Single Family Listings 150 149 145 -2.68%
# Foreclosed On Market 19 17 21 23.53%
% of Foreclosed on Market 12.67% 11.41% 14.48% 26.94%
# Short Sales on Market 9 5 6 20.00%
% Short Sales on Market 6.00% 3.36% 4.14% 23.31%
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Lake Oroville Weekly Home Sales Update

 Home sales for the Lake Oroville real estate market had somewhat of a breakout week this past week as there were significant improvements in the major valuations area of the data.

In addition to big increases in the average list price and the average sold price of the Oroville homes that sold this week, there was a doubling of the total sales volume of homes that closed escrow this week. The sale of distressed homes in the Oroville real estate market (those that are bank owned or were sold for less than was owed on them) continues to hold at levels that have not been seem since the depths of the mortgage mess.

Inventories of Lake Oroville  area homes for sale continue to be constrained which seems to be causing, for lack of a better term, a mini-frenzy among Oroville home buyers who seem to think that there will never be any other  Oroville homes on the market and have allowed themselves, often with the prodding of their agent, to get sucked into the unenviable position of having to engage in auctioneering to buy a home. In an upcoming post I will give you my take on why I have a concern that there may be a mini-bubble developing in the market right now.

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Week Ending % Change
2/7/2013 2/14/2013 2/21/2013 2/28/2013 Previous Week
# of Total Sales 9 8 6 9 50.00%
# REO/Short Sales Sold (SS) 5 2 2 3 50.00%
% Sales that are REO/SS 55.56% 25.00% 33.33% 33.33% 0.00%
Avg. List Price $90,756 $122,516 $117,100 $144,367 23.29%
Avg. Sold Price $86,278 $117,138 $102,525 $140,861 37.39%
Sold Price % of Listing Price 95.07% 95.61% 87.55% 97.57% 11.44%
Avg. Days On The Market 66 178 51 64 25.49%
Total Sales Volume $776,500 $937,100 $615,150 $1,267,750 106.09%
# of Single Family Listings 158 155 150 150 0.00%
# Foreclosed On Market 20 20 18 19 5.56%
% of Foreclosed on Market 12.66% 12.90% 12.00% 12.67% 5.56%
# Short Sales on Market 8 7 7 9 28.57%
% Short Sales on Market 5.06% 4.52% 4.67% 6.00% 28.57%

 

 

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