My Latest Market Minute

By: Mark Wisterman

Here is the second installment of the newest feature that was recently added to this Lake Oroville real estate market blog.

I call this video feature “Mark’s Real Estate Minute (or 2). Why the “or 2?” Because I have quickly found that I talk to darned much and there is NO WAY that I will every be able to limit these spots to 1 minute!!!! The latest and greatest of these spots will always be on the sidebar of this site for easy access.

I will periodically produce these spots to provide my perspective and advice on a wide array of topics including those you may like to hear about. A lot of changes are once again taking place in the Oroville real estate market and I think it is absolutely essential that you have as much information about Oroville market conditions, as well as market conditions in the greater Butte County real estate market area.

As the old saying goes, “Information is Power.”  And this is exactly what I want to provide to you; the power to make the right decision regarding your real estate needs.  It is my hope that I can pack enough info into each one of these ‘minutes’ to make a difference.

To make this little corner of  this blog site work I am going to need your help. Please e-mail or text or IM me at my Facebook page with any questions or topics that you would like to have addressed.

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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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I Hope This Doesn’t Cause A Headache

Well, hello again, everyone! It is good to be able to take the time to update you on the real estate market in the Lake Oroville market area.

It has been a very long time since I last provided any meaningful stats on the Lake Oroville real estate market and I hope to be doing this on a much more frequent basis now that we are beginning to see new trends emerge in the number of Oroville homes that have sold as well as the number of Lake Oroville home listings that are currently on the market.

Probably the biggest news when in comes to the Oroville real estate market has to due with current inventories of homes available. Since the depths of the market crash we have seen a steadily decreasing number of  Oroville homes come to market. When you view the slide show that is included with this post, you will see that the number of homes available was just over 400 in March of 2009.  According to our Multiple Listing Database, as of this past Friday, there are now only 150 single family homes for sale in the greater Lake Oroville real estate market. This low inventory is making it extremely difficult on buyers as it causes a little bit of a “feeding frenzy’ whenever a home that is in move-in ready condition comes on the market in that some of the prices get bid up to the point where some buyers can no longer qualify.

You can expect this inventory shortage to continue until values recover to the point where homeowners, who are “underwater” and would like to sell but can’t, finally see that their homes are once again worth more than they owe on them. Barring anything that the government will do to screw things up, we should begin to see more news reports of significantly fewer of these upside down situations in the 2nd half of this year, which should provide the impetus towards an increasing number of Oroville CA homes for sale.

Below is a 4 week chart of the sales in the Lake Oroville CA market and below that is  a slide show that provides a little more overview on the current state of the Oroville Ca housing market.

As always, I appreciate your comments and questions.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Week Ending Previous %
1/31/2013 2/7/2013 2/14/2013 2/21/2013 Change
# of Total Sales 11 9 8 6 -25.00%
# REO/Short Sales Sold (SS) 6 5 2 2 0.00%
% Sales that are REO/SS 54.55% 55.56% 25.00% 33.33% 33.33%
Avg. List Price $130,550 $90,756 $122,516 $117,100 -4.42%
Avg. Sold Price $125,768 $86,278 $117,138 $102,525 -12.48%
Sold Price % of Listing Price 96.34% 95.07% 95.61% 87.55% -8.43%
Avg. Days On The Market 56 66 178 51 -71.35%
Total Sales Volume $1,383,450 $776,500 $937,100 $615,150 -34.36%
# of Single Family Listings 162 158 155 150 -3.23%
# Foreclosed On Market 22 20 20 18 -10.00%
% of Foreclosed on Market 13.58% 12.66% 12.90% 12.00% -7.00%
# Short Sales on Market 8 8 7 7 0.00%
% Short Sales on Market 4.94% 5.06% 4.52% 4.67% 3.33%

 

 

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3 Quick Sales

As I continue my journey into converting from a text based blog to one of video for the real estate markets of the Lake Oroville, Chico, Paradise, Gridley  areas as well as the home selling markets of Yuba City and Marysville, I put together the following video which ever so briefly discusses  what happens when all the stars line up just right and a seller does all the right things to get their home sold in the shortest amount of time.

I am still a little rough around the edges with my video production capabilities and I certainly would welcome any thoughts, suggestions, and even criticisms of these videos to help me  make them look a little more polished.

 

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Oroville Sales Have Turn-Around Week

 Sales for the Lake Oroville real estate market took a turn for the better this past week. The average sold price was the highest it has been in a very long time thanks to the sale of a couple homes that had been on the market for quite some time. The sale of these two particular homes was also the reason for the nearly doubling of the “days on the market” time. One of the homes had been on the market 928 days and the other had been for sale for 897 days.

Once again, though, the number of the week to lookout for is the number of Oroville homes currently on the market. This number has hit another new low for this blog site and is threatening to go under 300 for the first time in probably two years.

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Week Ending Weekly % 
  1/18/2010 1/25/2010 2/1/2010 2/8/2010 Change
           
# of Total Sales 12 4 10 8 -20.00%
           
# REO/Short Sales Sold (SS) 7 3 8 5 -37.50%
           
% Sales that are REO/SS 58.33% 75.00% 80.00% 62.50% -21.88%
           
Avg. List Price $148,383 $75,975 $79,790 $156,674 96.36%
           
Avg. Sold Price $112,637 $68,475 $83,229 $149,800 79.99%
           
Sold Price % of Listing Price 75.91% 90.13% 104.31% 95.61% -8.34%
           
Avg. Days On The Market 107 163 154 303 96.75%
           
Total Sales Volume $1,351,650 $273,900 $830,599 $1,253,392 50.90%
           
# of Single Family Listings 317 320 324 308 -4.94%
           
# Foreclosed On Market 45 38 34 36 5.88%
           
% of Foreclosed on Market 14.20% 11.88% 10.49% 11.69% 11.38%
           
# Short Sales on Market 41 50 52 49 -5.77%
           
% Short Sales on Market 12.93% 15.63% 16.05% 15.91% -0.87%
           
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