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.
Enhanced by Zemanta

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

Lake Oroville Home Sales Weekly Review

Here are the numbers for the Lake Oroville real estate market for the week ending 6/6/2013.

 

If you only look at the percentage change from the previous week you would think the Oroville market was crashing. But, fear not. It looks like that we just cleared up some inventory of homes that had been on the market for what now is an unusually long amount of time.  Most of what sold was REALLY distressed property that would not qualify for any type of institutional loan, and, that I am guessing, investors picked up with cash purchases.

Last week was the first week in a LONG LONG time that bank-owned homes for sale in the Oroville real estate market numbered in the single digits. There were only 9, that’s right NINE, bank owned homes on the greater Oroville real estate market when I ran the report. Not having begun tracking this number until 2009, which was the depths of the Oroville real estate market downturn, I don’t have any data to support what a “normal” level of Oroville bank owned properties on the market should be.  But, if this trend continues I would speculate that by the end of the year, or the first part of 2014, these REO properties will be a non-issue. The wildcard is whether or not there actually is the dreaded “Shadow Inventory” lurking around the corner.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending % Change
5/23/2013 5/30/2013 6/6/2013 Previous Week
# of Total Sales 16 16 14 -12.50%
# REO/Short Sales Sold (SS) 8 3 7 133.33%
% Sales that are REO/SS 50.00% 18.75% 50.00% 166.67%
Avg. List Price $145,563 $144,269 $87,729 -39.19%
Avg. Sold Price $140,741 $141,119 $77,704 -44.94%
Sold Price % of Listing Price 96.69% 97.82% 88.57% -9.45%
Avg. Days On The Market 54 41 98 139.02%
Total Sales Volume $2,329,000 $2,257,899 $1,040,350 -53.92%
# of Single Family Listings 151 150 150 0.00%
# Foreclosed On Market 14 10 9 -10.00%
% of Foreclosed on Market 9.27% 6.67% 6.00% -10.00%
# Short Sales on Market 8 8 9 12.50%
% Short Sales on Market 5.30% 5.33% 6.00% 12.50%
Days of Inventory Left 66 66 75 14.29%
# of Pending Sales 109 87 87 0.00%
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 reliabe but not guaranteed.
Enhanced by Zemanta

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