Mark Wisterman's Paradise & Lake Oroville Real Estate Blog

Here are the numbers for last week’s Lake Oroville real estate market. This is the third week in a row that the number of Oroville home sales has been in single digits, and the 7th week out of the past 8 for this. With inventories still low, and a lot of that inventory in disrepair it is becoming more and more difficult to find properties for Oroville area buyers.  All of my team members have pools of buyers that they simply cannot find decent properties to show them.

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 It seems that this week’s Lake Oroville real estate market report reflects some ongoing reporting issues the local REALTORS are having with our new multiple listing service system.

It looks as though that the inventory of unsold homes is beginning to increase slightly. This may be an effect of some sellers trying to get a head start on what most people think is the peak selling season of Spring. Hopefully we can get the bugs worked out of our new MLS system soon. Watch for the weekly sales numbers for the Paradise real estate market later this week.

Don’t panic everyone!!!! These numbers do not appear to be accurate this week due to the Oroville Association of REALTOR®, The Chico Association of REALTORS®, and Paradise Association of REALTORS® switching to a new multiple listing service. It appears that some sales have not yet been reported into our new system by some of the Lake Oroville REALTORS®. By the looks of the numbers, I certainly hope that is the case.

Don’t spend much time on this but be sure to check back in next Tuesday to see how we are really doing.

Neither rain, nor sleet, nor snow, nor Arizona trip, will keep me from providing you, my loyal Lake Oroville real estate market readers, with the weekly sales activity number for last week.

You heard right, I am actually taking a few days of southwest r& r. But fear not, I have not forgotten my duty to you.

I hope you all had a great and blessed Christmas day and that you are planning for a safe New Years celebration.

Sales numbers for the week were actually pretty good considering that it was a major holiday week.  I have highlighted what I believe to be the stats of the week. Average sold price has been climbing the past 4 weeks and last week was the highest it has been in the past 10 weeks. The other stat of note is, once again, the number of single family Oroville homes for sale. The is number represents the fewest number of homes on the market since I have been bringing you this particular statistic beginning June 8, 2009.

As a seller, or potential seller, this is THE number to watch going forward. Smaller inventory will eventually translate into higher prices.

Well, that is all for know. I’ve got another “busy” day scheduled tomorrow as I do more trailblazing through the Arizona  desert on my quad runner.

Click here for expanded chart

 Merry Christmas, everyone. Welcome back to your weekly sales stats for the Lake Oroville Real Estate market.

Unit sales took an upward turn last week, which I am hoping will continue to happen going forward. The stat of the week this week is the average sold price. For the first time in a long time we see foreclosure sales and short sales below 50% of the homes sold for the week. As a result, the average sold price jumped nearly 15%.  Yes, I know, it is only one weeks worth of data, but may be an indication of what prices will do as the “distressed inventory” continues to clear.

The following chart is something I produced to give you a visual idea of what the price ranges of  homes  currently for sale in the Lake Oroville real estate market..

As you can see, the inventory levels, as compared to nealry all other price ranges, are quite low in the $100,000 and below range which is what is mostly selling due to the $8,000 federal tax credit.  The highest inventory we see is in the $200,000 – $300,000 price range. In my view this is the price range that will need to pick up the sales pace before we see any lasting improvement in the level of home valuations.  Unfortunately, for sellers I don’t see a big turn in home sales at these price ranges in the near future. I hope, however that I am wrong.

Weekly sales data will be available here later today!

Ok, I’m back on schedule with my weekly Lake Oroville real estate market report.

Only nine Oroville area property sales this week, however I do expect the numbers to improve over the next two weeks as those escrows that were opened as the original tax credit window of November 30th was closing, should be completed toward the end of the month and into the first week in December.

Of particular note in these numbers is that the number of properties listed for sale continues to decline and has hit a new low since I began reporting Oroville sales to you.

On the foreclsoure and short sale front, we continue to these properties selling at a rate that is far larger than the percentage of these on the market, which will, if nothing changes, make them harder and harder to find.

Expanded Report