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

Weekly Sales Review is Back

By: Mark Wisterman

Here we are once again, meeting to review the past week’s market activity of Oroville home sales in the Lake Oroville real estate market.

There is not much out of the ordinary to report this week.  The only interesting statistic in this chart concerns the number “distressed” sales (bank owned or short sales) that have taken place 2 of the last 3 weeks. With only one of these sales last week and just 2 of them 2 weeks ago it will be interesting going forward to see if this is an early sign of a trend developing in the sale of Oroville homes or if it is just a temporary slowdown. The next few weeks will tell.

In a recent post on our office Facebook page at http://www.facebook.com/RealtyWorld.CA  I commented about the perception some buyers, and quite frankly their agents, have about prices in today’s Lake Oroville real estate market.  The comment being that there is no factual basis for anyone to make a blanket statement that everything is selling for more that asking price.  In fact for the 4 years that I have been tracking Oroville home sales there have been only 4 weeks where the average sales price has exceeded the average listing price. And not one, I repeat, NOT ONE of those weeks has occurred in 2013. In fact, the average sales price to listing price ratio is pretty much within historic norms. That is certainly not to say that some homes have not sold for more that asking price, because they have. My point here is that, as a buyer in the Oroville real estate market, you need to be sure you are fully informed about what the market is actually doing. It is easy to get sucked into the real estate hype. But do not feel bad if you do because many who work in the industry get sucked into it to. The reason: They do not take time to actually look at the numbers.

Lucky for you, you have this Lake Oroville real estate market blog site to help you stay on top of the numbers.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending % Change
5/2/2013 5/9/2013 5/16/2013 Previous Week
# of Total Sales 10 13 10 -23.08%
# REO/Short Sales Sold (SS) 2 7 1 -85.71%
% Sales that are REO/SS 20.00% 53.85% 10.00% -81.43%
Avg. List Price $132,430 $141,500 $138,350 -2.23%
Avg. Sold Price $127,195 $130,244 $132,445 1.69%
Sold Price % of Listing Price 96.05% 92.05% 95.73% 4.01%
Avg. Days On The Market 57 96 94 -2.08%
Total Sales Volume $1,271,950 $1,693,169 $1,456,900 -13.95%
# of Single Family Listings 151 158 156 -1.27%
# Foreclosed On Market 17 21 20 -4.76%
% of Foreclosed on Market 11.26% 13.29% 12.82% -3.54%
# Short Sales on Market 9 6 8 33.33%
% Short Sales on Market 5.96% 3.80% 5.13% 35.04%
Days of Inventory Left 106 85 109

 

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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 Real Estate Week In Review

Time to once again take a look at the weekly home sales for the greater Lake Oroville real estate market.

Another good week for the number of  Oroville homes sold in the Lake Oroville real  estate market this past week. Total sales volume exceeded $1,000,000 in back to back weeks for the first time in months.  The inventory of available homes for sale in the Oroville real estate market continues to decline as more buyers are entering the market as they try to beat the rise in interest rates that is occurring in the face of improved unemployment numbers were reported this week.

The number of  “distressed” Oroville home listings, those that have been foreclosed upon or have loan balances in excess of their values also continues to slide. Going forward I look for the short sale market of Oroville homes for sale to be on the brink of extinction towards the end of the year as values continue to slowly recover.  As the value of Oroville homes increases we will begin to see more inventory of owner occupied homes which will provide buyers more opportunities to avoid having to deal with the foreclosure market and the backwards way that the banks and their agents have deal with their transaction.  Before writing this post I briefly researched the sales activity of local agents whose clients are predominantly banks. I think that the most telling stat I discovered was that, for the first two months of this year, one of the busiest foreclosure agents in the Lake Oroville area has seen a nearly 40% decrease in the number of listings sold as compared to the same period last year.  I will monitor this in the coming months to see if this is just a blip or an actual trend developing.

 Tip of the Week: Pay attention the interest rates. The pressure is on for rates to increase! 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Week Ending % Change
2/14/2013 2/21/2013 2/28/2013 3/7/2013 Previous Week
# of Total Sales 8 6 9 10 11.11%
# REO/Short Sales Sold (SS) 2 2 3 5 66.67%
% Sales that are REO/SS 25.00% 33.33% 33.33% 50.00% 50.00%
Avg. List Price $122,516 $117,100 $144,367 $132,915 -7.93%
Avg. Sold Price $117,138 $102,525 $140,861 $124,940 -11.30%
Sold Price % of Listing Price 95.61% 87.55% 97.57% 94.00% -3.66%
Avg. Days On The Market 178 51 64 190 196.88%
Total Sales Volume $937,100 $615,150 $1,267,750 $1,249,399 -1.45%
# of Single Family Listings 155 150 150 149 -0.67%
# Foreclosed On Market 20 18 19 17 -10.53%
% of Foreclosed on Market 12.90% 12.00% 12.67% 11.41% -9.93%
# Short Sales on Market 7 7 9 5 -44.44%
% Short Sales on Market 4.52% 4.67% 6.00% 3.36% -44.07%
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Lake Oroville Market Update Time

It’s been quite a while since we discussed the condition of the local real estate market for the Lake Oroville real estate market.

With changing market conditions now becoming more prominent in the national news headlines I figure that it is probably time to, once again, provide with some regularity, market information for home sales in the Oroville real estate market area.  Now I know that 5 or 6 paragraphs of written stats can easily cause your eyes to glaze over. So I am going to try more new technology on you with the slide show that follows.  I am always looking for new and more interesting ways to bring information to you, and with all the Apps running around the world of the iPad, I found this latest find to be rather intriguing. As usual, I would greatly appreciate your feedback on this.

 

 

 

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Oroville Sales Numbers Just Released

Here are your weekly home sales numbers for the Lake Oroville real estate market for the week ending 8/25/2011.

We had a significant drop in the numbers across the board this week when compared to the unusually strong numbers of the previous week. The home that sold for over $600,000 in the previous week helped set up the negative numbers this week. To me, the biggest disappointment in this week’s numbers is the number of Oroville area homes sales that closed escrow. Only 5 this week coming off a count of 16 the previous week is somewhat disheartening.  But, as I say: “One week does not make a market.”

MLS Stats for Oroville Area  Week Ending Week Ending Weekly % 
  8/18/2011 8/25/2011 Change
       
# of Total Sales 16 5 -68.75%
       
# REO/Short Sales Sold (SS) 10 1 -90.00%
       
% Sales that are REO/SS 62.50% 20.00% -68.00%
       
Avg. List Price $175,786 $136,780 -22.19%
       
Avg. Sold Price $167,683 $127,600 -23.90%
       
Sold Price % of Listing Price 95.39% 93.29% 1.63%
       
Avg. Days On The Market 102 52 -49.02%
       
Total Sales Volume $2,682,930 $638,000 -76.22%
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Don’t Touch That Wallet

At least until July 1st, if you can. It is on this day that the sales tax rate in the State of California is reduced by 1 percentage point. In the Oroville, Paradise, and Chico areas this means that our sales tax goes from the current rate of 8.25% down to 7.25%.

The higher rate was imposed upon California by our legislature and Governor on April 1, 2009 in the hopes of helping close the budget gap caused by the out of control spending of our “state leaders.” As usual, raising taxes only made matters worse. But enough about politics.

With the expiration of the current increased tax rate only two weeks away (unless it is somehow extended) it is wise to consider putting of any non-essential purchase until the new rate takes effect. Consider the savings you will enjoy by putting off the purchase of that new car you are about to buy. By simply waiting a mere two weeks you can save yourself $200 in sales tax for a $20,000 car and $300 in taxes for a car that costs you $30,000. Heck, that is like getting a free tank of gas 🙂 Speaking of cars, you can also save on registration fees if you put your purchase off until July 1st because vehicle registration fees are also being rolled back then.

The reduction in the sales tax is going to be good for the economy of a state struggling to get back on its economic feet by leaving consumers with more money in their pockets that will most likely be spent on other things. For example, the overall price on a gallon of gas will be reduced by the reduction in the sales tax. At today’s price of $3.77 per gallon at the corner AM/PM you will save almost 4cents per gallon with the new (or should I say old) rate.

If it is at all possible for you to put off that taxable purchase until July 1, then I say do it and keep more of YOUR money.

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Weekly Update For Lake Oroville Real Estate

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.

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Weekly % 
  2/15/2010 2/22/2010 3/1/2010 Change
         
# of Total Sales 9 8 7 -12.50%
         
# REO/Short Sales Sold (SS) 4 5 4 -20.00%
         
% Sales that are REO/SS 44.44% 62.50% 57.14% -8.57%
         
Avg. List Price $108,188 $116,644 $141,085 20.95%
         
Avg. Sold Price $98,722 $109,500 $137,482 25.55%
         
Sold Price % of Listing Price 91.25% 93.88% 97.45% 3.80%
         
Avg. Days On The Market 67 53 111 109.43%
         
Total Sales Volume $973,692 $933,152 $987,595 5.83%
         
# of Single Family Listings 291 287 288 0.35%
         
# Foreclosed On Market 35 31 34 9.68%
         
% of Foreclosed on Market 12.03% 10.80% 11.81% 9.30%
         
# Short Sales on Market 46 44 39 -11.36%
         
% Short Sales on Market 15.81% 15.33% 13.54% -11.67%
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Oroville’s Week In Review

 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.

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Week Ending Weekly % 
  1/11/2010 1/18/2010 1/25/2010 2/1/2010 Change
           
# of Total Sales 13 12 4 10 150.00%
           
# REO/Short Sales Sold (SS) 4 7 3 8 166.67%
           
% Sales that are REO/SS 30.77% 58.33% 75.00% 80.00% 6.67%
           
Avg. List Price $124,300 $148,383 $75,975 $79,790 5.02%
           
Avg. Sold Price $115,100 $112,637 $68,475 $83,229 21.55%
           
Sold Price % of Listing Price 92.60% 75.91% 90.13% 104.31% 15.74%
           
Avg. Days On The Market 112 107 163 154 -5.52%
           
Total Sales Volume $1,496,300 $1,351,650 $273,900 $830,599 203.25%
           
# of Single Family Listings 315 317 320 324 1.25%
           
# Foreclosed On Market 44 45 38 34 -10.53%
           
% of Foreclosed on Market 13.97% 14.20% 11.88% 10.49% -11.63%
           
# Short Sales on Market 44 41 50 52 4.00%
           
% Short Sales on Market 13.97% 12.93% 15.63% 16.05% 2.72%
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