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|
|# 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|