Home sales for the Lake Oroville real estate market had somewhat of a breakout week this past week as there were significant improvements in the major valuations area of the data.
In addition to big increases in the average list price and the average sold price of the Oroville homes that sold this week, there was a doubling of the total sales volume of homes that closed escrow this week. The sale of distressed homes in the Oroville real estate market (those that are bank owned or were sold for less than was owed on them) continues to hold at levels that have not been seem since the depths of the mortgage mess.
Inventories of Lake Oroville area homes for sale continue to be constrained which seems to be causing, for lack of a better term, a mini-frenzy among Oroville home buyers who seem to think that there will never be any other Oroville homes on the market and have allowed themselves, often with the prodding of their agent, to get sucked into the unenviable position of having to engage in auctioneering to buy a home. In an upcoming post I will give you my take on why I have a concern that there may be a mini-bubble developing in the market right now.
|MLS Stats for Oroville Area||Week Ending||Week Ending||Week Ending||Week Ending||% Change|
|# of Total Sales||9||8||6||9||50.00%|
|# REO/Short Sales Sold (SS)||5||2||2||3||50.00%|
|% Sales that are REO/SS||55.56%||25.00%||33.33%||33.33%||0.00%|
|Avg. List Price||$90,756||$122,516||$117,100||$144,367||23.29%|
|Avg. Sold Price||$86,278||$117,138||$102,525||$140,861||37.39%|
|Sold Price % of Listing Price||95.07%||95.61%||87.55%||97.57%||11.44%|
|Avg. Days On The Market||66||178||51||64||25.49%|
|Total Sales Volume||$776,500||$937,100||$615,150||$1,267,750||106.09%|
|# of Single Family Listings||158||155||150||150||0.00%|
|# Foreclosed On Market||20||20||18||19||5.56%|
|% of Foreclosed on Market||12.66%||12.90%||12.00%||12.67%||5.56%|
|# Short Sales on Market||8||7||7||9||28.57%|
|% Short Sales on Market||5.06%||4.52%||4.67%||6.00%||28.57%|