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|
|# 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%|