By: Mark Wisterman
Well, well, well what do we have here in the Lake Oroville area? The end of the Oroville foreclosure market?
Looking at this week’s home sales data for the Greater Oroville area you might draw such a conclusion being there was not ONE foreclosed property that sold in the past week. (see the red highlighted stat). To bolster your conclusion you may also point to the fact that this is the first week since I have been tracking this number dating back to October 2009 that there has not been at least one bank-owned Oroville home that has sold.
As I prepared to share this week’s Oroville real estate information with you my plan was to caution you that we should certainly expect to see more foreclosure sales take place and that it is a little early to say the foreclosure market in the Oroville area has met with extinction. However, as I was typing the first paragraph of this weekly editorial, and because I am such a great multitasker, I began think that I may be…..yes, wrong!
Maybe the “foreclosure market” IS over! Oh sure, there are still bank-owned homes for sale, but does the current inventory of Oroville bank-owned homes (19 homes, or less than 10% of the available inventory) actually constitute a “market?” I wonder?
Here is another interesting fact this week: One of the most prolific bank-employed real estate listing agents in the Lake Oroville real estate market area has had only one closing this month so far. This is an agent who, at the peak of what actually WAS a foreclosure market, was closing nearly 20 transactions per month on average. In the end she will probably end up completing 7 or 8 transactions this month (which, by the way, is pretty darn good) but nothing near 20.
Another interesting fact came from one of the many news sources I use to research real estate news in order to bring you the most informed opinion you can find about the Lake Oroville real estate market. It said that California’s foreclosure rates were nearing historic norms:
“California and Arizona had foreclosure rates of 1.6% and 1.5%, putting them at No. 37 and No. 38 in foreclosures nationally. Those states had the third and fourth worst foreclosure rates in the country at the depth of the housing downturn.” Click HERE to see the entire article
So, tell me. In your opinion have we come to the end of the “foreclosure market?”
|MLS Stats for Oroville Area||Week Ending||Week Ending||Week Ending||% Change|
|# of Total Sales||12||16||7||-56.25%|
|# REO/Short Sales Sold (SS)||5||6||0||-100.00%|
|% Sales that are REO/SS||41.67%||37.50%||0.00%||-100.00%|
|Avg. List Price||$180,675||$141,419||$131,100||-7.30%|
|Avg. Sold Price||$170,692||$137,390||$130,243||-5.20%|
|Sold Price % of Listing Price||94.47%||97.15%||99.35%||2.26%|
|Avg. Days On The Market||90||49||51||4.08%|
|Total Sales Volume||$2,048,301||$2,198,237||$911,700||-58.53%|
|# of Single Family Listings||195||183||191||4.37%|
|# Foreclosed On Market||25||19||19||0.00%|
|% of Foreclosed on Market||12.82%||10.38%||9.95%||-4.19%|
|# Short Sales on Market||8||7||8||14.29%|
|% Short Sales on Market||4.10%||3.83%||4.19%||9.50%|
|Days of Inventory Left||114||80||191||138.56%|
|# of Pending Sales||63||65||65||0.00%|
|Data compiled from the CRMLS multiple listing service for single family homes in the|
|Greater Oroville real estate market area including the areas of Oroville, Palermo, Concow,|
|Forbestown, Bangor, Berry Creek, Brush Creek, Honcut, Yankee Hill|
|Information deemed reliabe but not guaranteed.|