By: Mark Wisterman
So do you ever wonder how a real estate agent reacts to a weekly market report like this one after being through 7 years of career challenges like the Lake Oroville real estate market has presented?
The answer lies in the 1982 movie “Poltergeist” Click on the image to get the answer.
Yes, you heard it right. “What’s happening?” is the most fitting thing to say about the last 3 weeks of market activity for the Lake Oroville real estate market. The numbers have been so paltry lately that there is almost nothing worth while on which to comment.
I do think, however, that there are two interesting items to note in this information. First, of the 4 “distressed” Oroville area homes that have sold over that past 3 weeks only 1 of them has been a bank-owned foreclosure. Secondly, with the very small number of homes in the Lake Oroville housing market that have sold, you might anticipate that the number of homes on the market might show some increases as potential home sellers see market activity picking up over the past few months. Apparently, if you had anticipated such an increase, you would be wrong. The number of Oroville homes currently on the market hasn’t budged.
So, What’s Happening? Here are few ideas as to what might be the issue:
1. A 1%+ increase in the 30 year fixed mortgage rate over the past couple months.
2. Buyer resistance to the surge in home prices.
3. An economy that is NOT recovering.
4. All of the above
What do you think is fueling this downturn?
|MLS Stats for Oroville Area||Week Ending||Week Ending||Week Ending||% Change||6 Month|
|# of Total Sales||7||7||3||-57.14%||12|
|# REO/Short Sales Sold (SS)||0||4||0||-100.00%||5|
|% Sales that are REO/SS||0.00%||57.14%||0.00%||-100.00%||35.70%|
|Avg. List Price||$131,100||$118,043||$199,633||69.12%||$139,422|
|Avg. Sold Price||$130,243||$116,029||$185,667||60.02%||$134,284|
|Sold Price % of Listing Price||99.35%||98.29%||93.00%||-5.38%||96.31%|
|Avg. Days On The Market||51||88||76||-13.64%||78|
|Total Sales Volume||$911,700||$812,200||$557,000||-31.42%||$1,640,415|
|# of Single Family Listings||191||190||190||0.00%||162|
|# Foreclosed On Market||19||19||20||5.26%||17|
|% of Foreclosed on Market||9.95%||10.00%||10.53%||5.26%||22.19%|
|# Short Sales on Market||8||10||9||-10.00%||8|
|% Short Sales on Market||4.19%||5.26%||4.74%||-10.00%||4.79%|
|Days of Inventory Left||191||190||443||133.33%||114|
|# of Pending Sales||65||70||73||4.29%||79|
|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.|