By: Mark Wisterman
The preliminary market results are in for home sales in the Lake Oroville real estate for the most recent week.
I say preliminary because I discovered a bit of a glitch in how I have been reporting the weekly home sales numbers for the Oroville market. The week that I report on runs from Friday through Thursday of each week. What I discovered is that some agents are not getting their sales logged into our multiple listing service in time for me to pick them up for my weekly report causing an under reporting issue for Lake Oroville area home sales. To correct this issue I will be revising the previous weekly Oroville home sales numbers at the time that I gather data on the recent weekly market numbers. I want you to have the most current and relevant data as you can possibly have and this new reporting standard will help with that.
Speaking of current and relevant numbers, I am making big change in this weekly report chart. Beginning with this report I am no longer providing data on the number of bank-owned Oroville homes for sale or the number of homes for sale in the Oroville market that are considered short sales. The reason for this is that the current level of these homes on the market is insignificant and they are no longer making a major impact on the market. I am still tracking the numbers but will no longer report them on this site.
In place of these numbers I have added something that I think, going forward, will provide more perspective on the market than the reporting of REO do.
Most everyone I talk to who have questions about the market want to know what I think prices will do going forward or if I think the current run up in prices is going to continue. So, I started thinking that I need to find a way to spot trends in pricing so that I can not only provide an opinion, but, very importantly, that I had numbers that would back up my opinion. It drives me crazy when I hear REALTORS talk about how they “feel” what the market is going to do and they have nothing to back up these “feelings.” Now there is nothing wrong with having a sense of what is going on in the market. As a 20 year veteran of the Oroville real estate market there is a certain sense I get when the market begins to shift. But, I always research the numbers to confirm what I think I know.
Going forward, in addition to the average list price of Oroville area homes when they sold, I will report to you the average ORIGINAL list price of the homes that sold. This should confirm what I think we are going to see in the coming months: That some sellers and their agents who got out a little ahead of the market will begin to reduce asking prices as the stagnant nature of our economy and the lack of the improving jobs market begins to affect Oroville area housing values.
|MLS Stats for Oroville Area||Week Ending||Week Ending||Week Ending||% Change||6 Month|
|# of Total Sales||11||9||5||-44.44%||12|
|# REO/Short Sales Sold (SS)||3||5||1||-80.00%||4|
|% Sales that are REO/SS||27.27%||55.56%||20.00%||-64.00%||35.38%|
|Avg. List Price||$93,786||$145,622||$94,600||-35.04%||$137,178|
|Avg. Sold Price||$91,591||$144,111||$91,800||-36.30%||$132,889|
|Sold Price % of Listing Price||97.66%||98.96%||97.04%||-1.94%||96.82%|
|Avg. Original List Price||$96,759||$151,622||$94,600||-37.61%|
|Sold Price % of Original Price||94.66%||95.05%||97.04%||2.10%|
|Avg. Days On The Market||36||39||28||-28.21%||65|
|Total Sales Volume||$1,007,500||$1,297,000||$459,000||-64.61%||$1,624,345|
|# of Single Family Listings||193||188||190||1.06%||168|
|Days of Inventory Left||123||146||266||81.91%||117|
|# of Pending Sales||76||76||79||3.95%||78|
|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.|