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. Continue reading →
Another slow week in the Lake Oroville real estate market this past week. Yes, it is true that the number of Oroville homes that sold in the past week is the best it has been in about 5 weeks. But that may be the only semi-bright spot in these numbers. I say semi-bright because if you look at the average sales price of each Oroville home sale it clearly shows that most of the sales that took place this week in Oroville were very low priced homes that appear to have been snapped up by investors.
I know that as of the posting of this blog the month of August is not quite done yet.
But I hereby make a motion to put the memory of this month’s Lake Oroville real estate market sales numbers behind us and never look back again!
With another paltry week of Oroville real estate sales in the books and with just a very few sales yet to be logged into the Oroville area multiple listing service, the number of Oroville homes that sold this month will be the fewest number of homes sold in nearly 4 years. Yes, you read that correctly, not since Nov. 2009 has the pace of Oroville area home sales been this slow.
Although interest rates are still extremely low, the recent increase in the rates coupled with the lack of reasonably priced homes has apparently caused a pause in buyer demand.
There are however, a couple of bright spots in this weeks Oroville area home sales data. Continue reading →
The number of buyers who are searching for their next home in the Lake Oroville real estate market is about to increase putting further pressure on home prices thanks to FHA.
Under this new program, which runs until September 30, 2016, someone who has lost their home due to an “Economic Event” or has filed for Chapter 7 or Chapter 13 bankruptcy due to an “Economic Event” can qualify for the purchase of a home with an FHA loan in as little as 12 months after the loss of their home or discharge of their bankruptcy.
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 are the numbers for the Lake Oroville real estate market for the week ending 6/6/2013.
If you only look at the percentage change from the previous week you would think the Oroville market was crashing. But, fear not. It looks like that we just cleared up some inventory of homes that had been on the market for what now is an unusually long amount of time. Most of what sold was REALLY distressed property that would not qualify for any type of institutional loan, and, that I am guessing, investors picked up with cash purchases.
Last week was the first week in a LONG LONG time that bank-owned homes for sale in the Oroville real estate market numbered in the single digits. There were only 9, that’s right NINE, bank owned homes on the greater Oroville real estate market when I ran the report. Not having begun tracking this number until 2009, which was the depths of the Oroville real estate market downturn, I don’t have any data to support what a “normal” level of Oroville bank owned propertieson the market should be. But, if this trend continues I would speculate that by the end of the year, or the first part of 2014, these REO properties will be a non-issue. The wildcard is whether or not there actually is the dreaded “Shadow Inventory” lurking around the corner.
MLS Stats for Oroville Area
# of Total Sales
# REO/Short Sales Sold (SS)
% Sales that are REO/SS
Avg. List Price
Avg. Sold Price
Sold Price % of Listing Price
Avg. Days On The Market
Total Sales Volume
# of Single Family Listings
# Foreclosed On Market
% of Foreclosed on Market
# Short Sales on Market
% Short Sales on Market
Days of Inventory Left
# of Pending Sales
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
I know, I know, I can’t keep calling it the weekly Lake Oroville housing report if I don’t actually report WEEKLY. So, my phrase of the day is: Better late than never.
On the whole, there is not anything too earth-shattering in the Oroville real estate numbers over the past couple of weeks. Unit sales are remaining fairly steady and the inventory of homes for sale in the Oroville marketis sustaining the low levels that we have seen for a few months now. Oroville buyers are still having a tough time dealing with these low inventories in the face of rapidly rising interest rates, while sellers continue to hold back from listing their homes for sale waiting for the marketvalues to climb higher.
Here we are once again, meeting to review the past week’s market activity of Oroville home sales in the Lake Oroville real estate market.
There is not much out of the ordinary to report this week. The only interesting statistic in this chart concerns the number “distressed” sales (bank owned or short sales) that have taken place 2 of the last 3 weeks. With only one of these sales last week and just 2 of them 2 weeks ago it will be interesting going forward to see if this is an early sign of a trend developing in the sale of Oroville homesor if it is just a temporary slowdown. The next few weeks will tell.
In a recent post on our office Facebook page at http://www.facebook.com/RealtyWorld.CA I commented about the perception some buyers, and quite frankly their agents, have about prices in today’s Lake Oroville real estate market. The comment being that there is no factual basis for anyone to make a blanket statement that everything is selling for more that asking price. In fact for the 4 years that I have been tracking Oroville home sales there have been only 4 weeks where the average sales price has exceeded the average listing price. And not one, I repeat, NOT ONE of those weeks has occurred in 2013. In fact, the average sales price to listing price ratio is pretty much within historic norms. That is certainly not to say that some homes have not sold for more that asking price, because they have. My point here is that, as a buyer in the Oroville real estate market, you need to be sure you are fully informed about what the market is actually doing. It is easy to get sucked into the real estate hype. But do not feel bad if you do because many who work in the industry get sucked into it to. The reason: They do not take time to actually look at the numbers.
Lucky for you, you have this Lake Oroville real estate market blog site to help you stay on top of the numbers.