Ok, Oroville real estate home searchers. Here is another new video property tour from the Lake Oroville real estate market!
I hope these videos are helpful to all of you looking for a home for sale in the real estate market of Oroville. I always appreciate any feedback you are willing to give me about these Oroville home property videos.
Hello once again everyone and welcome back to my latest report on market activity for the Lake Oroville real estate market.
As has been the case over the last number of weeks, this weeks market activity is extremely light. While it is good for sellers that values have improved, it would not be a healthy situation if the weekly number of homes selling stays at the level at which it currently finds itself. In fact, sales numbers for the first two months of 2014 have Oroville homes sales on the slowest pace in over 6 years.
It will be interesting to see Continue reading
By: Mark Wisterman
That must be why it has been over a month since we visited regarding the weekly state of the Lake Oroville real estate market. In all honesty as each week came and went, and because I am certainly not a professional blogger by any means, I struggled to find the words I thought were needed to summarize each week’s activity. Especially given the fact the not much was different from one week to the next.
But just like “they” said, I now think I know the reason. Over the past 5 weeks in the Oroville real estate market we have seen a widening gap between Lake Oroville area home’s original asking price and the price at which it actually sells. To see this trend more clearly here is the “Reader’s Digest” version of my weekly Lake Oroville homes sales report. Here is what I think you can take away from this information, especially if you are a seller:
1. The widening gap between between original list price and the final sales price of Oroville area homes shows that some agents have demonstrated an “irrational exuberance” in pricing homes for their sellers when valuations bounced off the overdone drop in values. Remember that many agents will purposely recommend an inflated price to get the seller to list the home for sale and then go back in a couple of weeks to convince the seller that the price needs to be reduced.
2. The inventory of homes is NOT loosening up as many homeowners, who would like to sell their Lake Oroville homes, still owe more on their mortgages than their home are worth. It is my belief that we will not see any significant increase in Lake Oroville area homes on the market until values get back to 2005-2006 levels, which, for many Oroville homeowners, could be more than a couple of years from now, or, the banks release more homes onto the market. ( if they actually have any to put on the market). Whether it be one or both of these things that occur, once it does, the rate that values have been increasing over the past 6 months will be a thing of the past and may actually back track somewhat. In other words, putting your home on the market now ( if you are able to) may be the best time to do so.
3. Based on the activity level in my office, the lack of an increase in the number of “Pending” sales is the a result of a shortage of quality, reasonably price homes on the Oroville market. As a homeowner who is considering the possibility of placing your home on the Lake Oroville real estate market you should seriously consider your price-point. It is easy to get wrapped up in the hype that you can promptly sell your home even if you price it a little high, because “you can always come down when an offer comes in.” But remember this: Quality, experienced, knowledgeable buyers agents will not show obviously overpriced homes to their clients and they won’t waste everyone’s time by writing an offer on one either. They will just patiently wait on you to reduce your price and then make a offer even lower than that.
MLS Stats for Oroville Area | Week Ending | Week Ending | Week Ending | Week Ending | Week Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/7/2013 | 11/14/2013 | 11/21/2013 | 11/28/2013 | 12/5/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avg. List Price | $188,044 | $131,322 | $145,620 | $129,785 | $154,580 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avg. Sold Price | $189,978 | $130,044 | $140,840 | $124,746 | $149,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sold Price % of Listing Price | 101.03% | 99.03% | 96.72% | 96.12% | 96.84% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avg. Original List Price | $196,717 | $141,378 | $150,020 | $139,008 | $169,780 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sold Price % of Original Price |
96.57% |
91.98% |
93.88% |
89.74% |
88.17% |
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# of Single Family Listings |
173 |
173 |
169 |
167 |
165 |
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# of Pending Sales |
63 |
67 |
67 |
67 |
67 |
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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 reliable but not guaranteed. |
By: Mark Wisterman
As with nearly every week for the past two months there is certainly nothing earth-shattering going on in the Oroville real estate market. Thanks to a couple of sales in the higher price ranges, the average sold price and the total value of Oroville area homes sold looks to be improving. But be careful not to get fooled here. With so few homes selling, it is very easy for a couple of large sells to tilt the numbers.
If you are wondering where the sales numbers may go in the coming weeks keep your eye on the very last line of the chart. The number of pending sales is a great future indicator of the trend we will see 30-45 days from now regarding completed sales of Oroville homes. It has been flat for weeks now, indicating that we will not be seeing any significant increases in closed sales in the near term.
This is the 5th week in a row that the gap has grown between what an home in the Lake Oroville real estate market was originally priced at and at what price it actually sold. This gap may continue to increase as there is still a number of homes coming to market that have been……well, let’s just say,…………optimistically priced.
MLS Stats for Oroville Area | Week Ending | Week Ending | Week Ending | % Change | 6 Month | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/26/2013 | 10/3/2013 | 10/10/2013 | Previous Week | Average | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
# of Total Sales | 14 | 11 | 9 | -18.18% | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
# REO/Short Sales Sold (SS) | 7 | 5 | 1 | -80.00% | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% Sales that are REO/SS | 50.00% | 45.45% | 11.11% | -75.56% | 36.24% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avg. List Price | $127,479 | $140,205 | $196,031 | 39.82% | $140,198 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avg. Sold Price | $127,007 | $134,536 | $189,617 | 40.94% | $135,787 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sold Price % of Listing Price | 99.63% | 95.96% | 96.73% | 0.80% | 96.80% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avg. Original List Price | $136,893 | $151,800 | $217,800 | 43.48% | $148,463 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sold Price % of Original Price | 92.78% | 88.63% | 87.06% | -1.77% | 92.92% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avg. Days On The Market | 123 | 56 | 83 | 48.21% | 65 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Sales Volume | $1,426,100 | $1,479,900 | $1,706,550 | 15.32% | $1,544,030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
# of Single Family Listings | 184 | 177 | 175 | -1.13% | 172 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Days of Inventory Left | 92 | 113 | 136 | 20.84% | 120 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
# of Pending Sales | 77 | 71 | 72 | 1.41% | 77 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 reliable but not guaranteed. |
By: Mark Wisterman
Thankfully, I work with a number of quality lenders that serve the Lake Oroville real estate market and the surrounding Butte County markets who are very good about communicating with me when off the wall issues like this occur.
One of these lenders, Tim McCabe of Academy Mortgage, just e-mailed this flyer to me which discusses the impact of the current slowdown on the loan processing by the various government agencies which currently control the mortgage market.
Click here to see the flyer or click on the graphic.
Check back to this site, or see myFacebook business page for any updates to the situation.