With all that is going on in the world right now everything seems to be changing by the minute. What was true in the world yesterday is not the same truth today. And so it goes, not only around the world, but also for the Oroville real estate market.
As the current situation surounding around the coronavirus evolves, news media attention is beginning to more frequently to the effects that "turning off America" is having and will have on different sectors of the economy. Recent reporting has turned to the impact of the economic shutdown on the real estate market. The reports, as they usually do, have a national focus which, by their very nature, don't address local conditions, including those of the Oroville real estate market.
For the most part it is extremely difficult to get a read on local markets as the people who should actually know what is happening within a local market (real estate professionals) rarely actually know how the market is behaving, Most commonly their opinions revolve around how many homes they have under contract. If, for example, a local real estate agent in the Oroville real estate market has multiple Oroville homes for sale under contract, they tend to respond to questions about the condition of the market by saying, for example, that the "market is great" or "things are really busy." On the other hand, an agent may relate that "things are really slow" if he/she doesn't have any Oroville homes in escrow at the time. And then there are the agents who will tell you that the market is "great" or that it is the "best time to buy" without ever taking the time to actually know how many Oroville homes have recently sold or how many are actually in escrow.
A few years back, I began tracking the Oroville real estate market on a weekly basis in hopes of providing something more that simply guessing at the trends of the Oroville real estate market including things like the number of Oroville homes that sell from week to week, the inventory of Oroville homes for sale each week, and other data that I think is good to know so that we all have a better perspective on what is actually going on around here. Wtih current events what they are it seems that it is a good time to start reporting this information.
The chart below shows activity in the Oroville, CA real estate market over the past three weeks. So far the number of Oroville homes that have sold hasn't been affected by the our shelter in place orders. This is nothing to be surprised at as most, if not all of these Oroville area homes were probalby in escrow before we were all ordered to stay home. I expect these numbers to shrink over the coming weeks as the effects of the lockdown on Oroville home sales take hold. There two things to look for in the coming few weeks along with one other thing that I think is of interest. 1. The trend of the number of pending sales. These numbers have shrunk over the past three weeks and will probably continue to do so. 2. The number of actively listed Oroville homes for sale. In all my years of tracking the Oroville market the adequate number of homes for sale in Oroville hovered around the range of 300-350 homes on a weekly basis. This week's number is far short of that. We are going to need many more homes to come onto the market to maintain a healthy market. The thing of interest can be found on the line titled "out of area" agent participation. This tracks the percentage of transactions that involve agents from outside the Oroville real estate market. In the past this number was consistently in the 25% range. The past two weeks this number of trnsaction involving non-Oroville agents has ballooned to over 50%. It will be interesting to see what this number looks like, I am not sure why this is but I welcome your opinion on why you think this is the case.
That's all for now. Have a great week.
|MLS Stats for Oroville Area||Week Ending||Week Ending||Week Ending|
|# of Total Sales||12||12||17|
|Avg. List Price||$239,767||$289,608||$252,206|
|Avg. Sold Price||$232,004||$282,708||$250,171|
|Sold Price % of Listing Price||96.76%||96.76%||96.76%|
|Avg. Original List Price||$232,692||$306,642||$254,788|
|Sold Price % of Original Price||99.70%||92.19%||98.19%|
|Avg. Days On The Market||53||67||58|
|Total Sales Volume||$2,094,050||$3,392,500||$4,252,901|
|# of Single Family Listings On The Market||86||127||129|
|Days of Inventory Left||50||74||53|
|"Out of area" agent participation||33.33%||50.00%||64.71%|
|# of Pending Sales||87||80||74|
|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.|