November Market Results Are In

Dated: December 6 2022

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I am amazed that it is December already. Where in the Realty World did this year go?  I hope you all have an amazing and blessed Thanksgiving. For us, is was the first time in nearly 35 years that we didn't have Thanksgiving dinner at our home. Instead, my daughter and son-in-law hosted families from both sides of the marriage vows for dinner, and it was a fantastic feast. It seems that maybe the torch has now passed on to the next generation; a bittersweet moment for sure but, one we call Life!

Speaking of life, the life of the Oroville real estate market continues its adjustment downward as interest rates, continuing shortages of homes on the market create financial challenges of buyers and inflated prices of nearly everything (except Oroville real estate) continue to take huge bites out of people's wallets.

The two charts that you see in this post show the history of annual housing units sold in the Oroville, CA  market dating back to 2017 and ending with the conclusion of the most recent calendar month, as well as the past history, and current data, regarding the median days that sold homes were on the market before they sold. (Click the charts for larger view)

The trend is pretty clear. Oroville housing units sold in 2022 are on pace the be the lowest they have been since 2017. In fact, there is a good chance that 600 homes will not be sold this year after peaking at nearly 800 until sold in 2019. This will equate to an approximately 25% decrease in units sold this year than sold just a short 3 years ago.

The number of days that a home stays on the Oroville, Ca Real estate market (DOM) has also been significantly impacted by current economic challenges. Note that the median DOM hit it's lowest levels in February and March 2022 at 12 days. Since then homes have stayed on the market longer each month and  are now on the market 3-4 times longer than those low numbers earlier this year.

We'll continue to look at these numbers going forward so that you can be better informed of local market conditions.

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Mark Wisterman

I have been a resident of Northern California all of my life.I moved to Oroville, Ca to establish the local Burger King franchise in 1984. While still being involved in the restaurant business I decid....

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