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Oroville housing market continues to boom after spillway crisis

During the Oroville Dam Spillway Crisis, real estate agents worried it would hurt the housing market, however, they've seen quite the opposite turnout.

Posted: Feb. 15, 2018 8:05 AM

During the Oroville Dam Spillway Crisis, real estate agents worried it would hurt the housing market, however, they've seen quite the opposite turnout.

Reporter Sara Stinson met with the Association of Realtors exactly one month after the incident to see what they were seeing and real estate agents said the housing market was actually thriving.

Stinson checked in exactly one year later and still that upward trend continues.

Nancy Triantos, the President of the Oroville Association of Realtors, said this is an outcome they did not expect.

"Yeah, we were all pretty nervous when that spillway happened. It was kind of a wait and see what happened situation. The reprucussions, how this is going to effect us? Are people going to want to come here?"

However, those fears subsided quickly as interest grew for property in Oroville.

"Actually have been getting a ton of calls from people out of the area wanting to move up this way," said Triantos.

Turns out the publicity from the spillway crisis might not have been bad for the housing market.

"The national exposure, and the good recreation. we really never had a down turn with this," said Triantos. 

Triantos says most downtown properties on average cost between $200,000 and $300,000.

"It's a good time to buy interest rates are at historical lows," said Triantos.

The homes range in style too, "In this neighborhood you'll see anything from the historic victorian homes to the bunglos to just about everything," said Triantos.

With a need for more inventory, real estate agents say that when they do get a house for sale, it sells quickly.

"Our houses haven't been staying on the market very long. If it's reasonably priced and in good condition like I said it doesn't stay very long," said Triantos. 

The longtime real estate agent says she predicts this upward trend will continue.

"Oroville strong. We're here, we've been through a lot and everyone is excited for this coming year," said Triantos. 

Right now many investors have their eyes on houses popping up in South Oroville since City Council annexed the area.

Houses there run on average between $40,000 and $100,000 so much cheaper than over in downtown.

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