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August Real Estate Forecast Shows Inventory Increase and Strong Sales

August Real Estate Forecast Shows Inventory Increase and Strong Sales

The real estate market in Central Oregon has changed slightly as we take the turn into the beginning of fall. August 2016 was a strong sales month, which showed that August is still a great month to house hunt and list new properties. In the coming months, we will continue to see an increase in price reductions to stay competitive with the market.

Pricing for the market

August saw a strong finish in sales, with a high number of pending listings that are projected to close in September. August trends indicate that it’s important to price your listing for the market. Pricing ahead of the market could cost you potential buyers or offers. A spring trend is to price a listing competitively rather than on-market, but pricing for the market is more important and more successful in the fall.

Price Reductions

Listings also saw a continued increase in price reductions, from properties that may have been priced too competitively from prior months. Heading into cooler months may hold a drop in prospective buyers, as summer months are known to include increased prospective buyers. Pricing on-market could ensure more looks at your listing, and a great offer or two.

Number of listings increases slightly

The inventory available has continued to increase through August. There were more active listings in August than in July and June. The number of sold properties rose slightly from July, from 250 to 261, but the number was still not able to top June, which came in at 287 sold properties.

Final Analysis

 The final conclusion from the real estate trend report in August is that there are still a number of great listings on the market. Some may be going through price reductions, as sellers try to price appropriately for the fall buyer. The number of available listings continues to increase in August, providing the buyer with plenty of properties to choose from.

To keep track of the current real estate trends happening in Bend, Oregon, and the trends of the fall season, keep in touch with Duke Warner Realty. We compile comprehensive market data that is available to home sellers and buyers. Learn about what we can do to help you with buying or selling real estate by visiting dukewarner.com, browsing our Facebook page, or calling us at (541) 382-8262.

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July Real Estate Forecast Shows Changes in Pending listings and Price Reductions

July Real Estate Forecast Shows Changes in Pending listings and Price Reductions

The real estate market in Central Oregon has taken a change as we reach the near end of summer. July 2016 was a strong seller’s month, signifying that summer months continue to be a great time to house hunt, with warmer days and relocation at a high. Moving forward, this trend will start to change as we head into the fall months.

July signals a continued increase in listings

Listings have been growing continually through past four months. To date, there were 41 percent more listings at the end of July, than the end of April.

Available listings will downsize as we move into fall, and signs of slowing are evident by the number of pending listings. July finished with less pending listings than in April, 15 percent less. This real estate trend shows that more sellers list their home in the early summer months, rather than waiting until July to get it listed, because they have a better chance of selling it if they get it listed before the summer rush starts.

A July trend in price reductions

A trend that Central Oregon real estate saw in June was that sellers needed to carefully consider the asking price for their homes. Following the heels of the June trend, there was an overwhelming trend of price reductions in the month of July.

With a growing inventory in July, there was suddenly stiffer competition in better priced inventory. Sellers are attempting to chase the market by lowering prices on properties that may have been overpriced. Some homeowners attempt to lower a price before the end of the summer, while buyers are still looking for the right property. The number of price reductions did go up 254 percent from April to July.

Final Analysis

The final take-away of the real estate trends in July is that there are a decent number of buyers that are still out there. Buyers are still combing through the available listings and trying to find the right property for their needs. Perhaps a price reduction is something you should consider to spark more interest and ultimately sell your property.

To keep track of the current real estate trends happening in Bend, Oregon, and the trends heading into the fall season, turn to Duke Warner Realty. We compile comprehensive market data that is available to home sellers and buyers. Discover what we can do for you when you are interested in buying or selling real estate by visiting dukewarner.com, browsing our Facebook page, or calling us at (541) 382-8262.

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June Real Estate Forecast Shows Changes for Buyers and Sellers During the Summer Months

June Real Estate Forecast Shows Changes for Buyers and Sellers During the Summer Months

Real estate in the Bend, OR and Central Oregon region has taken an interesting change as we move further into the month of June. Here at Duke Warner Realty, we have seen a mix of data this month that is a strong indication that the market is changing from the last 6 to 8 months. As the summer heats up, buyers and sellers should start paying special attention to the market and how it might affect their real estate decisions.

June Signals an Increase of Listings

During the past several months, inventory went down even while sales activity held on strong. As June rolls forward, we are seeing a steady and rapid increase to listings. This increase isn’t abnormal for this time of year as the warm summers will have buyers outside and looking for ideal neighborhoods to move into while sellers will be getting ready to relocate to other areas since the kids are out of school.

Another thing people should take note about is that real estate activity in Bend, Redmond, and Central Oregon remains very strong. We see this trend continuing throughout the summer.

Buyers May Becoming More Cautious

Here at Duke Warner Realty, our market research has shown that sellers are performing price reductions. There has also been a notable decrease in pendings as we enter June. These two circumstances could be indications that buyers are more cautious as we are topping out on prices, as they are taking a slower approach when making a purchase.

The categories of price reduction and pending data indicate real time market activity that we have mentioned before in our forecasts, while market history data relies on sales and days on market (DOM) data figures.

Sellers Need to Be Careful About Pricing

Due to buyers becoming more cautious about their purchases, sellers will need to carefully consider their asking prices for their homes. Inventory is growing, and sellers will have to deal with stiffer competition from other homeowners in the Bend, OR and Central Oregon region who are trying to attract buyers. Making the smart pricing choices will allow sellers to get the right bids for their properties without having their homes sit for too long on the MLS during the summer months.

By becoming knowledgeable about home prices and real estate inventory that is available, buyers and sellers can make the smart choices based on their real estate preferences and their budgets. If you are a seller looking to price your home in the Bend, OR market, or a buyer searching for the best property for your budget, rely on the market research provided by Duke Warner Realty. We analyze and gather comprehensive market data to help buyers and sellers throughout the Central Oregon region. Learn more about what Duke Warner Realty can do for your real estate needs by visiting our website at dukewarner.com, calling us at (541) 382-8262, or browsing our Facebook page.

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May House Trends Show a Lag for Available Inventory, Yet Remain Strong For Sales Numbers

May House Trends Show a Lag for Available Inventory, Yet Remain Strong For Sales Numbers

As Spring slowly moves into early summer, house buyers hit the pavement looking for available homes in Bend, Oregon. Normally during this time of year, sellers will be cleaning out homes and packing things away as they will be slamming the market with available residential real estate. This trend has been the norm for years, and has been come to seen as the traditional mindset for sellers who want to get their properties noticed on the listings.

Yet surprisingly, this tradition isn’t the case this year. The Duke Warner Realty May Trend Report shows that instead of our inventory growing from February into May, it has been decreasing over several different price ranges. There has been a significant increase in buyer demand, but there simply aren’t enough listings to fill this demand. This decrease in available inventory has been consistent over the last 4 months.

Highest Price Category Has the Most Inventory

Interestingly enough, it is the highest price category of $625,100 and up that has seen the most inventory enter the Bend real estate market in May. To date, there were 154 active listings recorded on May 1st as it is up from the 120 active listings featured during the month of April. With such a large amount of inventory hitting this market segment, sellers should be careful with their pricing and pay close attention to the market to get their homes noticed and sold without having the property sit for too long.

When reviewing the active listings for the same time period, the price category of $325,100 to $425,000 has the second most active inventory of 82 listings. This figure has decreased from the April 1st to April 30th time period where there were 85 active listings.

The remaining price categories show similar lower inventory trends: 72 active listings for $225,100 to $325,000 price range; 51 active listings for $425,100 to $525,00 price range; 47 active listings for $525,100 to $625,000 price range; and 1 active listing for $125,000 to $225,000 range. While there was an increase in new listings, this increase has not had a significant impact on inventory.

Strong Sales Still Dominate in Bend

Yet the Bend, Oregon real estate market is still going on strong, which remains the dominate trend. The most desired price range for home buyers — in the $325k to $425k category — has shown incredible, overall strong pending sales throughout April. There are 86 pending sales in this price range. Taking a look at the overall totals, there were 323 pending sales when combining all price categories, as April outpaced every other month for the previous 10 years.

Final Analysis

The current May real estate trends are not typical for this time of year. We wouldn’t normally see such low inventory and high sales so early in the year as we would expect this to happen in the near future. Yet, overall, we continue to have a robust market activity that could change in the following weeks if more sellers decide to place their properties out on the market.

To keep track of the current real estate trends that are happening in Bend, Oregon, turn to Duke Warner Realty as we compile comprehensive market data that is available to home sellers and buyers. Find out what we can do for you when you are interested in buying or selling real estate by visiting dukewarner.com, browsing our Facebook page, or calling us at (541) 382-8262.

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Energetic March Home Sales in Bend Lead to Tight Spring Market

When we think about Spring, we often talk about the saying that the month of March comes in like a lion and goes out like a lamb when it comes to the weather. Yet March also showed that the real estate market for single-family homes became fierce this year, as buyers are flooding the neighborhoods snatching up the available housing inventory.

Duke Warner Realty compiled data about the Bend real estate market and found something amazing. The market started with 2.3 months of available inventory in March, matching the same inventory levels as in June 2013 and is one of the lowest marks in this region for the last 10 years. For March 2016, there were 185 sales conducted at the closing table. This number was significantly higher than February which closed out at 125 sales and March 2015 that showed 164 sales.

Duke Warner CBN April Chart Final

Sellers are not matching the enthusiasm showed by buyers.

While buyers are ready to place their money down on the table for new homes, sellers aren’t rolling out to place the For Sale signs in windows. There were only 383 active home listings in February and March. These numbers are down from the 401 active listings that were available last year.

Buyers aren’t slowing down despite the low inventory numbers. At the end of March, there were 276 sales pending, which is close to the same number of pending sales for March of last year at 278. Only the sales figures in March 2013 showed more than 200 pending sales (209) for the last ten years.

Home prices are rising as inventory falls.

It doesn’t look like buyers will be slowing down with their home search as the weather improves. This circumstance leads to a tighter sales market with fewer active listings and an uptick in home prices. Looking back at March, this trend has already started.

March median sales prices ranged at $346,000, which was up from February’s median prices of $331,660. The first quarter of 2016 landed at $333,045 median sales prices, which is significantly up from 2015’s first quarter of $322,800.

Duke Warner Realty’s March report also shows 4 other striking real estate statistics:

1: Homes spent an average of 130 days on the market in March as this number is similar to March 2015 at 132 days. This figure is lower than February 2016’s figures of 142 days on the market.

2: Home inventory for prices at the $625,000 range and higher shows active listings of 120 available homes on April 1st. This larger inventory will allow buyers to shop and compare a variety of homes. Also in April, there were 85 active listings in the next desired price range of $325,000 to $425,000.

3: Buyers were aggressively looking for homes in the $225,100 to $325,000 price range as there were 69 sales out of 185 sales conducted in March. The next desired price range for buyers was $325,100 to $425,000 as 44 homes were sold.

4: In the Bend region, the home market for properties priced at $225,000 or lower was almost nonexistent. Only eight homes were sold in March as 5 new listings showed up on the market at that price.

Having such comprehensive market data available allows home sellers and buyers to make the right choices for listing and buying homes in Bend, Oregon. Learn more about what Duke Warner Realty can do to help you navigate the real estate market by calling us at (541) 382-8262, following our Facebook page, or visiting dukewarner.com.