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Summer Is in Full Swing; August Real Estate Forecast

As we enjoy the height of summer, with great weather and bustling community activities, we are seeing the real estate market reflect the high season for home buying and selling. July proved to be a busy month, showing more active listings than in June. We saw 522 active listings in June and July turned out 547. For buyers and sellers, the market is ripe and everchanging, with a great inventory to choose from. We also saw great numbers of new homes on the market, although a slight decrease from June, the numbers were steady.

Inventory

Summertime is always a great time to buy or sell and right now, real estate in Central Oregon offers a nice variety to choose from. The largest inventory of homes available in July was in the $325,100-$425,000 range, showing 166 active listings.

Pending Sales

We saw a slight decrease in pending sales in July, showing 240 pending sales, where we saw 256 in June. We are seeing consistent pending and sold listings as we move through summer and slight changes are typical this time of year. Buyers are still responding to the market and grabbing the homes that are available.

Price Reductions

In June, there were 184 listing reductions and July presented 230 reduced listings. The increase in price reductions offers a larger variety to choose from, which is why we saw an increase in the $325,100-$425,000 range. We might see this number increase even more as summer winds down and fall trends move in.

Duke Warner

As you enjoy the last month of summertime, keep us in mind if you are in the market to buy or sell a property. Call any of our brokers at Duke Warner Realty at 541-382-8262 or visit us at dukewarner.com. You can also browse our Facebook page or stop in for a visit!

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Summer is here; June Real Estate Forecast

Summer is the time of year when the real estate market in Central Oregon really takes off. Buyers and sellers alike should pay attention to the market, learn how higher inventory on the market can affect real estate decisions, both listing and buying. As active listings have increased from April to May and now into June, we see an increase in reduced pricing as well as an increase in pending sales.

Inventory
Over the past couple of months, there has been a 25% increase in active listings. In June the number of listings soared to 522 from 416 in May. This is expected, as the late spring and early summer months is the time when the real estate market really takes off in Central Oregon.

With summer typically being the most active time for real estate activity, we do expect to see this trend to continue throughout the summer, along with more sold listings and pending sales.

Pending Sales

When there is a drop in the number of pending sales, it usually means that buyers are getting more cautious and spending more time considering their options, before purchasing. With the consistent pending sales from April to June, it shows that buyers are responding to the market and sealing the deal once they’ve done their research and compared pricing. In April we saw 78 home prices reduced, in May there were 129 and in June we saw 184 homes reduced. This shows the competitiveness in pricing and helps sellers decide how to initially list their home on the market.

More Sold Listings

The number of sold listings stayed somewhat consistent in April (190) and in May (223), and the number has climbed in June (260). The numbers show us that summer is here, and the time to buy is now. With plenty of available listings on the market, there’s bound to be a home that suits your needs.

Typically, when there’s a wide inventory of properties, sellers must consider a more competitive pricing for their listing. When buyers are looking for the perfect home, they might be able to find generally comparable homes at different price points. If you are a seller, now is the perfect time to talk to your Bend real estate broker, and make sure your home is priced competitively enough to sell. An effective way to know if your pricing is competitively priced in your neighborhood is to check out the homes that have sold and see what the final sale numbers looked like. Getting the help of a broker will ensure that your pricing is where it should be. Making your home sale a competitive price will guarantee you more views and ultimately, a sale if priced right. Taking the time to review the trends in your area, compare pricing in comparable homes that have sold and discussing your selling intentions with a broker can help you sell your home quickly in a competitive market.

Absorption Rate

In years past, we’ve seen an increase from May to June, in more new listings, however this year the new listings fell from May to June. Our average inventory levels have diminished for the past ten years and in the last three months, we’ve seen the absorption rate increase, which makes it feel like there are fewer options than in the previous months. Summertime has historically brought an increase in new listings, so this summer is presenting a changeup that puts a higher demand on the pool of new listings.

Duke Warner and the Perfect Home

Spring and Summer is the busiest time of the year for real estate in Central Oregon. If you’re looking for a new property, or want to get your home listed, Duke Warner Realty is ready to help. Visit us today at dukewarner.com, browse our Facebook page, call us at (541) 382-8262 or stop in for a visit, we would love to sell your home!

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May Real Estate Forecast Shows Strong Focus On Home Buying in Bend

Pricing in the Central Oregon real estate market is reaching record numbers, numbers we haven’t seen since the crash of the market. Pricing is growing each month, and several people are curious if we’re entering another housing bubble.

Housing bubbles are typically reached with faulty lending and speculation in the real estate market, amongst other things. The reason we know we’re not entering a bubble is that the housing prices in Central Oregon are being driven up by sheer demand and competitive pricing.

First Time Homebuyers

With a high number of first-time homebuyers, consisting of mostly millennials, affordable starter homes are selling quickly. Because we’re still experiencing a seller’s market, there aren’t as many available properties on the market, so when starter homes do become available, multiple offers are often received.

Given the low inventory, sellers are able to list their properties for higher prices. The market has sped up because of this. The time that properties are sitting on the market is decreasing. With offers being made quickly- properties are moving very fast.

Bend is a desirable place to live. Last summer we experienced lower than 1 percent vacancy in rental units, and our housing market is experiencing something similar to this at the moment. Typically, properties stay listed for a few months before a serious offer is made. This time has drastically decreased. The number of active available properties has stayed fairly consistent from spring, growing from 416 in April to 437 in May and June is 522.

Interest rates slowly rising

While pricing may be high, interest rates on mortgages are stable but slightly lifted from last summer. Average interest rates for a 30-year mortgage have increased to 4.41 from the all-time calendar low of 3.95 last summer. So even though pricing may be high, buyers are still feeling confident in the encouraging mortgage rates available, and offers are still being made in abundance.

National Real Estate Forecast

Nationally there has been a predicted rise in home prices of up to 4.9 percent. This figure doesn’t represent towns that are growing as rapidly as Bend. There’s a possibility that prices may increase in Bend, even more than the national average predicts.

If you’re looking to list a property in Central Oregon, or need help making a competitive offer, Duke Warner Realty is ready to help. Visit us today at dukewarner.com, browse our Facebook page, or call us at (541) 382-8262.

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January Real Estate Forecast shows an energetic start to the 2018 Central Oregon Real Estate Market

The beginning of 2018 showed a robust start to the year in real estate. January was a highly active month, with a higher number of active listings, a higher number of completed sales, a higher number of pending sales compared to January 2017, all  expected to close in February. All indications point to a strong spring in Bend.

Extremely Strong Seller’s Market

The number of active listings increased this January compared to 2017, going from 355 to 409. Central Oregon is currently experiencing a strong seller’s market, with anticipated inventory increasing in time for Spring Selling trends. Now is a great time for property owners to list their homes in order to have less spring competition by other home sellers entering the market.

High Pending Sales

January was an exceptionally strong month for pending listings with 207 this January vs. January 2017 with 185 pending. With the number of pending listings in January sky rocketing compared to the last few years, it’s fair to expect a chart topping spring season. We expect these pending sales to complete in February, making February sold properties higher than previously anticipated. It shows that now is a great time to buy and that the Central Oregon Real Estate Market is still thriving through the winter months.

Average Completed Sales

Given the mild winter weather we’ve experienced this January, a higher number of completed sales is to be expected with more buyers enticed to get out and about checking out neighborhoods, new construction, locations, etc. Considering the high number of pending sales, the number of sold properties for the month of January was expected to be higher due to shoppers grabbing onto spring season thoughts earlier in the New Year.

Final Analysis

The Central Oregon Real Estate market is expected to see a lot of traffic in the coming warmer months, as the Bend area is still experiencing energetic interest. We’re predicting that fewer priced reductions will take place, as the low number of listings encourages more competition per property, and negates the need to price more competitively. With a strong seller’s market, now is the time to get a property listed. 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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December Real Estate Forecast shows a hardy finale to a notably active year in the Central Oregon Real Estate Market

2017 was another great year for real estate in Central Oregon, and December closed out the year with a strong finish. Sales were about flush with November sales, with a slight dip in inventory.  A consistent number of pending sales are expected to complete in early 2018. Here’s deeper look.

Monthly Number of Sales and Price Reductions

The monthly number of sales stayed at a solidly consistent high in the market. The number of price reductions in the month of December were nearly half than the month before. Price reductions typically happen when properties sit on the market too long, with little to no interest, and it typically means that the property hasn’t been priced correctly. With fewer price reductions in December, we can expect to see more sales moving into the first couple months of 2018.

Steady Inventory

Inventory has remained decent and on par with the previous month. A steady listing of homes speaks to the strong market which remains in Bend. Homeowners are not waiting to the traditional Spring Time to list their property and buyers aren’t waiting until Spring to home shop.

Typically, the real estate market becomes more of a seller’s market during the winter months, with fewer listings available, but this year an steady inventory flow is changing the dynamic.  Property owners should continue to work towards a timely sell and potential buyers will enjoy more selection than usual this winter. Duke Warner has months of inventory for every price point under $525,000 in Bend being less than two months.

Consistent Pending Sales

Pending sales stayed at a high number for the month of December. If there’s ever a drop in the number of pending sales, it typically means that buyers are getting more cautious and are analyzing pricing more before purchasing. But given the consistent pending sales from October to December, buyers are taking advantage of the number of available listings, and sales haven’t slowed down much at all.

Final Analysis

All of this proves that we can expect an active beginning to 2018, that will carry on into the coming Spring and Summer months.

Sales are expected to remain at slightly above average numbers. Due to the interest in the Central Oregon Real Estate Market, we can expect that fewer price reductions will take place.

The seller’s market will continue into the New Year, with more out-of-staters moving here and as millennial’s begin to purchase their starter homes. The time to get a property listed is now, with the expectation of significant activity and lots of serious buyers early in 2018.