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February Real Estate Forecast shows a prolonged Seller’s Market in Central Oregon

The month of February was a highly active month, following a busy January. The number of active listings fell slightly, as did sold listings, but the number of pending sales continued to stay high, promising an active March.

Continued Seller’s Market

The number of active listings continued to fall through the month of February, going from 355 active listings in January to 324 listings in February. When you have a lower number of listings available in a market, it allows property owners to keep their prices higher, as other available or similar properties are more scarce. A lower inventory is still to be expected for this time of the year, before we make our way into warmer months and the active sales trends of spring.

Pending Sales

The number of pending sales is still relatively high, continued from an active January. In December, we experienced a high number of pending listings, especially for that time of year, coming in at 145. In January, pending sales climbed to a high of 185, and then fell slightly to 172 in February. Due to the number of existing pending sales at the end of February, we expect a higher number of closed sales in March.

Number of Sold properties

Completed sales stayed consistently high for this time of year, probably a symptom of the seller’s market in Central Oregon. The completion of pending sales from January, also contributed to a consistent number of sales, going from 130 in January to 128 in February.

Final Analysis

We expect to see more active listings in the market in the coming months. The best time to get a property listed is now. It’s the right time to have your listing featured with minimal competition from similar properties, before the sales of spring take off.

We would love to help you with buying or selling real estate. Visit us at dukewarner.com, browse our Facebook page, or call us at (541) 382-8262.

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January Real Estate Forecast shows a strong start to the 2017 Central Oregon Real Estate Market

The beginning of 2017 showed a strong start to the year in real estate. January was a highly active month, with a lower number of active listings, and completed sales, but high number of pending sales, expected to finish in February.

Seller’s Market

 The number of active listings decreased in January, going from 402 to 355. Central Oregon is currently experiencing a strong seller’s market, with anticipated low inventory at this time of year. The low number of listings allow for property owners to take advantage of fewer competing properties. We predict that the seller’s market will continue for at least another month, before listings increase in anticipation of spring selling trends.

High Pending Sales

January was an exceptionally strong month for pending listings. In November and December, the number of pending listings were 156 and 145, respectively, which is high. The number of pending listings in January sky rocketed to 185. 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 inclement weather in early January, a lower number of completed sales is to be expected. Considering the high number of pending sales, the number of sold properties for the month of January was expected to be lower, dropping from 192 sold properties to 130 in January.

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 continued 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 strong finish to an extremely active year in the Central Oregon Real Estate Market

2016 was a great year for real estate in Central Oregon, and December closed out the year with a strong finish. Sales were up in December, despite lots of inclement weather and snow, inventory dipped expectedly, and a consistent number of pending sales are expected to complete in 2017. Let’s take a deeper look.

Monthly Number of Sales and Price Reductions

The monthly number of sales stayed at a consistent high in the market. The number of price reductions in the month of December were fewer than the month before, as the number had nearly stabilized in November. 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 early 2017.

Inventory low

Inventory has dipped to an annual low, which is to be expected in the month of December and is typical during the holiday season. The inventory seen this month was lower than the previous four months.

The real estate market becomes more of a seller’s market during the winter months, with fewer listings available.  Property owners should take advantage of this time, with little competition for potential buyers. 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, which is surprising considering the winter weather December brought.

Final Analysis

All of this proves that we can expect an active beginning to 2017, that will carry on into the coming winter 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 fewer properties listed. The time to get a property listed is now, with the expectation of significant activity and lots of serious buyers early in 2017.

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November real estate forecast shows drop in new listings and stabilization of home pricing

The real estate market has slowed down slightly for the holiday season, from an eventful fall market. It continues to be a seller’s market in the Central Oregon Real Estate Market. Moving into the new year the market promises to be a great time to list a property.

Fewer listings and inventory

Typical for the holiday season, fewer new listings are coming onto the market in Central Oregon. With fewer listings on the market, November still saw more properties go into pending. With more pending listings than new listings coming on to the market, there were lower property inventory numbers.

Novembers inventory was lower than the previous three months. Even with a lower inventory, more homes sold in November than in October, representing great activity in the Central Oregon Real Estate Market.

Price reductions

The number of price reductions has dropped dramatically from previous months, with pricing stabilizing in November.

Seller’s Market

With a limited number of listings, it’s a perfect time to sell. Getting your property on the market at this time would be advantageous. Fewer listings could help to highlight your property. This trend is expected to continue through the new year.

Property owners that are thinking of selling should take advantage of the low inventory of property competing for available buyer’s.

Final Analysis

We can expect the trend of the seller’s market to continue. Fewer listings provides for a better market for the seller’s with fewer properties to choose from and consider.

The beginning of the new year is a great time to get a property listed. We can expect the trend of the seller’s market to continue, with continued high buyer demand for properties.  Listings that hit the market early in 2017 should have significant activity of serious buyers’ wanting to make a purchase.

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October real estate forecast shows drop in number of homes sold and home prices

The real estate market has slowed down since an eventful summer market. Even though things have slowed slightly in the Central Oregon Real Estate Market, November is promising to be a strong month for the year.

Median Home-sale price

In October, the number of homes sold dropped from September. The median home-sale price in Bend, Oregon, fell in October, which copies the trend from October of last year. The year-to-date median sales price continued to rise last month, adding a very small amount in October to the previous month’s figure. The median sales price has continued to rise each month in 2016.

The median sales price in September, of $385,750, dropped by 4.2 percent to $369,500.  September’s median sales price was the second-highest in the 10 years for which Duke Warner Realty has data. In three of the last four months, the median price has been less than $370,000, a threshold reached in May ($374,000), June ($370,000) and September.

Before 2016, October’s figure of $369,500 would have ranked as the second-highest for any month in the past 10 years, behind the high of $396,250, achieved in May 2007. This is a pretty impressive number considering Central Oregon’s trends concerning the real estate market.

Number of homes sold

 The number of homes sold has decreased, with the lowest number sold per month since March. One hundred ninety-two homes were sold in October, and 185 were sold in March. Sales and transactions aren’t processing as fast as they have in recent months, which is to be expected in the fall market. October’s total units sold was the lowest by 12 percent for the last couple of years. September finished with 229 homes sold.

Final Analysis

The median home sale price has dropped from September, just like it did in October of last year. Number of homes sold decreased from September to October, lowest since March. This can be attributed to a slower transaction process.

We expect to see a very active market in November, including pending sales moving the following months.