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.
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 a 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.
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.