Real estate in the Bend 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 six to eight 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.