|
New Listings |
Pending Listings |
Reduced Listings |
Months of Inventory |
|||||||||
|
Price Range |
Feb |
Mar |
Apr |
Feb |
Mar |
Apr |
Feb |
Mar |
Apr |
Feb |
Mar |
Apr |
|
$125,100 – $225,000 |
36 |
47 |
48 |
55 |
49 |
51 |
7 |
10 |
6 |
1.6 |
1.1 |
1.1 |
|
$225,100 – $325,000 |
43 |
96 |
92 |
46 |
67 |
100 |
20 |
18 |
44 |
3.0 |
3.1 |
3.0 |
|
$325,100 – $425,000 |
22 |
57 |
43 |
35 |
38 |
42 |
7 |
17 |
31 |
4.6 |
3.8 |
2.2 |
|
$425,100 – $525,000 |
17 |
22 |
30 |
10 |
19 |
22 |
3 |
9 |
8 |
4.9 |
5.7 |
3.6 |
|
$525,100 – $625,000 |
3 |
11 |
21 |
5 |
7 |
11 |
3 |
5 |
12 |
2.4 |
3.3 |
4.4 |
|
$625,100+ |
22 |
33 |
40 |
10 |
14 |
18 |
4 |
9 |
17 |
21.5 |
15.3 |
7.9 |
|
Totals |
143 |
266 |
274 |
161 |
191 |
244 |
44 |
68 |
118 |
6.3 |
5.4 |
3.7 |
With summer quickly approaching, are you wondering if you should join the housing market?
Summer is traditionally the high point of sales in the housing market. People’s schedules have relaxed enough to accommodate house hunting, the weather is more conducive to maximum market appeal, and families are beginning to look in earnest to have everything wrapped up before the next school year begins. In reviewing the statistics for February, March and April 2014 several key factors are present.
New Listings
Houses are continuing to come onto the market. This is a great sign. More inventory is a good thing for buyers and sellers alike in our current market. There are more houses to meet the diverse needs of the house buying public.
Pending Listings
As illustrated, buyers are continuing to make offers on houses. The number of pending listings has continued to grow. This indicator is desirable as it balances out the increase of houses coming on the market. Healthy pending sales are keeping pace with the current rate of new listings.
Reduced Listings
This is an important factor to consider, especially if you are thinking about putting your house on the market. While new listings and pending listings are keeping a uniform pace, the number of reduced listings significantly increased from March to April. What does this mean? This indicates a slight imbalance in pricing for the current market. It is good that this number increased as it shows the market is staying responsive to local needs. Sellers are responding timely to buyers making (or not making) offers on houses. This creates a healthy equilibrium between selling prices and price points that spur buyers into making offers.
Months of Inventory
This statistic is critical in establishing an overall picture of the current market. The months of inventory number relates to the amount of time it would take to sell all listings on the market with the current market conditions. In February it would have taken 6.3 months, March 5.4 months and April just 3.7 months.
Why is this important? Industry standard for a healthy and balanced market is approximately 6 months. This means there are enough houses on the market for the buyers who are looking and in turn, this keep pricing realistic. At the current 3.6 months of inventory, there is less on the market to sustain buyers who are looking and ready to make offers.
So is it the right time to look at putting your house on the market for summer? All the indicators say YES! There continue to be new listings and pending listings, so the market is moving! With only 3.6 months of inventory, more houses are needed on the market.
A crucial factor will be pricing! The statistics clearly show there have been significant price adjustments occurring in the market, so timing is actually perfect. There is one more month before summer officially starts and more buyers start looking to buy. There is ample time to complete a transaction before fall. Now is the time to spruce up your house to maximize it for market appeal. Just be sure and do through research to ensure you price your house perfectly. With all the factors in place, summer is shaping up to be a very active time in Central Oregon’s housing market.
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