Analysis of November data reveals a Central Oregon real estate market that continues to show signs of normal seasonal adjustments going into winter with a continued decline in total inventory movement along with an increase in the overall months of inventory and average days on market for all price categories.
Total active listings were down by 9 percent from October with the greatest decline in the $125,000-$225,000 category. We saw this same pattern from September to October along with a large number of reduced prices; so it’s no surprise that in November we saw the average-sales-price-to-listing price rise by 5 percent (in the $125,000-$225,000 category), indicating that there was less inventory, lowered prices, and thus increased activity/competition.
The general movement of inventory from October to November (active listings, new listings, and sales) was down by a larger percentage compared to the declines from September to October, which is having an overall effect of an increase in days on market and the months of inventory; confirming the seasonal trends for winter.
The average days on market increased from 109 days in October to 138 days in November. The two ranges that saw the lowest increases in days on market were in the $225,100-$325,000 and $525,100-$625,000 categories. For sellers, this means they can expect quicker movement in these categories, and for buyers, this indicates a more competitive market; though it’s interesting to note that of the two categories, the $225,100-$325,000 price range saw no change in the months of inventory coupled with a 56% drop in reduced prices indicating a category that could continue to be competitive into December.
The overall months of inventory increased from 3.8 months to 5.2 months which is the largest increase from the past 3 months and indicates a balanced market that is favoring buyers with the exception of the $225,100-$325,000 category which saw no increase in inventory, lower than average days on market, and fewer reduced prices.
The numbers point to a market that is following the normal balanced-market adjustments for winter, and if we look back to 2014 we see similar patterns: inventory movement slowed down, sales prices stayed at or near listing price, and the average days on market increased. Given this seasonal adjustment, this is a great time for sellers if their properties are priced correctly , and it’s also a good time for buyers because there is less activity overall which means sellers are more responsive to a variety of offers.
Duke Warner Realty was established in 1967 by Duke and Kitty Warner. Their philosophy was to establish a first-rate real estate company sensitive to their customers’ needs. Duke Warner Realty’s brokers share this philosophy, and today the firm is widely known for its personalized service and reliability. For more information, contact www.dukewarner.com 541- 382-8262.
