(Photo above courtesy of Intrepid Marketing)
Just two months into the New Year and things are hopping. While it appears that there is a reduction in active listings from 444 in January to 406 in February, there is not a reduction in activity. New listings rose by 17 percent in between the first and second months of the year, as did pending listings.
New listings saw more of a rise in the more mid-range of the market ($325,000 – $525,000) and there was a significant increase (50 percent) in the higher $525,100 – $625,000 range. These same price ranges remained strong in February for pending listings, with the $225,100 – $325,000 price range adding a jump from 60 to 88 listings moving to pending status.
Another statistic of note is that there were far fewer price reductions occurring from January with 62 to February with 46. The lower number of reductions applied across the board in the $125,000 – $625,100 price range. Only the $625,000+ price range saw an increase in price reductions in February.
The average sale price to list price remained steady in the very high 90 percentile. Fewer price reduced listings and a 98% average sale price to list price indicates that pricing continues to be strong. Pair this with the increase in listings moving to pending status and it is clear that buyers continue to make offers that are getting accepted.
The number of sold listings in February held steady at 120.
These statistics support strong diversity in the market with activity at a variety of price ranges. One range is not dominating the market in regard to new and pending listings.
As the average days on the market rises to a more stable 4.9 months (with a target statistic around 6 months), it must be noted that the entry point of the market of $125,000 – $225,000 is at 0.9 months. This price range will remain extremely competitive with fewer homes currently on the market and solid sales at 99 percent average sales price to list price.
But don’t fret! Spring traditionally sees more inventory enter the marketplace. Building upon this solid foundation Central Oregon’s real estate market is poised for strong activity for both buyers and sellers!
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.
