Our analysis of October data reveals a Central Oregon real estate market that continues to follow normal seasonal adjustments for Fall, with a slight decline in the total movement of inventory and a minor increase in the overall months of inventory; though there were some interesting outliers. Since inventory movement is down and the selling price to listing price is stable, the market appears to be adjusting slightly but favorable to both buyers and sellers.
Active listings were down by 10 percent from September with the greatest decline seen in the $125,000 – $225,000 category. All price ranges saw declines in active listings which lends to the normal seasonal adjustments.
The general movement of inventory from September to October (active listings, new listings, and sales) was down but it is interesting to note that pending sales actually increased by 11 percent. This was led predominately by the $425,100 – $525,000 category which saw a 70 percent increase in pending sales.
The average days on market increased from 109 days in September to 114 days in October. The more popular category, where we saw declines in average days on market, was the $225,100 – $325,000 price range. For sellers, this means they can expect quicker movement in this category, and for buyers, this indicates a more competitive category though it’s interesting to note that this category also had the highest percentage of reductions in prices for the month.
The months of inventory increased very slightly (from 3.3 months to 3.8 months) which indicates a slight lean toward a sellers market though it’s approaching the more balanced market range which is also normal for the Fall/Winter season. With the increase in pending sales, this may keep the market in the more balanced range, though still adjusting from the summer months of increased inventory movement.
The normal seasonal adjustment of the market can also be seen in the average selling price to listing price where we are now seeing homes sell for what they are listed for, or slight reductions. During the summer months, we saw a few categories where houses were selling for greater than the listed price which was is not uncommon in a hotter market.
The numbers overall point to a market that is following the normal adjustments for Fall, and if we look back to 2014 we see a similar pattern. Inventory movement slowed down, sales prices are staying at or near listing price, and the average days on market is declining very slightly. For buyers and sellers this is a great time to be in the market since prices are more stable, competition is lower, and there is slightly more inventory to choose from in certain categories.
Duke Warner Realty was established in 1967 by Duke and Kitty Warner. Their philosophy wasto 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.
