Welcome to the new year! December closed out 2016 with a bang. Sales were up, home prices have seen record highs recently, all leading to a powerful seller’s market this winter.
The “Housing Bubble” of past markets is not what our area market is experiencing today. The steady and strong market recovery over the last several years has resulted in the highest home prices within our market over the past decade.
Property inventories are very low at this time, even considering that, historically, winter months are the time of the year to expect a lower number of available properties. There continues to be a healthy number of potential buyers looking for “the right property.” This time of year, is an optimal time for sellers to get their property on the market and take advantage of fewer competing properties.
Given the seller’s market and a consistent number of property sales in prior months, we expect to see an active beginning to 2017’s real estate market in Central Oregon. Due to increased continual interest in the Bend area, we expect to see fewer price reductions in the coming months as well.
Many ask us if we see a housing bubble happening in the future. We don’t foresee housing prices dropping in the next couple of years. Housing prices in the area fell to their lowest point in 2010 and have been on the rise since. We expect a slow upward trend in the future. Over the past year, home values have appreciated each month by slightly more than 1 percent. All indications show a slower yet steady rise over the next two years.
Keeping track of the current real estate trends in Central Oregon, is our business at Duke Warner Realty. We compile comprehensive market data that is available to home sellers and buyers. We’re constantly analyzing local market trends to better help our prospective clients, buyers and sellers.
We’re already keeping an eye out for the trends of spring, and the coming warmer months. Learn about what we can do to help you with buying or selling real estate by visiting dukewarner.com, browsing our Facebook page or calling us at 541-382-8262.
Here’s to a wonderful year ahead,
Duke Warner Realty
