The month of February was a highly active month, following a busy January. The number of active listings fell slightly as did the number pending sales while the number of sold properties were well over the mark from last month. All indicates an active spring selling season is upon us.
Continued Seller’s Market
The number of active listings declined slightly through the month of February, going from 409 active listings in January to 362 listings in February. When you have a lower number of listings available in a market, it allows property owners to keep their prices higher, as other available or similar properties are at a premium. A lower inventory is still to be expected for this time of the year, before we make our way into warmer months and the active sales trends of spring.
Pending Sales
The number of pending sales is still proportionately high, continued from a bustling January. In December, we experienced a lower number of pending listings, on par for that time of year, coming in at 158. In January, pending sales nudged to a high of 207, and then lowered slightly to 203 in February. Due to the number of existing pending sales at the end of February, we expect a steady number of closed sales in March.
Number of Sold Properties
Completed sales stayed consistently high for this time of year, certainly a symptom of the demand in Central Oregon and the momentum that’s been picking up year over year since the bottom of the economy. The completion of pending sales from January, also contributed to a consistent number of sales, going from 143 in January to 162 in February. That’s the greatest number of January and February sales in the last ten years.
Final Analysis
We expect to see more active listings in the market in the coming months. The best time to get a property listed is now. It’s the right time to have your listing featured with minimal competition from similar properties, before the sales of spring take off.
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