It may seem hard to believe, but we have already reached the end of the second quarter of 2014. While this year appears to be going by quickly, let’s take a look back and see how the market is doing.
Often when time seems to fly, perceptions of the real estate marketplace can become a blur. But what is really happening? Is the market remaining strong? Is the market shrinking? Is the market growing? Is the market sustaining healthy inventory levels? How is the market performing on pricing?
In review of March 2014 (end of first quarter) and June 2014 (end of second quarter) there are a few significant points.
• Active Listings. The number of listings has shown growth. There is an approximate 21% gain as 2014 progresses in the number of active listings on the market. This signifies that properties continue to come on the market. With growth in each price point in the tables above, the $225,100-$325,000 segment remains the most popular.
• Pending Sales. Following the trend, there has been an approximate 23% gain in pending sales as well. This statistic reveals that properties moving into pending sales are holding pace with the number of active properties on the market. This means that there are buyers out there continuing to make offers on properties.
• Sold Properties. There was a 62% increase in the number of transactions closing, comparing between March and June 2014. The highest increases were seen in the $225,00-$525,000 range, indicating that higher-priced home sales are gaining momentum. Seasonality may be an influence as well, since families often move during summer break when kids are out of school.
• Sale Price to List Price. This is an impressive number. This ratio remains extremely high at 99%. This means that the properties are selling for 99% of the asking price. This indicates an in-demand environment that has appropriate pricing for the marketplace. Buyers are paying the asking prices.
• Average Days on Market. There was a dip in the days on market from March to June 2014. This is a good thing. This number represents the amount of time a property is active in the marketplace before it enters into a transaction. So this means it is taking less time to receive and accept an offer. This keeps the marketplace moving.
• Months of Inventory. This number has become smaller from March to June 2014. This means that all things remaining equal, it would have taken 5.4 months for the entire inventory actively on the market to sell in March 2014. For June 2014, it would only take 4.2 months. A healthy number for months of inventory is actually 6-7 months. A 6-7 month inventory means that the market is balanced between buyers and sellers. So the 4.2 months for June, in addition to the fact that this is a reduction from the end of the first quarter of 2014, indicates that the market is more of a seller’s market. There is less inventory for buyers to choose from resulting in a more competitive environment for buyers to get their offer to be the one accepted by the seller.
All in all, when looking back over 2014 to date, the real estate market continues to not only remain competitive, but also actually grow in houses coming on the market and houses entering into a transaction. This bodes well for sellers looking to get into the market. Despite the competitive nature of the market, sellers continue to put their properties on the market and buyers continue to make offers. This is keeping our market dynamic and vibrant.
|
March 2014 |
Active Listings |
Pending Listings |
Sold Listings |
Avg SP/LP |
Days on Mkt (Avg) |
Months of Inventory |
|
$125,000 – $225,000 |
46 |
46 |
42 |
100% |
105 |
1.1 |
|
$225,100 – $325,000 |
180 |
67 |
58 |
99% |
119 |
3.1 |
|
$325,100 – $425,000 |
72 |
38 |
19 |
98% |
145 |
3.8 |
|
$425,100 – $525,000 |
57 |
19 |
10 |
99% |
109 |
5.7 |
|
$525,100 – $625,000 |
20 |
7 |
6 |
101% |
134 |
3.3 |
|
$625,100+ |
92 |
14 |
6 |
98% |
231 |
15.3 |
|
Totals |
467 |
191 |
141 |
99% |
141 |
5.4 |
These 2014 statistics are for residential properties on <1 acre in Bend, OR
|
June 2014 |
Active Listings |
Pending Listings |
Sold Listings |
Avg SP/LP |
Days on Mkt (Avg) |
Months of Inventory |
|
$125,000 – $225,000 |
42 |
46 |
54 |
99% |
109 |
0.8 |
|
$225,100 – $325,000 |
187 |
82 |
82 |
99% |
104 |
2.3 |
|
$325,100 – $425,000 |
99 |
49 |
43 |
99% |
101 |
2.3 |
|
$425,100 – $525,000 |
62 |
30 |
30 |
99% |
109 |
2.1 |
|
$525,100 – $625,000 |
41 |
8 |
10 |
99% |
144 |
4.1 |
|
$625,100+ |
136 |
20 |
10 |
97% |
131 |
13.6 |
|
Totals |
567 |
235 |
229 |
99% |
116 |
4.2 |
These 2014 statistics are for residential properties on <1 acre in Bend, OR
541-382-8262
