Continued Robust Real Estate Market Moving into Spring
Our analysis of January data reveals a robust Central Oregon real estate market that saw strong January sales (the strongest going all the way back to 2007) with strong pending sales, minimal price reductions and a reduction in overall inventory.
The general movement of inventory during January (active listings, new listings and sales) was strong. New listings increased by 32 percent while sales and active listings remained strong compared to December. Overall, we saw a slight reduction in inventory contributing to a favorable sellers market going into the Spring season.
Priced reductions during January remained minimal. A notable price category was the popular $225,100-$325,000 range which saw a 31 percent decrease in price reductions. This means that there was an overall decline in the number of properties that had to reduce prices in order to sell which falls in line with the strong sales numbers while there was less inventory being added.
The average days on market increased very slightly from 122 in December to 138 in January. This minimal increase in days on market points to a stronger sellers market going into spring as inventories fall at the same time.
For January, we saw the months of inventory fall in several price categories. The biggest decline was in the $625,000 and up category (20 percent decrease). With less inventory being added in January and continued strong sales, the months of inventory will continue to decline, pointing to a much stronger sellers market for spring.
Overall, January saw a very robust Central Oregon real estate market with strong sales, minimal price reductions, reduced inventories and strong pending sales going into February. This has all the indications of a healthy sellers market going into Spring and now would be a great time to list.
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
