Real Estate Trends with Duke Warner Realty in Bend, Oregon, October 2014 Market Remains Quite Robust
The fall season is upon us. It may be hard to believe as it just seemed like we were looking for ways to cool off from the summer sun. At first glance one might think our market is not as responsive as in months earlier, especially if we look at the average days on market now at 140 days as of October 31, 2014. It also appears that the average sale price to list price has lowered.
How is the Central Oregon marketplace doing as we enter the 4th quarter of 2014?
|September 2014||Active Listings||Pending Listings||Reduced Listings||Sold Listings||Average Sale Price/List Price||Average Days on Market|
|$125,000 – $225,000||43||29||14||40||99%||93|
|$225,100 – $325,000||211||83||77||77||99%||143|
|$325,100 – $425,000||153||46||59||26||99%||98|
|$425,100 – $525,000||82||17||22||23||99%||98|
|$525,100 – $625,000||61||15||13||8||98%||155|
|October 2014||Active Listings||Pending Listings||Reduced Listings||Sold Listings||Average Sale Price/List Price||Average Days on Market|
|$125,000 – $225,000||44||36||15||46||98%||112|
|$225,100 – $325,000||204||87||45||73||99%||137|
|$325,100 – $425,000||139||38||38||41||99%||122|
|$425,100 – $525,000||75||18||21||16||98%||91|
|$525,100 – $625,000||55||11||12||14||98%||151|
These statistics are for Bend, OR residential properties on <1 acre
At first glance one might think our market is not as responsive as in months earlier, especially if we look at the average days on market now at 140 days as of October 31, 2014. It also appears that the average sale price to list price has lowered.
Overall across all price ranges the number of active listings is lower, except for the $125,000 – $225,000 which had one more active listing between October and September. This means that less listings are currently available on the market.
Pending sales remain strong with 211 listings moving to pending status for September and 206 for October. Listings are continuing to move into a sale transaction at approximately the same rate for these two months.
The number of reduced listings saw a noteworthy drop between September and October 2014. More listings are remaining at original pricing in October than in September. Coupled with basically the same rate of listings moving to pending status listings are showing market appropriate pricing for the most part.
October also saw more listings closing with 207 compared to 182 in September.
So if there are fewer listings currently active on the market, and the pending transactions remain steady, and more sales occurred in October, what is up with the average sale price to list price? This statistic saw some decrease in October. Looking closer at the numbers the majority of the market sector ($225,100 – $425,000) remained the same at 99%. But the higher priced listings ($625,000+) saw the largest reduction with average sale price to list price being 96 percent in September compared to 92 percent in October. This higher priced sector also saw a dramatic increase in days on the market.
All in all, the market is remaining quite robust, especially in the $225,100 – $425,000 price range. Listings are continuing to move into pending and sold statuses. With the reduction in the number of active listings on the market, choice of inventory is now slimmer. While buyers may have less to choose from pricing will remain a key factor as 2014 draws to a close, especially in the higher priced sector. In moving toward the end of the year Central Oregon is continuing toward a strong finish as we enter the 4th quarter of 2014.