August Real Estate Forecast shows an active market will continue into Fall
With one of the highest numbers of active inventory in the Central Oregon Real Estate Market we’ve seen all year, we can expect to see more market activity before we head into cooler months. While the market slowed down during the Eclipse and smoke from forest fires, we still had a highly active August.
The number of active listings grew from 442 in June, to 570 in July and grew even more to 638 in August. With the highest number of inventory Bend Oregon Realtors have seen in months, now is the time for buyers to find exactly what they want. While it seems that there are many properties to choose from, Bend Oregon Realtors are seeing lots of properties sell before even hitting the market. The majority of properties go to pending sale have typically been on the market for less than two weeks. Time doesn’t appear to be in buyers favor when it comes to looking for homes.
The inventory in August was much higher compared to August 2016. August and the beginning of September has the highest active inventory we’ve seen all year. August also featured more price reductions and properties spent more days on the market than last year. As of the beginning of September inventory was back down to 606, as it’s expected to drop as we head toward winter months.
Around 30 percent of current inventory is new construction, and around 5 percent of it has no building permit. This means that the home won’t be built until there is a buyer in contract. While it’s listed as inventory, the properties don’t physically exist yet and they’re not move-in ready. For most buyers, even though inventory appears to be high, it’s lower than it appears.
It’s still important for home sellers to keep their pricing competitive. If choosing between your property and another that’s similar, buyers will choose the property that’s more competitively priced. Be sure to talk about your listing price with your Bend Realtor, and be sure that’s its appropriate for the market.
Sold and Pending Listings stay consistent
If the number of active listings doesn’t show how active the market has been in August, the number of pending and sold listings will. Staying consistent from June and July, pending listings fell two from 246 to 244. Sold listings grew to 243 from 246 in the month of August. Buyer’s still aren’t slowing down, and they’re taking advantage of the high number of listings to choose from.
While the number of pending and completed sales are consistent, when compared to the higher number of active listings, they are actually slightly lower. Due to the anticipated Eclipse madness and the fires and smoke we’ve had in Central Oregon lately, buyers weren’t out in normal numbers. We’re waiting for the smoke to clear before we can predict what this means heading into fall.
Heading into Fall
As we head into the relief of cooler days (and hopefully less smoke in Central Oregon) we still expect to see a highly active market. With the high number of active listings, and the consistent sales numbers, we expect buyers to continue to find what they’re looking for. Get out and see what’s available for your budget, especially with price reductions at a seasonal high and low interest rates.
Call your Bend Realtor and schedule an appointment if you’re interested in looking at properties. Duke Warner is available to help you buy the perfect home, or get a home listed. Visit us today at dukewarner.com, check out our Facebook page, or call us at (541) 382-8262.