August Real Estate Forecast Shows Inventory Increase and Strong Sales
The real estate market in Central Oregon has changed slightly as we take the turn into the beginning of fall. August 2016 was a strong sales month, which showed that August is still a great month to house hunt and list new properties. In the coming months, we will continue to see an increase in price reductions to stay competitive with the market.
Pricing for the market
August saw a strong finish in sales, with a high number of pending listings that are projected to close in September. August trends indicate that it’s important to price your listing for the market. Pricing ahead of the market could cost you potential buyers or offers. A spring trend is to price a listing competitively rather than on-market, but pricing for the market is more important and more successful in the fall.
Listings also saw a continued increase in price reductions, from properties that may have been priced too competitively from prior months. Heading into cooler months may hold a drop in prospective buyers, as summer months are known to include increased prospective buyers. Pricing on-market could ensure more looks at your listing, and a great offer or two.
Number of listings increases slightly
The inventory available has continued to increase through August. There were more active listings in August than in July and June. The number of sold properties rose slightly from July, from 250 to 261, but the number was still not able to top June, which came in at 287 sold properties.
The final conclusion from the real estate trend report in August is that there are still a number of great listings on the market. Some may be going through price reductions, as sellers try to price appropriately for the fall buyer. The number of available listings continues to increase in August, providing the buyer with plenty of properties to choose from.
To keep track of the current real estate trends happening in Bend, Oregon, and the trends of the fall season, keep in touch with Duke Warner Realty. We compile comprehensive market data that is available to home sellers and buyers. Learn about what we can do to help you with buying or selling real estate by visiting dukewarner.com, browsing our Facebook page, or calling us at (541) 382-8262.