February Real Estate Forecast shows a prolonged Seller’s Market in Central Oregon
The month of February was a highly active month, following a busy January. The number of active listings fell slightly, as did sold listings, but the number of pending sales continued to stay high, promising an active March.
Continued Seller’s Market
The number of active listings continued to fall through the month of February, going from 355 active listings in January to 324 listings in February. When you have a lower number of listings available in a market, it allows property owners to keep their prices higher, as other available or similar properties are more scarce. A lower inventory is still to be expected for this time of the year, before we make our way into warmer months and the active sales trends of spring.
The number of pending sales is still relatively high, continued from an active January. In December, we experienced a high number of pending listings, especially for that time of year, coming in at 145. In January, pending sales climbed to a high of 185, and then fell slightly to 172 in February. Due to the number of existing pending sales at the end of February, we expect a higher number of closed sales in March.
Number of Sold properties
Completed sales stayed consistently high for this time of year, probably a symptom of the seller’s market in Central Oregon. The completion of pending sales from January, also contributed to a consistent number of sales, going from 130 in January to 128 in February.
We expect to see more active listings in the market in the coming months. The best time to get a property listed is now. It’s the right time to have your listing featured with minimal competition from similar properties, before the sales of spring take off.
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