January Real Estate Forecast shows an energetic start to the 2018 Central Oregon Real Estate Market
The beginning of 2018 showed a robust start to the year in real estate. January was a highly active month, with a higher number of active listings, a higher number of completed sales, a higher number of pending sales compared to January 2017, all expected to close in February. All indications point to a strong spring in Bend.
Extremely Strong Seller’s Market
The number of active listings increased this January compared to 2017, going from 355 to 409. Central Oregon is currently experiencing a strong seller’s market, with anticipated inventory increasing in time for Spring Selling trends. Now is a great time for property owners to list their homes in order to have less spring competition by other home sellers entering the market.
High Pending Sales
January was an exceptionally strong month for pending listings with 207 this January vs. January 2017 with 185 pending. With the number of pending listings in January sky rocketing compared to the last few years, it’s fair to expect a chart topping spring season. We expect these pending sales to complete in February, making February sold properties higher than previously anticipated. It shows that now is a great time to buy and that the Central Oregon Real Estate Market is still thriving through the winter months.
Average Completed Sales
Given the mild winter weather we’ve experienced this January, a higher number of completed sales is to be expected with more buyers enticed to get out and about checking out neighborhoods, new construction, locations, etc. Considering the high number of pending sales, the number of sold properties for the month of January was expected to be higher due to shoppers grabbing onto spring season thoughts earlier in the New Year.
The Central Oregon Real Estate market is expected to see a lot of traffic in the coming warmer months, as the Bend area is still experiencing energetic interest. We’re predicting that fewer priced reductions will take place, as the low number of listings encourages more competition per property, and negates the need to price more competitively. With a strong seller’s market, now is the time to get a property listed. 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.