July Real Estate Forecast Shows Changes in Pending listings and Price Reductions
The real estate market in Central Oregon has taken a change as we reach the near end of summer. July 2016 was a strong seller’s month, signifying that summer months continue to be a great time to house hunt, with warmer days and relocation at a high. Moving forward, this trend will start to change as we head into the fall months.
July signals a continued increase in listings
Listings have been growing continually through past four months. To date, there were 41 percent more listings at the end of July, than the end of April.
Available listings will downsize as we move into fall, and signs of slowing are evident by the number of pending listings. July finished with less pending listings than in April, 15 percent less. This real estate trend shows that more sellers list their home in the early summer months, rather than waiting until July to get it listed, because they have a better chance of selling it if they get it listed before the summer rush starts.
A July trend in price reductions
A trend that Central Oregon real estate saw in June was that sellers needed to carefully consider the asking price for their homes. Following the heels of the June trend, there was an overwhelming trend of price reductions in the month of July.
With a growing inventory in July, there was suddenly stiffer competition in better priced inventory. Sellers are attempting to chase the market by lowering prices on properties that may have been overpriced. Some homeowners attempt to lower a price before the end of the summer, while buyers are still looking for the right property. The number of price reductions did go up 254 percent from April to July.
The final take-away of the real estate trends in July is that there are a decent number of buyers that are still out there. Buyers are still combing through the available listings and trying to find the right property for their needs. Perhaps a price reduction is something you should consider to spark more interest and ultimately sell your property.
To keep track of the current real estate trends happening in Bend, Oregon, and the trends heading into the fall season, turn to Duke Warner Realty. We compile comprehensive market data that is available to home sellers and buyers. Discover what we can do for you when you are interested in buying or selling real estate by visiting dukewarner.com, browsing our Facebook page, or calling us at (541) 382-8262.