Bend, east side 97701 is $697k up from 649k beginning of Feb. with the market action index hovering around 42. This is an increase over last month's market action index of 41. Inventory has decreased to 78 from 75.
Average Days on Market 88 same and 31% of Sellers Decreased Sales price down from 45%
Bend SW 97702 is $709k up over 680k last month with the market action index hovering around 42. same as last month's market action index of 41. Inventory has held steady at or around 92/91 Average Days on Market 86/97 and 29%/42% of Sellers Decreased Sales price
Bend 97703 is $1,398,000/$1,242,000 with the market action index hovering around 36. This is less than last month's market action index of 37. Inventory has decreased to 77/82. Average Days on Market increased to 127/116 and 31%/35% of Sellers Decreased Sales price
Bend 97707 is $835,000/same as with the market action index hovering around 33. This is an less over last month's market action index of 34. Inventory has decreased to 21/23. Average Days on Market 118/123 and 29%/35% of Sellers Decreased Sales price
La Pine’s median list price is $479,000 currently which is up from last months $463,000. The current market action index hovering around 30 -31. This is basically unchanged from last month’s market action index, which puts La Pine balanced right in the middle between a Buyer’s and Seller’s market. Inventory has increased to 63 from last month’s 66 listed homes. And the Average Days on Market is 153 vs 154 last month and 54% compared to 61% of Sellers Decreasing their Sales price by the beginning of February.
Prineville’s median list price at the beginning of Feb was $499,000, now it is at $470,000 with the market action index hovering around 28 down from last month’s 31. Inventory has increased to 82 from 80 homes listed last month. Average Days on Market is 133 about the same last month’s 135 and again about 45% of Sellers Decreased their Sales price. As a result, we are seeing Prineville in a Buyer’s Market…
Powell Butte’s median list price is $1,525,000 which is up from last months $1,437,000 even though we find Powell Butte in a Buyer’s market this price increase can simply mean the current homes on the market are more square footage or on larger lots or have more upgrades over what was on the market last month. The market action index is like I mentioned in the Buyer’s Market range of 27. This is an increase over last month's market action index of 25. Inventory has decreased to 24 listed homes. With an Average Days on Market of 191 which is up from last month’s 178 with 33% of Sellers reducing their Sales price.
Redmond’s median list price at the beginning of Feb was $565k and now at the beginning of March it is $575. The current market action index is hovering around 39. This is the same as last month's market action index. Inventory has decreased from 126 to 111 Average Days on Market have increased from 99 to 103 and 33% of Sellers Decreased Sales price. Redmond remains one of the best Seller’s Market in Central Oregon. With many of our local housing markets falling into a Buyer’s Market over these last several months, you can as an average Seller in Redmond expect to put your home on the market today and have an offer on it and closed the end of May first of June.
Let’s hop over to Sisters where the median list price at the beginning of Feb was $800k now is at $763k. The market action index is hovering around 34, which is an incremental increase over last month's market action index of 33. Inventory has decreased from 45 to 38 listed homes. Average Days on Market has remained at 108 days and 26% of Seller's decreased sales price.
Madras median list price at the beginning of Feb was $400k now at the beginning of March it is $375k with the market action index hovering around 25 which is up 1 point from last months 24. Inventory has decreased to 47, which has continued the trend of decreasing over the last several months. Average Days on Market has increased from 135 to 146 days and 62% of Sellers Decreased Sales price. Bringing Madras' solidly into a Buyers market.
In today’s market if your home is on the market or you are considering listing it, we recommend you take some time to think about some options for a Plan B before you execute on Plan A. In other words, it’s always a good idea to think about a backup price if your original asking price doesn’t come through, but perhaps never more so than during a market in transition like we are currently in.
Decide ahead if there aren’t a certain number of showings or an offer by a certain point, when you are willing to reduce the price.
Look at multiple data sources for pricing consideration
· Perhaps the best way to price your home is to have us do a thorough comparative market analysis (also referred to as a CMA)
· We use similar homes that have sold within the last 3-6 months
· Evaluate current listings to see your competition
· Look at listings that were pulled off the market to see if there are patterns with those properties
Don’t take it personally
· Get used to your home not selling immediately
· Sellers need to be in the mindset that selling in a day or a few hours is not our normal market, that may have been the market in 2021, but it is not normal
· If mortgage rates were still 3% or 4%, Buyers would be knocking down your door, but this is just not the way the market is right now
Adjust your price quickly if you’re not getting any interest
· Four weeks later, and only a few showings and no offers… what now??
· The mood of the consumer is changing quickly
· People are frozen in place
· Bottom line: Do your best to agree and to accept to set the correct price initially
· However, if you don’t agree with what the market is showing you and you have set the price higher or the homes condition doesn’t lend itself to the competition, then act quickly and decisively to get it right the second time.
· Make the changes necessary if it is important to sell your home
If you get an offer, put on your negotiation hat and be willing to work a deal!