Sales of stick built houses on less than one acre jumped 39.5% in July from a year earlier. 152 closed sales were reported to the MLS of Central Oregon last month, compared to 109 in July 2008.
There are currently 1,068 active listings on the MLS. At July's rate of sales, this represents just over 7 months of inventory, which is a relatively healthy market (generally 6 months of inventory is considered to represent a balanced market).
While the overall market is becoming more balanced, certain price segments are doing better than others. There are 269 properties currently listed for $500,000 or more. In July, only 19 such properties were reported sold. At this rate, there is over 14 months of inventory. Conversely, 133 houses were reported sold for less than $500,000 and there are currently 800 listings in this price range, equaling roughly 6 months of inventory. And at $250,000 and below, there is just over 4 months of available inventory, with 91 reported sales in July and 379 houses currently listed for sale.
If you'd like to see houses in your price range, just give me a call.
