Data garnered from the MLS of Central Oregon shows that both the pace of sales and home prices declined from a year earlier in the 4th quarter.
441 sales were reported sold in the October thru December period, a decline of 15% from the same period in 2009, when 519 houses closed escrow. Though down on a year-over-year basis, sales volume increased by 21 houses (5%) when compared to the 3rd quarter of 2010.
Prices also declined in the 4th quarter. The median sale price of homes sold during the last 3 months of 2010 was $185k, with a corresponding price per square foot of $99.73. In 4th quarter of 2009, the median sale price was $216,745 and the price per square foot was $111.72.
Home buyers, including investors, are taking advantage of the lower prices. The amount of housing inventory for sale compared to the pace of sales reached its lowest level in nearly 5 years in December, with only 3.9 months of inventory available. This equates to an absorption rate of 25.7%, or more than 1 in 4 houses listed for sale being sold in the last 30 days. We haven't seen numbers like this since the Spring of 2006!
If you've entertained the thought of selling your house, you'll have less competition now than at any time in almost 5 years! Call me to find out what you can sell your house for today and how long you should expect it to take to sell.
No comments:
Post a Comment