UPDATE: While posting December’s sales figures I noticed that TrendVision had adjusted the number of homes sold in November upward by 10. This means that sales in November were down 21 percent from October not the previously reported 24 percent.
Winter is here and once again it has brought with it a slow down in real estate activity. Sales of homes in November fell by almost 24 percent from October to 261. That is the lowest total since February of this year when only 250 homes were sold. Looking at the chart below you can also see that inventory continued to fall (4.5%) but not as fast as sales. One item of note with regards to inventory, except for January – March of this year the number of homes for sale is at its lowest point since April of 2006. Sellers appear to be holding out for better prices and only putting their homes on the market if they have to. The number of bank owned homes for sale has also been falling as they try to sell distressed homes short before they get to foreclosure. Based on prior years I would expect inventory to keep falling through January which is usually the last month before inventory starts to grow again. It will be interesting to see how this plays out over the next few months. How low will inventory go? Will there be enough homes for sale to meet demand? Stay tuned….
You can read more monthly sales reports: Bend Home Prices.
Real Estate Sales information courtesy of Central Oregon MLS
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