CENTRAL OREGON REAL ESTATE

WHAT THIS MEANS FOR SELLERS

If You're Thinking About Selling

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Last week the median list price hit an all-time high at $639,000. This week it pulled back to $619,000. That's not a crash, it's a correction within a plateau, and it's worth understanding what's actually happening here.

Inventory climbed again, now sitting at 255 active listings. Days on market is holding at 56. Forty-two percent of active listings have already had a price reduction. The Market Action Index hasn't moved in a month. What all of that tells you is that the market isn't heating up and it isn't collapsing. It's sitting.

The homes absorbing right now are in the lower price segments. The $449,000 range is seeing 10 new listings and 10 absorbed. The $547,000 range is slower, and the upper segments are sitting longer. That pattern matters because it tells you buyers have a ceiling right now and they are finding it.

Sellers who price accurately from day one are still moving homes. Sellers who priced high hoping to capture last week's number are the ones sitting at 91 days average on market and eventually making reductions. That 42% price reduction figure is not a small number. It means nearly half of what's listed right now has already had to adjust.

If your home is in good shape and you price it honestly, this market still works for you. If you're trying to beat the plateau, the data is pretty clear about how that tends to go.

WHAT THIS MEANS FOR BUYERS

If You're Thinking About Making a Move

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255 homes on the market. Fifty-six median days on market. Forty-two percent of active listings have already had a price reduction. That is real leverage if you know how to use it.

The median list price came back down to $619,000 this week after hitting $639,000 last week. New listings are coming in lower, at $539,000 on average, which means sellers entering the market right now are being more realistic about where buyers are. That's a good sign.

The most activity is in the lower price segments. If your budget is in the $449,000 to $550,000 range, inventory exists and homes in that range are actually moving. If you've been watching a listing sit for 60 or more days, you likely have room to negotiate, especially now that 42% of sellers have already shown they're willing to adjust.

Come in prepared, know your number, and don't be afraid to make an offer on something that's been sitting. The market is giving you room right now. Use it.